Laboratory Corporation of America® Announces National Agreement with Aetna U.S. Healthcare
4 April 2000
Burlington, NC, April 4, 2000 — Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) announced today that it has signed an extension to its existing agreement with Aetna U.S. Healthcare to provide laboratory services to Aetna U.S. Healthcare members. Details of the long-term agreement were not disclosed.
Effective April 1, LabCorp is one of the preferred national providers offering clinical laboratory testing to members of Aetna U.S. Healthcare's PPO, POS and indemnity plans nationwide. The agreement also provides the majority of Aetna U.S. Healthcare's HMO members with access to the services provided by LabCorp.
“We are delighted that Aetna U.S. Healthcare has selected LabCorp and recognizes the value of providing physicians and their patients with an alternative for laboratory services,” said Thomas P. Mac Mahon, President and Chief Executive Officer of LabCorp. “LabCorp's national network is committed to providing a full range of quality services to Aetna U.S. Healthcare.”
Laboratory Corporation of America® Holdings (LabCorp®) is a national clinical laboratory with annual revenues of $1.7 billion in 1999. With 18,000 employees and over 100,000 clients nationwide, the company offers more than 2,000 clinical tests ranging from simple blood analyses to sophisticated molecular diagnostics. LabCorp leverages its expertise in innovative clinical testing technology with three Centers of Excellence. The Center for Molecular Biology and Pathology, in Research Triangle Park (RTP), North Carolina, develops applications for polymerase chain reaction (PCR) technology. Its Center for Occupational Testing in RTP is the world's largest substance abuse testing facility, and the Center for Esoteric Testing in Burlington, North Carolina, performs the largest volume of specialty testing in the network. LabCorp's clients include physicians, state and federal government, managed care organizations, hospitals, clinics, pharmaceutical and Fortune 1000 companies, and other clinical laboratories.
Aetna U.S. Healthcare is the nation's leading health and related benefits organization, providing a full spectrum of products ranging from health maintenance organizations (HMO) to indemnity health insurance, group life and disability products, and dental, vision, and pharmacy benefits to approximately 29 million Americans. In addition, Aetna U.S. Healthcare provides quality measurement and improvement programs and data analysis for providers and purchasers of health care. To learn more about Aetna U.S. Healthcare, check out the website at www.aetnaushc.com.
LabCorp noted that each of the above forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace and adverse actions of governmental and other third-party payors. Further information on potential factors that could affect each company's financial results is included in the Form 10-K for each for the year ended December 31, 1999 and subsequent SEC filings.
Effective April 1, LabCorp is one of the preferred national providers offering clinical laboratory testing to members of Aetna U.S. Healthcare's PPO, POS and indemnity plans nationwide. The agreement also provides the majority of Aetna U.S. Healthcare's HMO members with access to the services provided by LabCorp.
“We are delighted that Aetna U.S. Healthcare has selected LabCorp and recognizes the value of providing physicians and their patients with an alternative for laboratory services,” said Thomas P. Mac Mahon, President and Chief Executive Officer of LabCorp. “LabCorp's national network is committed to providing a full range of quality services to Aetna U.S. Healthcare.”
Laboratory Corporation of America® Holdings (LabCorp®) is a national clinical laboratory with annual revenues of $1.7 billion in 1999. With 18,000 employees and over 100,000 clients nationwide, the company offers more than 2,000 clinical tests ranging from simple blood analyses to sophisticated molecular diagnostics. LabCorp leverages its expertise in innovative clinical testing technology with three Centers of Excellence. The Center for Molecular Biology and Pathology, in Research Triangle Park (RTP), North Carolina, develops applications for polymerase chain reaction (PCR) technology. Its Center for Occupational Testing in RTP is the world's largest substance abuse testing facility, and the Center for Esoteric Testing in Burlington, North Carolina, performs the largest volume of specialty testing in the network. LabCorp's clients include physicians, state and federal government, managed care organizations, hospitals, clinics, pharmaceutical and Fortune 1000 companies, and other clinical laboratories.
Aetna U.S. Healthcare is the nation's leading health and related benefits organization, providing a full spectrum of products ranging from health maintenance organizations (HMO) to indemnity health insurance, group life and disability products, and dental, vision, and pharmacy benefits to approximately 29 million Americans. In addition, Aetna U.S. Healthcare provides quality measurement and improvement programs and data analysis for providers and purchasers of health care. To learn more about Aetna U.S. Healthcare, check out the website at www.aetnaushc.com.
LabCorp noted that each of the above forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace and adverse actions of governmental and other third-party payors. Further information on potential factors that could affect each company's financial results is included in the Form 10-K for each for the year ended December 31, 1999 and subsequent SEC filings.