Labcorp and Emblemhealth Announce Strategic Collaboration to Serve Over 3 Million Members In New York Communities
BURLINGTON, N.C., February 22, 2021— Labcorp (NYSE: LH), a leading global life sciences company, and EmblemHealth, one of the nation’s largest nonprofit health insurers, have entered into a strategic collaboration to provide laboratory testing services to the more than 3 million participants enrolled in EmblemHealth plans in New York and New Jersey. The preferred provider agreement allows EmblemHealth to offer its members best-in-class service and easier access to high-quality lab testing.
Labcorp will work with EmblemHealth and its providers to expand access to patient service centers—including Labcorp at Walgreens locations —making diagnostic testing more accessible to its members.
“We believe this partnership will bring convenient, quality testing services to millions of EmblemHealth members, helping them get the care they need in a timely way,” said Bill Haas, senior vice president, northeast division, Labcorp Diagnostics. “Patients are at the heart of everything we do, and we are pleased to offer our testing expertise and network of patient service centers to people and providers, including many new sites tailored specifically to their needs.”
“We are thrilled that Labcorp is now one of our preferred providers for laboratory services. This agreement will expand access, testing, and convenience to all EmblemHealth members, including our many frontline and essential workers,” said Eric Wallace, senior vice president, provider network and population health, EmblemHealth. “For decades, both companies have been providing quality and affordable care for New Yorkers, and we are excited to work together to continue supporting our neighborhoods to improve patient outcomes and satisfaction.”
EmblemHealth is a health and wellness company that provides insurance plans, primary and specialty care, and wellness solutions to one out of every three New Yorkers. Labcorp offers a broad menu of frequently requested and specialty tests, including a wide range of clinical, anatomic pathology, genetic, and genomic tests, delivered through Labcorp’s convenient patient service centers and Labcorp at Walgreens.
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 75,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14.0 billion in FY2020. Learn about Labcorp at www.Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.
EmblemHealth is one of the nation’s largest non-profit health insurers, with more than 3.2 million members and an 80-year legacy of serving New York’s communities. The company offers a full range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top doctors and hospitals to deliver quality, affordable care. For more information, visit emblemhealth.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to scientific collaborations, customer contracts and relationships, the anticipated benefits of such collaboration and relationships, and the expected impact that the various collaborations and customer relationships may have on Labcorp’s (the Company’s) financial results. Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control, including without limitation, the Company’s ability to establish and maintain strategic partnerships and other scientific collaborations, competitive actions in the marketplace, and other unforeseen changes and general uncertainties in the marketplace, changes in government regulations, including healthcare reform, customer purchasing decisions, including changes in payer regulations or policies, adverse actions of governmental and other third-party payers, patient safety issues, changes in testing guidelines or recommendations. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the Company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the Company’s other filings with the SEC.
Media: Christopher Allman-Bradshaw — 336-436-8263
Investors: Chas Cook — 336-436-5076