Company:Quest Diagnostics
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Type | Public company |
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Industry | Health care |
Founded | 1967New York City , New York, U.S. | in
Founder | Paul Brown |
Headquarters | Secaucus, New Jersey, U.S. |
Area served |
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Key people | Jim Davis (CEO)[1] |
Services | |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | ~47,000 (2020)[2] |
Website | questdiagnostics |
Footnotes / references [3] |
Quest Diagnostics is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States , Puerto Rico, Mexico, and Brazil .[4] Quest also maintains collaborative agreements with various hospitals and clinics across the globe.[5]
As of 2020 the company had approximately 48,000 employees, and it generated more than $7.7 billion in revenue in 2019.[6][2] The company offers access to diagnostic testing services for cancer, cardiovascular disease, infectious disease, neurological disorders, COVID-19, and employment and court-ordered drug testing.[7]
History
1960–1995
Originally founded as Metropolitan Pathology Laboratory, Inc. in 1967 by Paul A. Brown, MD, the clinical laboratory underwent a variety of name changes.[8] In 1969, the company's name changed to MetPath, Inc.[9] with headquarters in Teaneck, New Jersey. By 1982, MetPath was acquired by what was then known as Corning Glass Works[10] and was subsequently renamed Corning Clinical Laboratories.[11]
1996–2000
On December 31, 1996, Quest Diagnostics became an independent company as a spin-off from Corning.[11][12] Kenneth W. Freeman was appointed as CEO during this transition.[13][14] Over the next year, Quest acquired a clinical laboratory division of Branford, CT–based Diagnostic Medical Laboratory, Inc. (DML).[15] Two years later in 1999, Quest added SmithKline Beecham Clinical Laboratories to their subsidiaries;[16][17] which includes a joint venture ownership with CompuNet Clinical Laboratory.[18] The purchase of SmithKline Beecham also included the lab's medical sample transport airline Template:Airline codes originally founded in 1988.[19]
In 1997, Quest and Banner Health formed a joint venture creating the Arizona based Sonora Quest laboratory, a business unit of Laboratory Sciences of Arizona.[20] This entity represents the operations of Quest Diagnostics in the Arizona regional market.
2001–2015
![](/wiki/images/thumb/3/3f/Steve_Rusckowski_at_the_World_Economic_Forum.jpg/250px-Steve_Rusckowski_at_the_World_Economic_Forum.jpg)
From May 2004 to April 2012, Surya Mohapatra served as the company's President and CEO. In 2007 Quest acquired diagnostic testing equipment company AmeriPath.[21] In response to Mohapatra's resignation after eight years with Quest, former Philips Healthcare CEO Stephen Rusckowski was appointed.[22] Under Rusckowski, Quest Diagnostics teamed up with central New England's largest health care system, UMass Memorial Health Care, to purchase its clinical outreach laboratory.[23]
2016–present
In 2016, Quest collaborated with Safeway to bring testing services to twelve of its stores in California, Maryland, Virginia, Texas and Colorado.[24]
By the end of 2017, Quest, in partnership with Walmart, incorporated laboratory testing in about 15 of their locations in Texas and Florida.[25]
In May 2018, the company announced it will become an in-network laboratory provider to UnitedHealthcare starting in 2019, providing access to 48 million plan members.[26]
In September 2018, Quest moved its headquarters from Madison, where it was located since 2007, to Secaucus, New Jersey.[27][28]
In November 2018, Quest launched QuestDirect, a consumer-initiated testing service that allows patients to order health and wellness lab testing from home.[29][30]
In March 2020, the company launched a COVID-19 testing service.[31] As of July 2020, Quest had performed more than 9.2 million COVID-19 molecular tests and 2.8 million serology tests.[32]
Acquisitions
- 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 Lenexa, Kansas-based LabOne, Inc., which includes the Employer Solutions drug testing division and the ExamOne paramedical testing division, (NASDAQ: LABS) for approximately $934 million.
- 2005: Forms a strategic alliance with Ciphergen Biosystems to commercialize novel proteomic tests.[33]
- 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.[citation needed]
- 2007: Acquires AmeriPath (and subsidiary Specialty Laboratories) from Welsh, Carson, Anderson & Stowe, becoming the leading provider of cancer diagnostic testing services.[21]
- 2011: Acquires Athena Diagnostics from Thermo Fisher Scientific.[34]
- 2011: Completes acquisition of Celera Corporation, a company that became famous by its sequencing of the Human Genome.[35]
- 2014: Acquires Solstas Lab Partners Group (and subsidiaries).[36]
- 2014: Acquires Summit Health, Inc.[37]
- 2017: Acquires Cleveland HeartLab, Inc.[38]
- 2018: Acquires U.S. laboratory services business of Oxford Immunotec.[39]
- 2019: Acquires clinical laboratory services business of Boyce & Bynum Pathology Laboratories, a provider of diagnostic and clinical laboratory services in the Midwest.[40]
- 2020: Acquires outreach laboratory service business of Memorial Hermann Health System, a non-for-profit health system in the Greater Houston region.[41]
Controversies
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.[42] 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 program, and provided illegal kickbacks as incentives for healthcare providers to use Quest labs.[43]
In 2018, Quest Diagnostics was among a number of US based labs linked to inaccuracies of over 200 women's cervical smear tests for CervicalCheck, Ireland's national screening program.[44][45] Audits of the testing performed by Quest (and another subcontractor Clinical Pathology Laboratories, Inc. of Austin Texas) showed a high rate of errors in analysis of samples which led to lawsuits[46] and a government inquiry. Quest and the Irish government continue to settle the resulting lawsuits.[47][48]
On June 3, 2019, Quest announced that American Medical Collection Agency (AMCA), a billing collections service provider, had informed Quest Diagnostics that an unauthorized user had access to AMCA’s system containing personal information AMCA received from various entities, including from Quest.[49] AMCA provides billing collections services to Optum360, which in turn is a Quest contractor.[50] AMCA later went bankrupt after the breach.[51]
References
- ↑ "Quest Diagnostics - Governance - Management Team". Quest Diagnostics Investor Relations. https://ir.questdiagnostics.com/governance/management-team/default.aspx.Template:Self published source
- ↑ 2.0 2.1 Herman, Holly (June 25, 2020). "Quest Diagnostics recalling many furloughed employees as routine testing rebounds". Reading Eagle. https://www.readingeagle.com/2020/06/25/quest-diagnostics-recalling-many-furloughed-employees-as-routine-testing-rebounds/.
- ↑ "Quest Diagnostic: Action from Insight 2019 annual report on Form 10-K". https://s2.q4cdn.com/390454341/files/doc_financials/2019/ar/2019-10-K_bookmarked_Final(62164.1).pdf.
- ↑ "International Facilities & Operations". Quest Diagnostics. https://www.questdiagnostics.com/home/about/locations/international-contact.
- ↑ "Our Growing International Presence". Quest Diagnostics. http://www.questdiagnostics.com/brand/business/b_bus_lab_presence.html.
- ↑ "Quest Diagnostics Incorporated Form 10-K". U.S. Securities and Exchange Commission. December 31, 2017. https://www.sec.gov/Archives/edgar/data/1022079/000102207918000038/dgx1231201710-k.htm.
- ↑ "Annual Reports". Quest Diagnostics. December 31, 2015. http://ir.questdiagnostics.com/phoenix.zhtml?c=82068&p=irol-reportsannual.
- ↑ "Quest Diagnostics celebrates 50 years". North Jersey. https://www.northjersey.com/story/news/bergen/teterboro/2017/04/21/quest-diagnostics-celebrates-50-years/100691142/.
- ↑ "A. Raymond Bessette, 82, investment banker, built skating rink". The Ridgefield Press. March 5, 2013. https://www.theridgefieldpress.com/15093-a-raymond-bessette-82-investment-banker-built-skating-rink/.
- ↑ "Corning Glass To Buy Metpath". The New York Times. November 20, 1981. https://www.nytimes.com/1981/11/20/business/corning-glass-to-buy-metpath.html.
- ↑ 11.0 11.1 "History of Quest Diagnostics Inc.". FundingUniverse. http://www.fundinguniverse.com/company-histories/quest-diagnostics-inc-history/.
- ↑ "Corning to Spin Off 2 Subsidiaries to Shareholders". The New York Times. Reuters. November 28, 1996. https://www.nytimes.com/1996/11/28/business/corning-to-spin-off-2-subsidiaries-to-shareholders.html.
- ↑ Nicolai, Kathryn (February 2018). "Kenneth W. Freeman college of management named after $25 million donation". The Bucknellian. https://bucknellian.net/81788/news/kenneth-w-freeman-college-management-named-25-million-donation/.
- ↑ "Kenneth W. Freeman Named Dean of SMG". BU Today (Boston University). http://www.bu.edu/today/2010/kenneth-w-freeman-named-dean-of-smg/.
- ↑ "Quest Diagnostics Acquires Assets Of Diagnostics Medical Laboratory Inc.". Quest Diagnostics. http://phx.corporate-ir.net/phoenix.zhtml?c=82068&p=irol-newsArticle&ID=199488&highlight=.
- ↑ Nouri, Paul (February 16, 2012). "Investors Should Wait Out Quest And LabCorp". Seeking Alpha. https://seekingalpha.com/article/371261-investors-should-wait-out-quest-and-labcorp.
- ↑ "A Guide to Being Compassionate During Layoffs". Harvard Business Review. February 25, 2016. https://hbr.org/2016/02/a-guide-to-being-compassionate-during-layoffs.
- ↑ "Compunet names new CEO". October 20, 2014. https://www.bizjournals.com/dayton/news/2014/10/20/compunet-names-new-ceo.html.
- ↑ Tegler, Eric (April 29, 2020). "Appearing nightly, the Quest Diagnostics Air Force". Ars Technica. https://arstechnica.com/cars/2020/04/a-look-at-the-airline-that-flies-covid-19-samples-around-the-country/.
- ↑ "Sonora Quest Laboratories Celebrates 20th Anniversary | Newsroom". https://www.sonoraquest.com/newsroom/posts/sonora-quest-laboratories-celebrates-20th-anniversary/.
- ↑ 21.0 21.1 "Quest Buying AmeriPath For $1.23 Billion". April 16, 2007. https://www.cnbc.com/id/18133068.
- ↑ "Surya N. Mohapatra". Columbia Business Schools. https://www8.gsb.columbia.edu/cbs-directory/detail/snm2127=.
- ↑ "DGX to Buy UMass Medical Lab (revised)". Yahoo! Finance. October 23, 2012. https://finance.yahoo.com/news/dgx-buy-umass-medical-lab-113034613.html.
- ↑ "Safeway, Quest Diagnostics bring testing services to 12 stores". Supermarket News. June 15, 2016. https://www.supermarketnews.com/nonfood-pharmacy/safeway-quest-diagnostics-bring-testing-services-12-stores.
- ↑ "Walmart partners with Quest Diagnostics to bring lab testing to 15 stores". https://www.pharmacist.com/article/walmart-partners-quest-diagnostics-bring-lab-testing-15-stores.
- ↑ Coombs, Bertha (May 26, 2018). "Here's why investors are cheering Quest and LabCorp losing their exclusive contracts". CNBC. https://www.cnbc.com/2018/05/26/quest-and-labcorp-shares-surge-on-optimism-shrug-off-contract-losses.html.
- ↑ "For Murphy, Quest Diagnostics ribbon-cutting is example of what can be". ROI-NJ. September 27, 2018. https://www.roi-nj.com/2018/09/27/healthcare/for-murphy-quest-ribbon-cutting-is-example-of-what-can-be/.
- ↑ "Quest Diagnostics to relocate headquarters to Secaucus". The Star-Ledger. https://www.nj.com/hudson/index.ssf/2016/06/quest_diagnostics_to_relocate_headquarters_to_seca.html.
- ↑ "Quest Launches Patient-Initiated Testing to Address Changing Consumer Preferences" (in en-us). January 17, 2017. https://www.360dx.com/infectious-disease/quest-launches-patient-initiated-testing-address-changing-consumer-preferences.
- ↑ "QuestDirect" (in en-us). November 7, 2018. https://www.360dx.com/resources/new-product/questdirect.
- ↑ Stankiewicz, Kevin (March 24, 2020). "Two large US private labs say they could soon process 300,000 coronavirus tests per week" (in en). https://www.cnbc.com/2020/03/24/coronavirus-labcorp-quest-diagnostics-are-growing-testing-capacity.html.
- ↑ "Quest Diagnostics addresses testing capacity and lengthy turnaround times" (in en). July 28, 2020. https://www.turnto23.com/news/coronavirus/quest-diagnostics-addresses-testing-capacity-and-lengthy-turnaround-times.
- ↑ "Ciphergen Biosystems and Quest Diagnostics Form Strategic Alliance to Develop and Commercialize Tests Using Ciphergen's Proteomics Technology". July 22, 2005. http://www.thefreelibrary.com/Ciphergen+Biosystems+and+Quest+Diagnostics+Form+Strategic+Alliance+to...-a0134294345.
- ↑ "Thermo Fisher to Buy Phadia for $3.5 Billion". DealBook. May 19, 2011. https://dealbook.nytimes.com/2011/05/19/thermo-fisher-agrees-to-buy-phadia-for-3-5-billion/.
- ↑ "Quest Diagnostics Successfully Completes Acquisition of Celera" (Press release). Celera Corporation. May 17, 2011. Archived from the original on July 9, 2011. Retrieved February 16, 2012.
- ↑ "Quest Diagnostics Acquires Solstas for $570M". 34. February 15, 2014. p. 10.
- ↑ "Quest Diagnostics Completes Acquisition of Summit Health - Apr 21, 2014". Quest Diagnostics. http://newsroom.questdiagnostics.com/2014-04-21-Quest-Diagnostics-Completes-Acquisition-of-Summit-Health.
- ↑ Christ, Ginger (October 19, 2017). "Quest Diagnostics to acquire Cleveland Clinic spinoff Cleveland HeartLab". The Plain Dealer. http://www.cleveland.com/healthfit/index.ssf/2017/10/quest_diagnostics_to_acquire_c.html.
- ↑ "Quest buying U.S. lab services unit from British firm". ROI-NJ. September 25, 2018. https://www.roi-nj.com/2018/09/25/healthcare/quest-buying-u-s-lab-services-unit-from-british-firm/.
- ↑ "Quest acquires BBPL's clinical lab services assets" (in en-US). February 12, 2019. https://www.roi-nj.com/2019/02/12/healthcare/quest-acquires-bbpls-clinical-lab-services-assets/.
- ↑ "Quest Diagnostics Acquires Outreach Operations of Memorial Hermann Health System" (in en-us). January 27, 2020. https://www.360dx.com/clinical-lab-management/quest-diagnostics-acquires-outreach-operations-memorial-hermann-health.
- ↑ "Businessman exposed problems with Quest subsidiary's blood test kits; led to $302 million settlement" (Press release). Phillips & Cohen LLP. April 15, 2009.
- ↑ "Attorney General Kamala D. Harris announces $241 million settlement with Quest Diagnostics" (Press release). State of California Department of Justice. May 19, 2011.
- ↑ O'Brien, Tim (May 2, 2018). "CervicalCheck 10-year timeline". The Irish Times. https://www.irishtimes.com/news/health/cervicalcheck-10-year-timeline-1.3482051.
- ↑ O’Regan, Eilish (May 2, 2018). "US company used by CervicalCheck had to pay €100,000 in fines over safety breach". Irish Independent. https://www.independent.ie/irish-news/health/us-company-used-by-cervicalcheck-had-to-pay-100000-in-fines-over-safety-breach-36865037.html.
- ↑ "Lab companies Quest and CPL at center of lawsuits in Ireland over missed cervical cancer diagnoses". June 29, 2018. https://www.cbsnews.com/news/lab-companies-quest-and-cpl-at-center-of-lawsuits-in-ireland-over-missed-cervical-cancer-diagnoses/.
- ↑ https://www.irishcentral.com/news/quest-diagnostics-cervical-cancer-scandal-lab-appeal.
- ↑ "Seriously ill woman's action over cervical smears adjourned for two weeks". The Irish Times. https://www.irishtimes.com/news/crime-and-law/courts/high-court/seriously-ill-woman-s-action-over-cervical-smears-adjourned-for-two-weeks-1.4457374.
- ↑ HealthITSecurity (June 3, 2019). "11.9M Quest Diagnostics Patients Impacted by AMCA Data Breach" (in en-US). https://healthitsecurity.com/news/11.9m-quest-diagnostics-patients-impacted-by-amca-data-breach.
- ↑ Locker, Melissa (June 3, 2019). "A medical collections agency got hacked, and now your personal data might be exposed" (in en-US). https://www.fastcompany.com/90358595/quest-diagnostics-hack-exposes-medical-data-credit-cards.
- ↑ "Bloomberg - Debt Collector Goes Bankrupt After Health Care Data Hack". Bloomberg. June 17, 2019. https://www.bloomberg.com/news/articles/2019-06-17/american-medical-collection-agency-parent-files-for-bankruptcy.
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