Labcorp (NYSE: LH), a globally recognized leader in innovative and comprehensive laboratory services, has announced its intention to acquire Baystate Health, Inc.'s (Baystate Health) outreach laboratory business and certain operating assets, including laboratory service centers situated across Massachusetts. This strategic move builds upon the existing reference laboratory partnership between Labcorp and Baystate Health, with the aim of enhancing the efficiency of routine and specialized laboratory testing.

As part of this collaboration, Labcorp will establish a regional laboratory within Baystate Health's Holyoke, Massachusetts facility. Baystate Health will continue to provide professional support services for anatomic pathology and select specialty testing at its existing laboratory.

Baystate Health and Labcorp will also join forces to enhance access to affordable, high-quality healthcare services, particularly in underserved communities throughout the region. The primary goals of this strategic partnership are to improve testing accessibility for patients and healthcare providers, standardize laboratory testing practices within Baystate Health, and enhance the timeliness of test result delivery.

Mark Keroack, M.D., MPH, President & Chief Executive Officer of Baystate Health, stated, "This collaboration is fully aligned with Baystate Health's mission to improve the health of the people in our communities every day, with quality and compassion. Labcorp believes in our mission and will continue to deliver a high level of service with plans to make capital investments in structure and process to deliver laboratory services to our patient population in more innovative and efficient ways."

Sam Skura, President of Baystate Medical Center and Senior Vice President of Hospital Operations at Baystate Health, expressed confidence in Labcorp's ability to provide high-quality outcomes and accessible services, saying, "For many years, Labcorp has served as our trusted primary reference testing provider, and we are confident they will continue to deliver high-quality outcomes, affordable access, and optimal service for our patients and providers."

This acquisition will combine the strengths, expertise, and technologies of both organizations to further enhance the delivery of top-notch patient care. It will leverage Labcorp's leading clinical laboratory services, robust data analytics, and digital tools while ensuring convenient patient access through the extensive network of Baystate Health patient service centers that Labcorp will acquire, in addition to Labcorp's existing service centers in the region.

Bill Haas, Senior Vice President of Labcorp's Northeast Division, emphasized Labcorp's commitment to delivering high-quality and cost-effective laboratory testing, stating, "Labcorp is focused on delivering high-quality, cost-effective laboratory testing to health systems, physicians, patients, health plans, and communities we serve. We are thrilled to grow our important relationship with Baystate Health and to realize our shared vision to enhance the patient and provider experience in the communities Baystate serves."

The transaction is expected to be completed in early 2024, subject to customary closing conditions and regulatory approvals.

 

Source: prnewswire.com

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