The lab business was one of three sold since July 2022 in an effort to reduce costs amid increasing financial pressures. The organization reported $231 million in operating losses for fiscal year 2023.
The company announced in May it would offload select assets of its outreach lab services to Labcorp while continuing to own and operate its existing hospital labs for outpatient and inpatient services.
Jefferson is one of several health systems to offload its lab business in recent months, with Portland, Ore.-based Legacy Health and Boston-based Tufts Medicine also selling lab assets to Labcorp.
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