Bio-Reference Laboratories, Inc. Announces New PSIMedica Contract; Greensboro Healthcare Network to Implement Latest System.

Business Editors/Health & Medical Writers

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ELMWOOD PARK, N.J.--(BW HealthWire)--Oct. 23, 2001

Bio-Reference Laboratories, Inc. (NADSAQ: BRLI) announced today that the Greensboro Healthcare Network has entered into a license agreement to use the advanced analytic and data warehousing capabilities of the PSIMedica Medical Management System.

PSIMedica, a business unit of Bio-Reference Laboratories, offers a robust decision support product line that integrates multiple streams of healthcare data to produce financial and clinical analysis. The PSIMedica MMS system integrates hospital and physician claims data with pharmaceutical information and laboratory results to provide valuable insights into population health management patterns. Offering a broad range of analytic and reporting capabilities, PSIMedica MMS enables healthcare organizations of all types to improve cost and quality through monitoring of targeted populations.

The Greensboro Healthcare Network is a Physician-Hospital Organization that is a joint venture of Moses Cone Health System, one of the nation's leading integrated delivery networks, and Eagle Physicians, a multi-disciplinary physician practice group. GHN contracts with health plans and employers in North Carolina to provide health care services ranging from hospitalization and physician services to pharmaceutical and laboratory coverage.

Marc Grodman, M.D., President, CEO and Chairman of the Board of Bio-Reference Laboratories, Inc., stated: "We are pleased to announce this license agreement with the Greensboro Healthcare Network. We believe our PSIMedica unit is ideally positioned to meet the needs of Physician-Hospital Organizations like GHN. We look forward to growing the relationship with Greensboro Health Network and enabling them to produce the analysis and reports that will improve service delivery to their customers.

Larry Matheny, Executive Director of GHN, commented, " We plan to rely on the Medical Management System for all of our basic reporting and profiling needs. In addition, we intend to use MMS as the basis for targeted interventions that will improve the quality and cost of care that we deliver. Through PSIMedica, we have secured an information solution that will provide a solid foundation for our progress."

About Bio-Reference Laboratories, Inc.

The Company is the largest independent regional clinical laboratory in the Northeast and has major market positions in physician offices, nursing homes and correctional institutions. The Company's wholly owned subsidiary, CareEvolve, is a physician-centric connectivity solution that seeks to enhance physician-patient and physician-payor electronic communications on a secure basis, including communicating laboratory results, e-mail, prescriptions, payor verification and eligibility, as well as offering many other value-added Internet based services to its physician members. PSIMedica, a business unit of the Company, is a clinical knowledge management (CKM) organization offering an array of information solutions for reducing healthcare costs and improving quality performance.

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities having jurisdiction.