Quest Diagnostics, a leading provider of diagnostic information services, and University Hospitals, one of the nation’s leading nonprofit health systems and academic medical centers, today announced a definitive agreement for Quest to acquire select assets of University Hospitals’ outreach laboratory services business.
The transaction will broaden access in Ohio to Quest’s industry-leading and innovative test menu, network of convenient patient access sites and broad health plan coverage.
“Laboratory testing is a critical and increasingly complex area of healthcare and Quest is a trusted name in laboratory services known for high quality and innovation,” said Cliff A. Megerian, MD, FACS, Chief Executive Officer, University Hospitals; Jane and Henry Meyer Chief Executive Officer Distinguished Chair. “We look forward to a collaboration with Quest that will maintain streamlined and efficient operations, quality and breadth of menu while enhancing access for our patients.”
“Top health systems like University Hospitals are transitioning their laboratory services to Quest in order to improve operating efficiency and ensure continued access to affordable care,” said Jim Davis, Chairman, CEO and President, Quest Diagnostics. “Our specialization and scale empower us to optimize lab services for quality, innovation and affordability, enabling health systems to dedicate more resources to clinical patient care. We look forward to extending our presence in the many communities in Ohio that can benefit from our expertise.”
The parties expect to complete the transaction in the fourth quarter of 2024, assuming customary regulatory reviews. Financial terms were not disclosed.
