Legacy Health, Labcorp Agree To Comprehensive Laboratory Relationship -07/11/23

Agreement expands access to Labcorp’s diagnostics services and improves service and efficiencies

PORTLAND, Ore. – (Tuesday, July 11, 2023) – Legacy Health today announced that it has entered into an agreement to sell select assets of its outreach laboratory business to Labcorp, a publicly-traded global leader of innovative and comprehensive laboratory service. Labcorp will also manage Legacy’s inpatient hospital laboratories through a long-term agreement under which Labcorp will provide staffing and leadership, scientific expertise, analytics, supply chain services, and laboratory support.   

 

Legacy will maintain ownership and licensure of its hospital laboratories and maintain ownership of its central lab building at Holladay Park in Northeast Portland. 

 

Labcorp helps doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Labcorp provides insights and advances science to improve health and improve lives through its diagnostics and drug development laboratory capabilities. The company has more than 60,000 employees and serves clients in more than 100 countries.

 

Proceeds from the sale will allow Legacy to care for its patients, employ its workers, and invest in opportunities to improve and grow. Healthcare providers and patients in Oregon and Washington, in rural and urban areas, will have more convenient access to Labcorp’s full range of laboratory services. 

 

“By connecting our mission-driven organizations in this partnership, Legacy will realize improvements and innovations that will benefit our patients and providers,” said Kathryn Correia, Legacy Health president and CEO. “We look forward to working with Labcorp to deliver a seamless transition experience.”  

 

“Labcorp’s capabilities, coupled with Legacy’s longstanding history in the region, will bring expanded offerings to communities throughout Oregon and Southwest Washington,” said Rajat Mehta, senior vice president, Labcorp’s West Division. “Legacy continuously seeks to improve both the quality of care and the health of the communities they serve, and this relationship will allow Labcorp to bring our world-class diagnostics and capabilities to patients across Legacy’s service area.”

 

The transaction is anticipated to close this fall and is subject to customary closing conditions and applicable regulatory approvals. Other terms of the transactions were not disclosed. 

 

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About Legacy Health

Legacy Health is a locally owned, nonprofit health system driven by our mission to improve the health of those around us. We offer a unique blend of health services — from wellness and urgent care to dedicated children’s care and advanced medical centers — to care for patients of all ages when and where they need us across the Portland/Vancouver metro area and mid-Willamette Valley. With an eye toward a healthier community, our partnerships tackle vital issues such as housing and mental health. Legacy strives to help everyone live healthier and better lives, with the vision of being essential to the health of the region. For more information, visit legacyhealth.org.