By OPEN MINDS Circle
Quest Diagnostics entered a definitive agreement to acquire Pack Health in an all-cash equity transaction. Pack Health is a consumer-engagement company that helps individuals adopt healthier behaviors to improve outcomes. Financial terms of the transaction were not disclosed. The parties expect to complete the transaction in the first quarter 2022.
The acquisition is anticipated to add new capability for Quest Diagnostics to engage consumers beyond traditional health care settings. Steve Rusckowski, chairman, chief executive officer and president of Quest Diagnostics said, “This transaction also builds on our growing expertise in addressing social determinants of health, such as through our Quest for Health Equity initiative, and other programs that help organizations deliver value-based care.” Additionally, the acquisition builds on Quest’s 2018 acquisition of MedXM, now Quest HealthConnect, a provider of in-person home-based risk assessment and monitoring services that supplement care delivered in clinical settings. Over time, Quest expects to create new services from these diverse capabilities.
Pack Health specializes in comprehensively addressing chronic conditions and comorbidities that are influenced by mental health, lifestyle behaviors, access to care, and social determinants of health (SDOH). The company employs certified health coaches trained across 30 chronic conditions who engage, motivate, monitor, and support individuals through a virtual engagement platform providing personalized content. Its customers include health plans and pharmaceutical companies, Pack’s services include medication adherence coaching for pharmaceutical companies’ consumer education programs, diet and exercise coaching for health plans focused on improving population health and quality metrics, and community resource outreach to address SDOH, such as food insecurity and transportation access.
Quest Diagnostics provides clinical laboratory tests to diagnose conditions and monitor treatment. It serves about one-third of adults in the United States. In August 2020, Quest Diagnostics and its Quest Diagnostics Foundation announced Quest for Health Equity, a $100 million initiative to address and reduce health disparities in underserved communities. The company also helps communities access diagnostic services through a national network of relationships with federally qualified health care organizations.
Contact information: Quest Diagnostics, 500 Plaza Drive, Secaucus, NJ 07094; 973-520-2700; Website: https://www.questdiagnostics.com/contact-us