- Quest Diagnostics expects to continue to service UnitedHealthcare members as
a non-contracted provider of high quality convenient laboratory services -
LYNDHURST, N.J., Oct. 3 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced that it will not be a national contracted
provider of laboratory services to UnitedHealthcare beginning January 1, 2007.
UnitedHealthcare accounts for approximately 7% of Quest Diagnostics' annual
revenues.
Quest Diagnostics expects to continue to service UnitedHealthcare's
members in certain markets as a contracted provider and in other markets as a
non-contracted provider. The company cannot estimate at this time the
financial impact of not being a contracted provider on a national basis.
"In our response to UnitedHealthcare's request for proposals, we offered
to substantially reduce its laboratory costs, while at the same time
increasing access and convenience for its members and physicians," said Surya
N. Mohapatra, Ph.D., Chairman and Chief Executive Officer. "Unfortunately, the
terms and conditions that were offered by UnitedHealthcare would have been
irresponsible for us to accept.
"We believe patients, physicians and employers will continue to insist
they have access to quality and convenient laboratory services from Quest
Diagnostics, because of our enhanced patient experience, medical quality and
the broadest distribution network," continued Dr. Mohapatra. "We want them to
know they have a choice when it comes to selecting a laboratory. Choosing a
diagnostic lab with a focus on patients and quality makes a difference for
your health."
Conference Call Scheduled
Quest Diagnostics will hold a conference call to discuss the news and
respond to questions on October 3, 2006 at 11:00 A.M. Eastern Time. Investors
can access the call at 1-888-454-5684, passcode "Investor". A simulcast of
the call and a replay are available via the Internet at:
http://www.questdiagnostics.com and registered analysts may access the call
at: http://www.streetevents.com . In addition, a replay of the call will be
available later today through 11 P.M. on October 31, 2006 to investors in the
U.S. by dialing 866-356-3374. Investors outside the U.S. may dial
203-369-0100. No password is required for either number.
Quest Diagnostics is the leading provider of diagnostic testing,
information and services that patients and doctors need to make better
healthcare decisions. The company offers the broadest access to diagnostic
testing services through its national network of laboratories and patient
service centers, and provides interpretive consultation through its extensive
medical and scientific staff. Quest Diagnostics is a pioneer in developing
innovative new diagnostic tests and advanced healthcare information technology
solutions that help improve patient care. Additional company information is
available at: www.questdiagnostics.com.
The statements in this press release which are not historical facts
or information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual
results and outcomes to be materially different. Certain of these risks
and uncertainties may include, but are not limited to, competitive
environment, changes in government regulations, changing relationships
with customers, payers, suppliers and strategic partners and other
factors described in the Quest Diagnostics Incorporated 2005 Form 10-K
and subsequent SEC filings.
SOURCE Quest Diagnostics Incorporated
CONTACT: Laure Park (Investors), +1-201-393-5030; Gary Samuels (Media),
+1-201-393-5700
/Web site: http://www.questdiagnostics.com