Laboratory Corporation of Americar Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABCORP-REGISTERED TRADEMARK- RENEWS NATIONAL AFFILIATION WITH
UNITEDHEALTHCARE
Renewal Strengthens National Relationship
Burlington, NC, November 14, 2000 - Laboratory Corporation of America
Holdings-Registered Trademark- (LabCorp-Registered Trademark-) (NYSE:
LH) announced today that it has entered into a multi-year contract
extension with UnitedHealthcare as a national provider of its clinical
laboratory testing. UnitedHealthcare is the nation's second-largest
health insurer and the largest division of Minneapolis-based
UnitedHealth Group (NYSE: UNH). As a result of the new contract,
LabCorp will continue to provide national clinical laboratory testing
and additional related services to nearly 15 million people who
participate in UnitedHealthcare's health benefit programs. Terms of
the agreement were not disclosed.
"We are pleased that UnitedHealthcare has again selected LabCorp as a
provider of laboratory services in all of its product lines throughout
the U.S.," said Stevan R. Stark, executive vice president of sales and
marketing for LabCorp. "LabCorp is dedicated to the continual
development of long-term relationships with key health plans through
our commitment to offer the latest advances in information technology,
data management, and technological expertise."
In addition to laboratory testing services, LabCorp offers its managed
care customers a broad range of information services such as
utilization data, customized reporting, and process improvements in
operational and business interfaces between organizations. Its
pioneering advances in integrated data solutions are designed to help
managed care companies enhance their disease management initiatives to
build healthier member populations. Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark-) is a
national clinical laboratory with annual revenues of $1.7 billion in
1999. With 18,000 employees and over 100,000 clients nationwide, the
Company offers more than 2,000 clinical tests ranging from simple blood
analyses to sophisticated molecular diagnostics. LabCorp leverages its
expertise in innovative clinical testing technology with its Centers of
Excellence. The Center for Molecular Biology and Pathology, in Research
Triangle Park (RTP), North Carolina, develops applications for
polymerase chain reaction (PCR) technology and its National Genetics
Institute in Los Angeles is an industry leader in developing novel,
highly sensitive PCR methods for testing hepatitis C and other
infectious agents. Its Center for Occupational Testing in RTP is one
of the world's largest substance abuse testing facilities, and the
Center for Esoteric Testing in Burlington, North Carolina, performs the
largest volume of specialty testing in the network. LabCorp's clients
include physicians, state and federal government, managed care
organizations, hospitals, clinics, pharmaceutical and Fortune 1000
companies, and other clinical laboratories.
Each of the above forward-looking statements is subject to change based
on various important factors, including without limitation, competitive
actions in the marketplace and adverse actions of governmental and
other third-party payors. Further information on potential factors
that could affect LabCorp's financial results is included in the
Company's Form 10-K for the year ended December
31, 1999 and subsequent SEC filings.
