Under the partnership, Tufts Medicine’s patients and providers are expected to get better access to testing, shorter wait times for patients, and standardised laboratory testing across the entire health system
The exterior of Labcorp’s building in the US. (Credit: Laboratory Corporation of America Holdings.)
Laboratory services provider Labcorp has agreed to acquire the outreach laboratory business and certain operating assets of Massachusetts-based integrated academic health system Tufts Medicine.
The financial terms of the deal were not disclosed.
Under the partnership, Tufts Medicine’s patients and providers are expected to get better access to testing, shorter wait times for patients, and standardised laboratory testing across the whole health system.
Through the collaboration, patients and professionals will have access to Labcorp’s advanced diagnostics and scientific expertise in fields including oncology, neurology, and women’s health.
Labcorp chief operations officer and diagnostics laboratories EVP and president Mark Schroeder said: “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.
“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.”
The collaboration between the parties is intended to enhance the laboratory services provided by Tufts Medicine.
Upon completion of the transaction, the main services, skills, and technologies from both firms will be combined to advance the delivery of patient care by using Labcorp’s clinical laboratory services, data and digital tools, and a pan-US network of patient service centres.
Tufts Medicine president and CEO Michael Dandorph said: “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.
“Our patients, physicians and workforce will remain at the centre 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.”
The deal comes after other collaborations that the laboratory services provider has already formed with different local, regional, and national health systems that are said to have improved services for patients and providers.
The completion of the outreach acquisition is anticipated for October 2023, subject to customary closing requirements and necessary regulatory clearances.