LabCorp Announces Contract Extension With CIGNA HealthCare

Burlington, NC - Laboratory Corporation of America Holdings (LabCorp) recently announced that it has executed a multi-year clinical laboratory services contract renewal with CIGNA HealthCare. LabCorp will continue to be a contracted laboratory provider in all CIGNA HealthCare markets. Additionally, effective January 1, 2008, LabCorp will no longer be contractually restricted from marketing that the Company is a fully participating, in-network provider to CIGNA HealthCare for all services in all major markets. Additional terms were not disclosed.

"This agreement is important because we will no longer be prohibited from marketing to doctors and patients that we are a participating, in-network provider to all CIGNA HealthCare members and plans in all major markets," said David P. King, President and Chief Executive Officer of LabCorp. "We welcome the opportunity to compete for CIGNA HealthCare business on a level playing field with all other contracted laboratories. Of course, CIGNA HealthCare's participating physicians may continue to send all of their work to LabCorp, giving choice to those physicians who prefer using a single high-quality, full-service laboratory. We look forward to continue offering CIGNA HealthCare, and their participating doctors and members, the convenience, innovation and quality that help improve patient care and lead to better health outcomes."

SOURCE: LabCorp