NEW YORK – Laboratory Corporation of America and Tennessee-based Ballad Health said Monday that they have entered into an agreement for Labcorp to purchase select assets of Ballad's outreach lab business for an undisclosed amount.
Under the agreement, Labcorp will operate outreach services across the Appalachian Highlands region that Ballad serves, while Ballad will continue to operate its inpatient and emergency department laboratory, as well as lab services for hospital-based practices, such as oncology.
According to the parties, the deal will improve the region's access to testing services including Labcorp's network of patient service centers.
"We are excited about this collaboration with Labcorp, which will lower patient costs while offering expanded services and broader access," Brad Price, senior VP of regional operations and service line development at Ballad, said in a statement. "Labcorp's digital tools will improve the overall patient experience, aligning with our unwavering commitment to providing high-quality, accessible healthcare to our communities."
"Through this collaboration, our goal is to provide broader access to comprehensive testing and laboratory services for Ballad Health patients and physicians, especially those in underserved rural areas, by leveraging our combined expertise and resources," Serena Guzman, senior VP of Labcorp's Atlantic Division, said in a statement.
The deal is expected to close in December 2024.