[May 25, 2018] |
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LabCorp to Become a Preferred National Laboratory for Aetna
Aetna (NYSE: AET)
and LabCorp® (NYSE: LH) today extended and expanded their existing
agreement, making LabCorp a preferred national laboratory for
substantially all of Aetna's members beginning January 1, 2019. The
expanded agreement will provide more than 20 million eligible members
with in-network access to LabCorp's full range of laboratory services.
LabCorp is already an in-network laboratory for several million members
of Aetna and Aetna-affiliated health plans in certain markets across the
U.S.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180525005107/en/
"This expanded agreement is the culmination of our years-long effort to
return to a full collaborative relationship with Aetna," said David P.
King, chairman and chief executive officer of LabCorp. "We and
Aetna share a commitment to making high-quality, high-value laboratory
testing more accessible, improving the way care is delivered and
enhancing the customer experience in all aspects of laboratory services.
We are excited about the opportunity this agreement presents and look
forward to working more broadly with Aetna and its members to enable
better health outcomes."
"Consumers are looking for greater convenience and affordability for
their health care services," said Paul McBride, head of National
Provider Networks, Strategy and Experience at Aetna. "We are pleased to
offer Aetna members greater access to LabCorp's core and specialty lab
services at reasonable costs through its nearly 2,000 patient service
centers."
Aetna plan participants will benefit from LabCorp's scientific
expertise, advanced technology and integrated data to help improve the
delivery of care. 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 atient
access points, including a growing retail presence. LabCorp also offers
an industry-leading suite of patient-facing tools, including its new
mobile app that allows customers to make appointments, receive results
and pay invoices from their handheld devices. In addition, LabCorp
offers physicians and patients the opportunity to participate in
clinical studies through its Covance Drug Development business, helping
to identify and bring new treatments to market.
About LabCorp
LabCorp (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 Aetna
Aetna is one of the nation's leading diversified health care benefits
companies, serving an estimated 40.3 million people with information and
resources to help them make better informed decisions about their health
care. Aetna offers a broad range of traditional, voluntary and
consumer-directed health insurance products and related services,
including medical, pharmacy, dental and behavioral health plans, and
medical management capabilities, Medicaid health care management
services, workers' compensation administrative services and health
information technology products and services. Aetna's customers include
employer groups, individuals, college students, part-time and hourly
workers, health plans, health care providers, governmental units,
government-sponsored plans, labor groups and expatriates. For more
information, see www.aetna.com
and learn about how Aetna is helping to build a healthier world.
@AetnaNews
LabCorp Forward-Looking Statement
This 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 (News - Alert). 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180525005107/en/
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