Labcorp (NYSE: LH), a leading global life sciences company, today announced an agreement to enter into a strategic relationship with Jefferson Health (Jefferson), the largest health system serving the greater Philadelphia area and Southern New Jersey. When complete, the arrangements between Jefferson and Labcorp will serve to build academic collaborations around teaching and the development of innovative tests.
The relationship will expand the scope and productivity of specialty lab testing that is retained by Jefferson, and will further the academic and research missions of Thomas Jefferson University. Jefferson and Labcorp will work together to establish the Innovation Driving Excellence in Academics (IDEA) initiative, with a goal of advancing testing capabilities and technologies to improve health outcomes. Additionally, the parties will work together to improve healthcare services for underserved communities in Philadelphia and surrounding areas by using advanced population health digital solutions to deliver enhanced efficiency for patients.
“Jefferson has delivered healthcare services to patients and providers for decades, and we are proud to join them in that tradition by working together to deliver a complementary and comprehensive suite of laboratory services,” said Brian Caveney, MD, Labcorp Chief Medical Officer. “We are also looking forward to collaborating on future research and innovations aimed at improving health outcomes for all people. Labcorp is committed to a smooth transition and maintaining the same high-quality service to customers through a seamless experience.”
The new strategic collaboration will deliver efficiency and comprehensive laboratory aspects of healthcare for the communities served by Jefferson through Labcorp’s leading clinical laboratory services, robust data and digital tools and extensive network of patient service centers. Patients and clinicians will benefit from Labcorp’s scientific expertise and advanced diagnostics in important clinical areas such as oncology, neurology, autoimmune disease, and women’s health, as well as gain access to Labcorp’s convenient at-home test collection services. Jefferson will continue providing high quality, complex clinical laboratory services for the communities it serves along with its academic partners, including all elements of tissue diagnostics in anatomic pathology and other highly-complex tests, such as molecular and genomic pathology, HLA testing, molecular virology, and flow cytometry, emphasizing personalized medicine and transfusion medicine.
“This strategic relationship enables Jefferson to leverage Labcorp’s wide-range of laboratory services, which will help deliver improved outcomes for our patients and optimal service to providers,” said Joseph G. Cacchione, MD, CEO, Jefferson. “This collaboration is another example of our continued efforts to provide critical healthcare solutions that will better serve the community and advance Jefferson’s academic and research missions.”
This relationship follows other strategic collaborations that Labcorp has established with a range of local and regional health systems that have enhanced services for patients and providers.
The transaction is expected to close by mid-year 2023, subject to customary closing conditions and applicable regulatory approvals. Other terms of the transactions were not disclosed.
Source: Company Press Release
