Quest Diagnostics

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Quest Diagnostics
TypePublic
Traded asNYSEDGX
IndustryHealthcare
FoundedNew York City, USA (1967)
Founder(s)Paul Brown
HeadquartersMadison, New Jersey, USA
Area servedUSA, Mexico, UK, India
Key peopleSteve Rusckowski (CEO)
RevenueIncreaseUS$10.4 Billion (2010)
Operating incomeUS$8.5 Billion (2010)
Total equityUS$4 Billion (2010)
Employees43,000
WebsiteQuestDiagnostics.com
 
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Quest Diagnostics
TypePublic
Traded asNYSEDGX
IndustryHealthcare
FoundedNew York City, USA (1967)
Founder(s)Paul Brown
HeadquartersMadison, New Jersey, USA
Area servedUSA, Mexico, UK, India
Key peopleSteve Rusckowski (CEO)
RevenueIncreaseUS$10.4 Billion (2010)
Operating incomeUS$8.5 Billion (2010)
Total equityUS$4 Billion (2010)
Employees43,000
WebsiteQuestDiagnostics.com

Quest Diagnostics Incorporated is a corporation based in the United States that provides clinical laboratory services, it runs operations in United Kingdom, Mexico, Brazil, Puerto Rico[1] and a laboratory in India[2] and also has collaborative agreements internationally with various hospitals and clinics.[3] 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. The company has over $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.[4][5] 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.[6] The company’s products have been recognized by the Edison Institute for Leadership in Diagnostic Innovation.[7] 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.[8][9] The Quest Diagnostics Drug Testing Index, published twice each year, is a comprehensive source of information on workplace drug use [10][11]

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.[12] 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.[13]

History[edit]

References[edit]

  1. ^ "International Facilities & Operations". Quest Diagnostics. Retrieved 2012-02-15. 
  2. ^ "Birla Sun Life Insurance Names Quest Diagnostics its Exclusive Provider of Health Assessment Services in India". Quest Diagnostics. 2007-03-31. Retrieved 2012-02-15. 
  3. ^ "Our Growing International Presence". Quest Diagnostics. Retrieved 2012-02-15. 
  4. ^ "Quest Diagnostics Ranked Among FORTUNE Magazine's 'World's Most Admired Companies' For Third Consecutive... - MADISON, N.J., March 5 /PRNewswire-FirstCall/". New Jersey: Prnewswire.com. Retrieved 2012-02-15. 
  5. ^ "World's Most Admired Companies - Industries - 2010 - Health Care: Pharmacy and Other Services". Fortune. March 22, 2010. Retrieved 2012-02-16. 
  6. ^ Quest Diagnostics (2011-10-06). "Quest Diagnostics Selected as Member of Dow Jones® Sustainability Index | CSR News". justmeans.com. Retrieved 2012-02-15. 
  7. ^ "Quest Diagnostics Honored for Diagnostic Innovation at 2011 Edison Awards - Apr 6, 2011". Questdiagnostics.mediaroom.com. 2011-04-06. Retrieved 2012-02-15. 
  8. ^ Smith, Hubble (Oct. 15, 2011 | 2:02 a.m.). "Quest Diagnostics named best place to work - Business - ReviewJournal.com". Las Vegas Review-Journal. Retrieved 2012-02-16. "Quest Diagnostics was named best place to work in Southern Nevada among companies with 5,000 or more employees, the Southern Nevada Human Resources Association announced Friday." 
  9. ^ "Health Trends™ Reports from Quest Diagnostics track disease and wellness benchmarks". Questdiagnostics.com. Retrieved 2012-02-15. 
  10. ^ "Drug Testing Index: Employer Solutions". Quest Diagnostics. Retrieved 2012-02-15. 
  11. ^ Harrison, Sheena (October 23, 2011). "Opioid testing helps curb workers comp claims". Business Insurance, a publication of Crain Communications Inc. Retrieved 2012-02-15. 
  12. ^ "Businessman exposed problems with Quest subsidiary's blood test kits; led to $302 million settlement." Phillips & Cohen LLP press release. April 15, 2009.
  13. ^ "Attorney General Kamala D. Harris announces $241 million settlement with Quest Diagnostics." State of California Department of Justice. May 19, 2011.
  14. ^ "Quest Diagnostics Acquires Assets Of Diagnostics Medical Laboratory Inc.". Quest Diagnostics. Retrieved 2012-02-15. 
  15. ^ "Six Sigma Quality?". Quest Diagnostics. Retrieved 2011-10-24. 
  16. ^ "Ciphergen Biosystems and Quest Diagnostics Form Strategic Alliance to Develop and Commercialize Tests Using Ciphergen's Proteomics Technology.". July 22, 2005. Retrieved Jul 26, 2013. 
  17. ^ Quest Diagnostics Successfully Completes Acquisition of Celera May 17, 2011. Celera Corporation. Retrieved 2012-02-16.
  18. ^ http://www.marketwatch.com/story/quest-diagnostics-names-rusckowski-as-ceo-2012-04-11-182890
  19. ^ http://finance.yahoo.com/news/dgx-buy-umass-medical-lab-113034613.html
  20. ^ "Quest Diagnostics Acquires Solstas for $570M". News: Industry Watch (paper) 34 (4). 15 February 2014. p. 10. 

External links[edit]