Columbia/HCA Healthcare Corporation and Laboratory Corporation of America create new Laboratory Management Partnership; Three Year Agreement Covers Over 1000 Beds in Kentucky.LOUISVILLE, Ky. and BURLINGTON, N.C.--(BUSINESS WIRE)-- October 6, 1995--The Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. Division of Columbia/HCA Healthcare Corporation (NYSE NYSE See: New York Stock Exchange : COL col (kol) a depression in the interdental tissues just below the interproximal contact area, connecting the buccal and lingual papillae. col n. ) and Laboratory Corporation of America Holdings (LabCorp) (NYSE: LH) have jointly announced an agreement which will result in LabCorp managing hospital laboratory services for three of Columbia's hospitals in Louisville. The three year agreement became effective October 1, 1995. Terms of the agreement were not disclosed. "Partnering with LabCorp will provide a high level of clinical quality for our physicians and patients, while at the same time making healthcare more affordable," said James C. Pickle pickle, general term for fruits or vegetables preserved in vinegar or brine, usually with spices or sugar or both. Vegetables commonly pickled include the beet, cabbage, cauliflower, cucumber, olive, onion, pepper, and tomato. , President of the Kentucky Division of Columbia/HCA. "This Agreement clearly validates LabCorp's commitment to its long-term strategy of providing hospitals and hospital alliances with low cost, highly efficient laboratory testing services," said Dr. James B. Powell, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of LabCorp. "We are proud to be a partner with such an outstanding healthcare company as Columbia/HCA in this exciting marketplace." The hospitals affected by the agreement are Audubon Regional Medical Center (480 beds), Southwest Hospital (150 beds) and Suburban Medical Center (380 beds). Previously, each hospital in Columbia's Louisville Network operated its own on-site lab services. Under LabCorp's management, laboratory operations will remain at each hospital. Through this partnership, services will be consolidated to increase efficiencies and lower costs. "We see this as only the beginning of a new relationship. We are currently exploring additional opportunities with LabCorp through our networks of hospitals across Kentucky," said Pickle. Laboratory Corporation of America Holdings is a national clinical laboratory organization with estimated annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues in excess of $1.7 billion. The company operates 40 primary testing facilities nationally, offering more than 1,700 different clinical assays, from routine blood analysis to more sophisticated technologies. LabCorp performs diagnostic tests for physicians, managed care organizations, hospitals, clinics, nursing homes, industrial companies and other clinical laboratories. Columbia/HCA Healthcare Corporation is the nation's largest provider of healthcare services with more than 320 acute care and specialty hospitals in 36 states and two foreign countries, employing more than 213,000 people. Columbia, together with its employees and associated physicians, is shaping the future of healthcare by providing cost-effective and quality services to the communities it serves. Recent Gallup surveys show 93 percent of former patients were "satisfied" to "very satisfied" with their stays at the Columbia hospitals surveyed. In Kentucky, Columbia operates 14 hospitals, is the largest provider of home health services health services Managed care The benefits covered under a health contract and employs 11,000 people. In 1994, Columbia facilities in Kentucky paid $32 million in taxes. CONTACT: Ken Marshall Columbia Healthcare Network Office: 502/562-4007 Digital Pager 1. (hardware, communications) pager - (Or "beeper", "bleeper" (UK?)) A small wireless receiver that, when triggered (generally via phone), will beep or vibrate (un)pleasantly. : 502/332-3740 or Pam Sherry sherry [from Jérez], naturally dry fortified wine, pale amber to brown in tint. The term sherry originally referred to wines made from grapes grown in the region of Jérez de la Frontera, Andalusia, Spain; today it may refer to any of the Laboratory Corporation of America Holdings Office: 910/584-5171 |
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