Ballad Health announced that it is selling select operating assets of its outreach laboratory services to Labcorp.
Ballad Health is a chain of hospitals headquartered in Johnson City, Tennessee. It was founded in 2018.
LabCorp, an S&P 500 company, is a global life sciences company that is integrated with guiding patient care, providing clinical laboratory and end-to-end drug development services. The company provides information to help doctors, hospitals, pharmaceutical companies, researchers and patients make decisions. LabCorp has more than 80,000 employees across more than 100 countries and had reported annual revenue of $12.16 billion in 2023, according to the company’s 2023 fourth quarter and full-year results.
Ballad Health has also reached a strategic collaboration with Labcorp, according to a Sept. 9 joint news release from the health system and company.
Benefits of the agreement include:
- Enhanced access to affordable high-quality laboratory services for patients and employers
- Expanded access to Labcorp’s comprehensive testing menu
- Implementation of advanced digital tools for improved patient experience
- Access to Labcorp’s broad network of patient service centers
Alan Levine, Ballad Health’s chairman and CEO, said Labcorp’s scale and investment in technology enable the company to “provide world-class service to patients more efficiently.”
“Combining their resources with those of Ballad Health will benefit patients and purchasers of healthcare in our region through improved and more cost-effective operations,” Mr. Levine said in the joint news release.
Ballad Health will continue to operate its inpatient and emergency department laboratory, as well as lab services for hospital-based practices, such as oncology. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 83rd Laboratories, MRI and Dialysis acquisition of 2024. This also marks Labcorp’s fourth acquisition of the year. The company purchased Legacy Health‘s outreach laboratory business in January 2024, BioReference Health‘s diagnostics business in March 2024 and Invitae in April 2024.
