Labcorp, a global leader in laboratory services, has announced an agreement with Tufts Medicine in Massachusetts to acquire its outreach laboratory business and certain assets, marking the initial step toward a broader strategic partnership. The collaboration aims to provide better access to testing, reduced wait times, and standardized laboratory services for Tufts Medicine patients and providers. This move aligns with Labcorp’s mission to enhance healthcare and will leverage Labcorp’s advanced diagnostics in areas like oncology and neurology. The transaction is set to bolster patient care through shared resources and expertise.
Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced an agreement with Tufts Medicine, a leading integrated academic health system in Massachusetts, for Labcorp to acquire the Tufts Medicine outreach laboratory business and select operating assets as a first step toward a larger strategic partnership.
Through this new partnership, patients and providers of Tufts Medicine will have improved access to testing, reduced wait-times for patients, and standardized laboratory testing throughout the Tufts Medicine system. The arrangement will provide patients and clinicians access to Labcorp’s scientific expertise and advanced diagnostics in areas such as oncology, neurology and women’s health.
“Tufts Medicine is an established leader in providing diagnostic testing and healthcare in eastern Massachusetts, and their mission and values closely align with Labcorp’s mission to improve health and improve lives,” said Mark Schroeder, executive vice president and president of Diagnostics Laboratories and chief operations officer of Labcorp. “This relationship will expand access to state-of-the-art diagnostics and laboratory services and improve the testing experience, providing an integrated, single-source, efficient option for patients and providers.”
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This partnership aims to build upon Tufts Medicine’s high quality laboratory services. When complete, the transaction will combine important services, skills and technologies from both organizations to further the delivery of high-quality patient care by leveraging Labcorp’s leading clinical laboratory services, robust data and digital tools, and national network of patient service centers.
“Tufts Medicine’s long history of outstanding and innovative patient care will combine with Labcorp’s comprehensive expertise and resources to increase access to critical services in the diverse communities we proudly serve,” said Michael Dandorph, president and CEO of Tufts Medicine. “Our patients, physicians and workforce will remain at the center of all we do as we work closely with Labcorp to expand services in a way that delivers on our goal of a frictionless healthcare experience.”
This relationship follows other strategic collaborations that Labcorp has established with a range of local, regional and national health systems that have enhanced services for patients and providers.
The outreach acquisition is expected to be finalized in October 2023, and is subject to customary closing conditions and applicable regulatory approvals. Additional terms of the transactions were not disclosed.
Source: BioSpace
