NEW YORK – Quest Diagnostics said Tuesday that it is acquiring select assets of University Hospitals' outreach laboratory services business.
The deal is expected to close in the fourth quarter of 2024. Financial and other terms were not disclosed.
Cleveland-based University Hospitals consists of a network of more than 20 hospitals, more than 50 health centers and outpatients facilities and more than 200 physician offices in 16 counties throughout northern Ohio.
"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," University Hospitals CEO Cliff Megerian said in a statement. "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," Jim Davis, chairman, CEO and president of Quest, said in a statement. "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."
The deal follows Quest's July acquisition of select outreach lab assets of OhioHealth as well as its purchase of Canadian lab firm LifeLabs.