UnitedHealthcare Establishes Long-term Strategic Partnership with LabCorp
May 24 2018 - 4:30PM
Business Wire
- LabCorp will continue participating as
a national provider of laboratory services to all UnitedHealthcare
plan participants
- Partnership will include broad range of
value-based programs, rewarding high-quality, easily accessible
laboratory services at the best value and real-time data sharing to
drive more personalized care support
UnitedHealthcare and LabCorp (NYSE: LH) have renewed their
long-term strategic partnership as the two organizations focus on
ways to create more personalized care recommendations and a simpler
consumer experience for the more than 48 million people enrolled in
UnitedHealthcare plans. LabCorp will continue to serve as
UnitedHealthcare’s exclusive national laboratory provider until
Jan. 1, 20191.
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As part of the expanding relationship, UnitedHealthcare and
LabCorp will collaborate on a variety of value-based programs,
bringing the same aligned incentives and enhanced patient
experience to lab services as exist today in accountable care
arrangements between UnitedHealthcare and more than 1,100 hospitals
and 110,000 physicians. Working together, UnitedHealthcare and
LabCorp will strategically change the way they are able to support
consumers’ health care needs by using real-time data sharing to
help better anticipate people’s care options – and reducing gaps in
care – similar to the model UnitedHealthcare already uses to
integrate medical and pharmacy data.
“Lab data is quickly becoming the personalized roadmap that
identifies the path to the next best action for individual
patients,” said Dan Schumacher, President and Chief Operating
Officer, UnitedHealthcare. “The expansion of our relationship with
LabCorp will enable us to work together on an even broader scale,
and we appreciate that LabCorp has helped develop a value-based
approach to lab services that will focus on improving patient
outcomes, better coordinating care with physicians, and
meaningfully reducing costs.”
“At the heart of our partnership has been a commitment to
collaborative innovation for the benefit of patients, consistent
with LabCorp’s mission of improving health and improving lives,”
said David P. King, Chairman and Chief Executive Officer of
LabCorp. “We are pleased with the agreement to extend and expand
our long-standing partnership with UnitedHealthcare, and with the
terms of the agreement. This relationship exemplifies our strategic
alignment with UnitedHealthcare and our commitment to maximizing
the value we deliver to patients, care providers and
shareholders.”
The two companies’ long-term collaboration also sets the
foundation for the development of more modern benefit designs
focused on incenting individuals to use high-quality,
cost-effective in-network labs while setting industry-leading
standards for ease of access and the patient experience.
LabCorp offers nearly 5,000 frequently requested and specialty
tests, including a wide range of clinical, anatomic pathology,
genetic, and genomic tests, delivered through LabCorp’s broad
patient access points, including a growing retail presence.
About LabCorpLabCorp (NYSE:
LH), an S&P 500 company, is a leading global life sciences
company that is deeply integrated in guiding patient care,
providing comprehensive clinical laboratory and end-to-end drug
development services. With a mission to improve health and improve
lives, LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster, and uses technology to
improve the delivery of care. LabCorp reported net revenues of over
$10 billion in 2017. To learn more about LabCorp, visit
www.labcorp.com, and to learn more about Covance Drug Development,
visit www.covance.com.
About
UnitedHealthcareUnitedHealthcare is dedicated to helping
people live healthier lives and making the health system work
better for everyone by simplifying the health care experience,
meeting consumer health and wellness needs, and sustaining trusted
relationships with care providers. In the United States,
UnitedHealthcare offers the full spectrum of health benefit
programs for individuals, employers, and Medicare and Medicaid
beneficiaries, and contracts directly with more than 1.2 million
physicians and care professionals, and 6,500 hospitals and other
care facilities nationwide. The company also provides health
benefits and delivers care to people through owned and operated
health care facilities in South America. UnitedHealthcare is one of
the businesses of UnitedHealth Group (NYSE: UNH), a diversified
health care company. For more information, visit UnitedHealthcare
at www.uhc.com or follow @UHC on Twitter.
LabCorp Forward-Looking
StatementThis press release contains forward-looking
statements including statements about LabCorp’s customer contracts
and relationships, future operations, financial results and
opportunities for future growth. Each of the forward-looking
statements is subject to change based on various important factors,
including without limitation, competitive actions in the
marketplace and other unforeseen changes and general uncertainties
in the marketplace, and adverse actions of governmental and other
third-party payers. Actual results could differ materially from
those suggested by these forward-looking statements. LabCorp has no
obligation to provide any updates to these forward-looking
statements even if its expectations change. Further information on
potential factors that could affect operating and financial results
is included in LabCorp’s Form 10-K for the year ended December 31,
2017, and subsequent Forms 10-Q, including in each case under the
heading risk factors, and in LabCorp’s other filings with the SEC.
The information in this press release should be read in conjunction
with a review of LabCorp’s filings with the SEC including the
information in LabCorp’s Form 10-K for the year ended December 31,
2017, and subsequent Forms 10-Q, under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
1 excluding existing lab capitation agreements
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LabCorpPattie Kushner, 336-436-8263
(media)Media@labcorp.comorScott Frommer, 336-436-8263 (investor
relations)Investor@labcorp.comorUnitedHealthcareDaryl Richard,
860-702-7779daryl_richard@uhg.com
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