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Quest Strengthens Lab Services Segment with M&A
The Secaucus, NJ-based company said it would acquire Summa Health’s Outreach Lab Services unit.
October 5, 2022
1 Min Read
Image courtesy of Casimiro / Alamy Stock Photo
Quest Diagnostics is poised to acquire select assets of Summa Health's outreach laboratory services business, known as LabCare Plus, in an all-cash transaction. The acquisition aims to broaden access to innovative, quality, and cost-effective laboratory services powering affordable care for communities in Ohio, the company. The transaction is expected to close in 4Q22.
Under the agreement, Quest's laboratories in Twinsburg, OH, and Pittsburgh will provide testing for physicians and patients serviced by LabCare Plus. Summa Health will continue to wholly own and operate its hospital labs providing laboratory services for inpatient and hospital-based outpatient care, along with its anatomic pathology services.
"Laboratory services are a critical and fast-evolving area of healthcare. As the nation's leader, Quest has the expertise, agility, and breadth of innovation to deliver the enhanced capabilities that physicians and patients increasingly expect," said Ben Sutton, Chief Strategy Officer and President of Ambulatory Care and Clinical Service Lines for Summa Health, in prepared remarks. "With this relationship, patients and providers in Ohio will benefit from access to advanced laboratory capabilities supporting better health outcomes."
"Diagnostics provide the insights to deliver healthcare that is both high quality and high value. By helping top health systems like Summa Health optimize their lab strategies, Quest empowers better health and affordable care for more patients," said Steve Rusckowski, Quest Diagnostics Chairman, CEO and President, in a company statement. "We look forward to extending our reach to more communities in Ohio as we strive to build a healthier world."
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