Quest Diagnostics (DGX), Optum Enter Health System-Focused Collaboration
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Optum and Quest Diagnostics (NYSE: DGX) announced they will partner to help make the health system work better through wide-ranging collaboration.
Through this relationship:
- Quest Diagnostics’ revenue services operations will become part of Optum360, a leader in revenue management solutions for health care providers. These operations, including approximately 2,400 Quest employees, will move to Optum360 and continue to support Quest customers. This collaboration will help Quest reduce the cost and complexity of its billing processes, fostering more transparency of health care costs for the patients, physicians and employers it serves.
- Quest and Optum will advance new technology services to digitize Quest’s customer orders and workflows, with a goal of reducing bad debt and payment denials, and increasing operational efficiency and productivity.
- Quest and Optum will work to increase the use of diagnostic information services, such as data analytics, population health insights and connectivity solutions, to help improve health care effectiveness and manage costs for health plans and care providers.
- Quest will become Optum’s primary partner for member biometric screening services that Optum provides to employers and health plans. This will streamline the biometric screening process for Optum clients and support Quest’s growth goals.
“This partnership expands on Optum’s commitment to bring uniquely effective solutions to all segments of the health care marketplace and collaborate in ways that ultimately deliver better experiences and care for patients,” said Larry Renfro, CEO of Optum. “Quest Diagnostics’ proven laboratory expertise and organizational capabilities make Quest an ideal partner.”
Steve Rusckowski, president and CEO, Quest Diagnostics, said: “Quest is excited to partner with Optum in what both companies view as the start of a long-term relationship. Optum’s investments and technology tools and services combined with Quest’s own deep lab industry expertise will improve the patient experience by reducing complexity in the healthcare billing process, improving access to quality diagnostic information services. This alliance advances Quest’s top strategic priorities to accelerate growth and drive operational efficiencies.”
The alliance furthers Quest’s long-standing relationship with UnitedHealth Group. For decades, Quest Diagnostics has empowered UnitedHealthcare plan participants to take action to improve their health based on insights from diagnostic testing and information services.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Midstates Petroleum (MPO) Completes Ch. 11 Bankruptcy; Will Trade Under 'MPO'
- Merck (MRK) Announces KEYTRUDA Phase 3 KEYNOTE-045 Met Primary Endpoint; Trial Stopped Early
- Bristol-Myers Squibb (BMY) Announces FDA Acceptance of Opdivo sBLA as Treatment for Adv. Bladder Cancer
Create E-mail Alert Related CategoriesCorporate News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!