Quest Diagnostics Incorporated is a corporation that provides clinical laboratory services. Founded in 1967 as Metropolitan Pathology Laboratory, Inc., it became an independent corporation with the Quest name in 1997. In addition to the United States, Quest Diagnostics also runs operations in United Kingdom, Mexico, Brazil, Puerto Rico and a laboratory in India and also has collaborative agreements internationally with various hospitals and clinics. It is a member of the Fortune 500 and the S&P 500, with corporate headquarters located in Madison, New Jersey. The company has approximately 43,000 employees, and generates more than $7.5 billion in revenue and offers access to diagnostic testing services for cancer, cardiovascular disease, infectious disease and neurological disorders.
The company has been listed on Fortune Magazine’s "World’s Most Admired Companies" since 2008. In addition, the company has been named listed on the Dow Jones Sustainability World Index and North America Index and is consistently recognized as among the nation’s healthiest employers. The company’s products have been recognized by the Edison Institute for Leadership in Diagnostic Innovation. The company’s "Quest Diagnostics Health Trends" reports identify and track trends in disease and wellness, they are made available as a public service to inform patients, health professionals and policy-makers about the current status of the nation's health. The Quest Diagnostics Drug Testing Index, published twice each year, is a comprehensive source of information on workplace drug use
Fraud and False Claims litigation
Quest Diagnostics set a record in April 2009 when it paid $302 million to the government to settle a Medicare fraud case alleging the company sold faulty medical testing kits. It was the largest qui tam (whistleblower) settlement paid by a medical lab for manufacturing and distributing a faulty product. In May 2011, Quest paid $241 million to the state of California to settle a False Claims Act case that alleged the company had overcharged Medi-Cal, the state’s medical aid program for low-income individuals, and provided illegal kickbacks as incentives for healthcare providers to use Quest labs.
1997: Acquires clinical laboratory division of Branford, CT-based Diagnostic Medical Laboratory, Inc. (DML).
1999: Acquires SmithKline Beecham Clinical Laboratories; GlaxoSmithKline still holds a large portion of Quest Diagnostics stock. The SmithKline Beecham acquisition includes a joint venture ownership with CompuNet Clinical Laboratory
2000: Launch of Six Sigma program leading the charge to raise the quality of healthcare delivery in the United States.
2001: Completes acquisition of Ohio-based MedPlus, Inc. (NASDAQ: MEDP), a healthcare technology company.
2002: Completes acquisition of Virginia-based American Medical Laboratories, Inc. (AML) and an affiliated company of AML, LabPortal, Inc., for approximately $500 million in cash.
2003: Completes acquisition of California-based Unilab Corporation (NASDAQ: ULAB) in a transaction valued at approximately $800 million.
2005: Completes acquisition of Kansas-based LabOne, Inc. (NASDAQ: LABS) for approximately $934 million.