Post by luxetvox on Oct 5, 2023 13:19:31 GMT
I've referred to the following portion of the Q2 call in other threads:
The second major thrust is obviously growth. When you look at the growth, we have grown in oncology, we've grown in women's health and we continue to focus on the specialty services. And one that's emerging and we'll make some announcements, I hope, over the next few weeks, is large systems that really are facing very difficult margins. And we, for example, manage now the Westchester Medical Center Laboratories and capture an increasing share of the outreach business with that. And we are essentially increasing the funnel. We increased our sales force in that category from one, two salespeople before to five, six today. And we're focusing on the regional approach, because as you probably know, the situation of hospitals and the need for laboratory management, outreach services reference is very different from region to region. And so, we are definitely looking at growth in the specialty businesses and the health systems and that's ongoing.
When, 60 days ago, Dr. Zerhouni responded to a question about growth with the above answer, I presumed he was talking about something like this:
LABCORP AND BAYSTATE HEALTH ANNOUNCE STRATEGIC RELATIONSHIP FOR DIAGNOSTIC
LABORATORY SERVICES
PR Newswire
BURLINGTON, N.C., Oct. 4, 2023
Labcorp to acquire Baystate Health's outreach laboratory business and select
operating assets
Collaboration to improve access and enhance affordable, high-quality
healthcare services for underserved communities across Massachusetts
BURLINGTON, N.C., Oct. 4, 2023 /PRNewswire/ -- Labcorp (NYSE: LH), a global
leader of innovative and comprehensive laboratory services, announced today it
will acquire Baystate Health, Inc.'s (Baystate Health) outreach laboratory
business and select operating assets, including laboratory service centers
operated by Baystate Health throughout Massachusetts. This strategic
relationship will build upon Labcorp's and Baystate Health's existing
reference laboratory relationship to improve the efficiency of routine and
specialty lab testing.
Labcorp Logo (PRNewsfoto/Labcorp)
In addition, Labcorp will establish a regional laboratory in Baystate Health's
facility in Holyoke, Massachusetts, where Baystate Health will continue to
provide professional support services for anatomic pathology and select
specialty testing at its existing laboratory.
Baystate Health and Labcorp will also work together to enhance affordable,
high-quality healthcare services for underserved communities throughout the
region. The goal of this strategic relationship is to improve access to
testing for patients and providers, standardize laboratory testing throughout
Baystate Health, and expand on the ability to deliver timely results.
"This collaboration is fully aligned with Baystate Health's mission to improve
the health of the people in our communities every day, with quality and
compassion," said Mark Keroack, M.D., MPH, President & Chief Executive
Officer, Baystate Health. "Labcorp believes in our mission and will continue
to deliver a high level of service with plans to make capital investments in
structure and process to deliver laboratory services to our patient population
in more innovative and efficient ways."
"For many years, Labcorp has served as our trusted primary reference testing
provider, and we are confident they will continue to deliver high-quality
outcomes, affordable access, and optimal service for our patients and
providers," said Sam Skura, President, Baystate Medical Center and Senior Vice
President, Hospital Operations, Baystate Health.
The acquisition will combine important capabilities, experience, and
technologies from both organizations to further the delivery of high-quality
patient care. It will leverage Labcorp's leading clinical laboratory services,
robust data, and digital tools with continued, convenient patient access
through the extensive network of Baystate Health patient service centers that
Labcorp will acquire, in addition to Labcorp's existing service centers in the
region.
"Labcorp is focused on delivering high-quality, cost-effective laboratory
testing to health systems, physicians, patients, health plans and communities
we serve," said Bill Haas, Senior Vice President of Labcorp's Northeast
Division. "We are thrilled to grow our important relationship with Baystate
Health and to realize our shared vision to enhance the patient and provider
experience in the communities Baystate serves."
The transaction is expected to close in early 2024 and is subject to customary
closing conditions and applicable regulatory approvals.
The second major thrust is obviously growth. When you look at the growth, we have grown in oncology, we've grown in women's health and we continue to focus on the specialty services. And one that's emerging and we'll make some announcements, I hope, over the next few weeks, is large systems that really are facing very difficult margins. And we, for example, manage now the Westchester Medical Center Laboratories and capture an increasing share of the outreach business with that. And we are essentially increasing the funnel. We increased our sales force in that category from one, two salespeople before to five, six today. And we're focusing on the regional approach, because as you probably know, the situation of hospitals and the need for laboratory management, outreach services reference is very different from region to region. And so, we are definitely looking at growth in the specialty businesses and the health systems and that's ongoing.
When, 60 days ago, Dr. Zerhouni responded to a question about growth with the above answer, I presumed he was talking about something like this:
LABCORP AND BAYSTATE HEALTH ANNOUNCE STRATEGIC RELATIONSHIP FOR DIAGNOSTIC
LABORATORY SERVICES
PR Newswire
BURLINGTON, N.C., Oct. 4, 2023
Labcorp to acquire Baystate Health's outreach laboratory business and select
operating assets
Collaboration to improve access and enhance affordable, high-quality
healthcare services for underserved communities across Massachusetts
BURLINGTON, N.C., Oct. 4, 2023 /PRNewswire/ -- Labcorp (NYSE: LH), a global
leader of innovative and comprehensive laboratory services, announced today it
will acquire Baystate Health, Inc.'s (Baystate Health) outreach laboratory
business and select operating assets, including laboratory service centers
operated by Baystate Health throughout Massachusetts. This strategic
relationship will build upon Labcorp's and Baystate Health's existing
reference laboratory relationship to improve the efficiency of routine and
specialty lab testing.
Labcorp Logo (PRNewsfoto/Labcorp)
In addition, Labcorp will establish a regional laboratory in Baystate Health's
facility in Holyoke, Massachusetts, where Baystate Health will continue to
provide professional support services for anatomic pathology and select
specialty testing at its existing laboratory.
Baystate Health and Labcorp will also work together to enhance affordable,
high-quality healthcare services for underserved communities throughout the
region. The goal of this strategic relationship is to improve access to
testing for patients and providers, standardize laboratory testing throughout
Baystate Health, and expand on the ability to deliver timely results.
"This collaboration is fully aligned with Baystate Health's mission to improve
the health of the people in our communities every day, with quality and
compassion," said Mark Keroack, M.D., MPH, President & Chief Executive
Officer, Baystate Health. "Labcorp believes in our mission and will continue
to deliver a high level of service with plans to make capital investments in
structure and process to deliver laboratory services to our patient population
in more innovative and efficient ways."
"For many years, Labcorp has served as our trusted primary reference testing
provider, and we are confident they will continue to deliver high-quality
outcomes, affordable access, and optimal service for our patients and
providers," said Sam Skura, President, Baystate Medical Center and Senior Vice
President, Hospital Operations, Baystate Health.
The acquisition will combine important capabilities, experience, and
technologies from both organizations to further the delivery of high-quality
patient care. It will leverage Labcorp's leading clinical laboratory services,
robust data, and digital tools with continued, convenient patient access
through the extensive network of Baystate Health patient service centers that
Labcorp will acquire, in addition to Labcorp's existing service centers in the
region.
"Labcorp is focused on delivering high-quality, cost-effective laboratory
testing to health systems, physicians, patients, health plans and communities
we serve," said Bill Haas, Senior Vice President of Labcorp's Northeast
Division. "We are thrilled to grow our important relationship with Baystate
Health and to realize our shared vision to enhance the patient and provider
experience in the communities Baystate serves."
The transaction is expected to close in early 2024 and is subject to customary
closing conditions and applicable regulatory approvals.