BURLINGTON – LabCorp is broadening its business reach with two expanded agreements – one with Mount Sinai Health System in New York and another with drug store giant Walgreens.
The lab and life sciences giant said Tuesday it has begun to implement “a program to standardize and optimize inpatient laboratory services across the Mount Sinai system.”
The deal comes after a Jauary 2017 agreement with Mount Sinai that began the process of incorporating the health system’s lab operations into LabCorp.
“Over the past year, LabCorp and Mount Sinai have entered into a number of arrangements that have resulted in better care for patients and lowered the costs of care,” said Gary Huff, CEO of LabCorp Diagnostics, in a statement. “We look forward to finding additional opportunities to improve health and improve lives for the patients that LabCorp and Mount Sinai both serve.”
LabCorp said it will work with Mount Sinai to “improve the quality of laboratory services through standardization of test menus, equipment, supplies, logistics, and processes across its laboratories. The result will be greater efficiency, better services for Mount Sinai’s clinicians, and improved patient care.”
The Burlington-based firm, which recently announced plans to add more than 400 jobs at a new facility in Research Triangle Park, also is now the “primary reference laboratory” for Mount Sinai.
The 2017 deal included seven patient service centers, which will be added to LabCorp’s 120 patient service centers in the metropolitan New York City area.
“The parties are also vigorously exploring opportunities to collaborate on projects involving companion diagnostics, clinical trials and medical education,” the firms said. Financial terms were not disclosed.
On Monday, LabCorp said it was expanding its in-store lab testing agreement to Florida from one store in North Carolina (Morrisville) and others in Colorado and Illinois.
“We’ve had an outstanding experience with the six LabCorp at Walgreens locations that opened last year,” said David King, LabCorp’s chairman and CEO. “Patients and physicians have responded enthusiastically to having access to lab testing in a high-quality health care setting. The success of those initial sites, and the overwhelmingly positive market response, caused us to make the decision to expand this initiative to Florida. The LabCorp at Walgreens partnership is a key pillar of our commitment to engage directly with consumers, supporting our mission to improve health and improve lives.”