NEW YORK – Quest Diagnostics will acquire select assets of Summa Health's outreach laboratory services business in an all cash deal, the two firms announced on Wednesday.
Further terms of the agreement were not disclosed.
Summa Health is an integrated healthcare delivery system based in Ohio. Quest's purchase of its outreach lab service business, called LabCare Plus, is aimed at broadening access to "innovative, quality, and cost-effective" lab services. Quest's labs in Twinsburg, Ohio, and Pittsburgh will provide testing for physicians and patients serviced by LabCare Plus, while Summa Health will continue to wholly own and operate its hospital labs. It will provide lab services for inpatient and hospital-based outpatient care and anatomic pathology services.
The companies noted that Summa Health chose Quest after a competitive bid. The deal is anticipated to be completed in the fourth quarter.
"Diagnostics provide the insights to deliver healthcare that is both high quality and high value," Quest Chairman, President, and CEO Steve Rusckowski said in a statement. "By helping top health systems like Summa Health optimize their lab strategies, Quest empowers better health and affordable care for more patients."