HOME
The Info List - Quest Diagnostics


--- Advertisement ---



Quest Diagnostics
Quest Diagnostics
Incorporated (NYSE:DGX) is an American clinical laboratory with headquarters in Secaucus, New Jersey. Founded in 1967 as Metropolitan Pathology Laboratory, Inc., it became an independent corporation with the Quest name on December 31, 1996. As a Fortune 500 company, Quest operates in United States, United Kingdom, Mexico, Brazil, Puerto Rico, and maintains a laboratory in India.[3] Quest also maintains collaborative agreements with various hospitals and clinics across the globe.[4] The company has approximately 44,000 employees, generates more than $7 billion in revenue, and offers access to diagnostic testing services for cancer, cardiovascular disease, infectious disease, and neurological disorders.[2]

Contents

1 History 2 Modern day growth 3 Acquisitions 4 Controversies 5 References 6 External links

History[edit] Originally founded as as Metropolitan Pathology Laboratory, Inc., in 1967 by Paul A. Brown, MD, the clinical laboratory underwent a variety of rebranding processes. In 1969, the company's name changed to MetPath, Inc. with headquarters in Teaneck, New Jersey. By 1982, MetPath was acquired by what was then known as Corning Glass Works, and subsequently renamed Corning Clinical Laboratories. Modern day growth[edit] On December 31, 1996, Quest Diagnostics
Quest Diagnostics
became an independent company as a spin-off from Corning. Kenneth Freeman was appointed as CEO during this transition. Over the next year, Quest acquired a clinical laboratory division of Branford, CT-based Diagnostic Medical Laboratory, Inc. (DML).[5] Two years later in 1999, Quest added SmithKline Beecham Clinical Laboratories to their subsidaries; which includes a joint venture ownership with CompuNet Clinical Laboratory. The new millennium welcomed the launch of Quest's Six Sigma
Six Sigma
in 2000 - a data-centered approach to process improvement strategy within the healthcare industry. From May 2004-April 2012, Surya Mohapatra, PhD, served as the company's President and CEO. In response to Mohapatra's resignation after 8 years with Quest, former Philips Healthcare CEO Stephen Rusckowski was appointed.[6] Under Rusckowski, Quest Diagnostics bought all the labs, including the business, from UMASS Memorial Hospitals in Worcester, MA.[7] Acquisitions[edit]

2001: Completes acquisition of Ohio-based MedPlus, Inc. (NASDAQ: MEDP), a healthcare technology company. 2002: Completes acquisition of Virginia-based American Medical Laboratories, Inc. (AML) and an affiliated company of AML, LabPortal, Inc., for approximately $500 million in cash. 2003: Completes acquisition of California-based Unilab Corporation (NASDAQ: ULAB) in a transaction valued at approximately $800 million. 2005: Completes acquisition of Kansas-based LabOne, Inc. (NASDAQ: LABS) for approximately $934 million. 2005: Forms a strategic alliance with Ciphergen Biosystems to commercialize novel proteomic tests.[8] 2006: Completes acquisition of Virginia-based Focus Diagnostics, Inc., an infectious and immunologic disease laboratory, for approximately $185 million in cash. 2007: Completes acquisition of Sweden-based Hemocue, a point-of-care diagnostic testing company. 2007: Acquires AmeriPath (and subsidiary Specialty Laboratories) from Welsh, Carson, Anderson & Stowe, becoming the leading provider of cancer diagnostic testing services. 2011: Acquires Athena Diagnostics from Thermo Fisher Scientific 2011: Completes acquisition of Celera Corporation, a company that became famous by its sequencing of the Human Genome.[9] 2014: Acquires Solstas Lab Partners Group (and subsidiaries)[10] 2014: Acquires Summit Health, Inc.[11] 2017: Acquires Cleveland HeartLab, Inc.[12]

Controversies[edit] Quest Diagnostics
Quest Diagnostics
set a record in April 2009 when it paid $302 million to the government to settle a Medicare fraud case alleging the company sold faulty medical testing kits. It was the largest qui tam (whistleblower) settlement paid by a medical lab for manufacturing and distributing a faulty product.[13] In May 2011, Quest paid $241 million to the state of California to settle a False Claims Act case that alleged the company had overcharged Medi-Cal, the state’s Medicaid
Medicaid
program, and provided illegal kickbacks as incentives for healthcare providers to use Quest labs.[14] References[edit]

^ a b c d e "Financial Statements for Quest Diagnostics". Google.com. Retrieved October 26, 2016.  ^ a b " Quest Diagnostics
Quest Diagnostics
10-K SEC Filing". Quest Diagnostics
Quest Diagnostics
10-K SEC Filing. December 31, 2015. Retrieved October 26, 2016.  ^ "Birla Sun Life Insurance Names Quest Diagnostics
Quest Diagnostics
its Exclusive Provider of Health Assessment Services in India". Quest Diagnostics. 2007-03-31. Retrieved 2012-02-15.  ^ "Our Growing International Presence". Quest Diagnostics. Retrieved 2012-02-15.  ^ " Quest Diagnostics
Quest Diagnostics
Acquires Assets Of Diagnostics Medical Laboratory Inc". Quest Diagnostics. Retrieved 2012-02-15.  ^ "Surya N. Mohapatra". Columbia Business Schools. Retrieved 2018-03-31.  ^ "DGX to Buy UMass Medical Lab (revised)". Yahoo Finance. 23 October 2012. Retrieved 18 May 2015.  ^ "Ciphergen Biosystems and Quest Diagnostics
Quest Diagnostics
Form Strategic Alliance to Develop and Commercialize Tests Using Ciphergen's Proteomics Technology". July 22, 2005. Retrieved Jul 26, 2013.  ^ Quest Diagnostics
Quest Diagnostics
Successfully Completes Acquisition of Celera Archived July 9, 2011, at the Wayback Machine. May 17, 2011. Celera Corporation. Retrieved 2012-02-16. ^ " Quest Diagnostics
Quest Diagnostics
Acquires Solstas for $570M". News: Industry Watch (paper). 34 (4). 15 February 2014. p. 10.  ^ " Quest Diagnostics
Quest Diagnostics
Completes Acquisition of Summit Health - Apr 21, 2014". newsroom.questdiagnostics.com. Retrieved 2015-07-16.  ^ Christ, Ginger (2017-10-19). " Quest Diagnostics
Quest Diagnostics
to acquire Cleveland Clinic spinoff Cleveland HeartLab". cleveland.com. Retrieved 2017-10-19.  ^ "Businessman exposed problems with Quest subsidiary's blood test kits; led to $302 million settlement." Phillips & Cohen LLP press release. April 15, 2009. ^ "Attorney General Kamala D. Harris announces $241 million settlement with Quest Diagnostics." State of California Department of Justice. May 19, 2011.

External links[edit]

Official website

Business data for Quest Diagnostics: Google Finance Yahoo! Finance R

.