Latest news with #Labcorp
Forbes
31-07-2025
- Health
- Forbes
Labcorp Unveils AI Tool To Simplify Lab Test Selection
Labcorp announced yesterday a new AI tool called Test Finder to help doctors speed up their ability to locate the right lab tests. Built with Amazon Web Services, the system lets clinicians type or speak their questions and then shows a ranked list of the best-matching tests or assays. Instead of navigating through more than 5,000 test items, doctors can now find what they need in a matter of seconds. "Clinicians are under increasing pressure to do more with less," said Dr. Brian Caveney, Labcorp's chief medical and scientific officer. "Test Finder is designed to ease that burden by providing a faster, more intuitive way to navigate complex test menus, conduct research and identify the right tests, so clinicians can focus on what matters most: their patients." Fixing Complicated Processes Nearly 70 percent of all medical decisions depend on lab results. Yet finding the right test often requires sorting through pages of similar-sounding options. The wrong choice can mean delays, added costs, or a misstep in treatment. The system provides access to thousands of lab tests across many areas including oncology, women's health, neurology, autoimmune diseases, and other requested assays. The use of this AI assistant aims to cut the time spent placing complex orders by up to 70 percent. For example, it might have taken navigation across 15 to 20 screens to track down a rare endocrine test. Now, the natural language-powered assistant will allow you to locate it in seconds. That time savings matters. A primary care doctor may see thirty or more patients a day, each with a different set of lab needs. The minutes add up quickly. How the Tool Works Test Finder runs on AWS Bedrock and draws on a language model trained for clinical terms and Labcorp's catalog. When a doctor enters a query, the AI looks at the patient's symptoms or suspected conditions, links them to diagnostic pathways, and lists the most relevant tests. Each option shows the name, purpose, specimen type, and the code needed to order it. The software runs on AWS infrastructure that meets HIPAA security standards. Labcorp says patient data remains encrypted end to end. An Industry Rush Toward AI Labcorp isn't alone. Quest Diagnostics recently partnered with Google Cloud on similar AI projects in research and customer support. Academic hospitals are testing AI agents in pathology and radiology to spot anomalies in scans faster. These experiments all chase the same goal: give clinicians better information in less time. Labcorp processes more than 700 million tests a year and supports most newly approved FDA therapies, so the company's rollout is likely to draw attention from other large diagnostic networks. The Test Finder team plans to keep tuning the software. Labcorp says it will judge success by how much time doctors save, how satisfied they are with the experience, and whether diagnoses speed up. "Test Finder is a powerful example of how we're using technology to simplify complexity," said Bola Oyegunwa, Ph.D., Labcorp's chief information and technology officer. "By integrating generative AI, we're not only improving the provider experience, we're laying the foundation for smarter, more connected healthcare solutions that scale with the needs of our customers." AI Spreading Through Healthcare AI is showing up almost everywhere in hospitals and clinics. A McKinsey survey from late 2024 found that 85 percent of healthcare executives were already using or actively testing AI systems for tasks ranging from insurance claims to patient scheduling. In radiology, image-analysis platforms now scan for lung nodules and tumors before a radiologist ever opens the file. Some can flag suspicious findings in minutes, which can shave hours off the time to diagnosis. In drug discovery, tools like DeepMind's AlphaFold are helping scientists map protein structures faster than they could in the lab, cutting years off early-stage research. On the administrative side, AI models handle coding and prior authorization paperwork. Health systems using these programs have reported review times dropping by 50 to 60 percent. That allows billing staff to focus on patient-facing tasks rather than combing through forms. Patients are beginning to interact with AI, too. Chatbots now handle routine questions about medications or symptoms. Digital mental-health tools use conversational agents to track mood swings and suggest coping strategies, particularly in rural areas with few therapists. Balancing AI Interest With Caution Some clinicians have raised questions about the increasing use of AI, especially on private health data. Labcorp intends that the tool is meant to support, not replace, human judgment. Doctors and regulators agree that AI needs strong guardrails. Algorithms can reflect the biases in the data they learn from, and mistakes in a medical setting can carry serious consequences. AI powered systems such as Test Finder are increasingly adding multiple checkpoints and ongoing audits as tools are rolled out. Still, the appeal of using AI is clear. By making it faster to match a patient with the right test, the company hopes Test Finder will do more than ease paperwork. It could help doctors get to answers sooner, and that can change lives.
Yahoo
30-07-2025
- Business
- Yahoo
Quest, Labcorp downplay ‘Big Beautiful Bill' impact
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Historic Medicaid cuts in Republicans' 'One Big Beautiful Bill,' signed into law earlier this month, are unlikely to have a negative impact on laboratory testing volumes in the near term, executives at Labcorp and Quest Diagnostics reassured investors on earnings calls last week. Labcorp CEO Adam Schechter, answering an analyst's question on potential fallout from the legislation, described the impact as manageable. While lab testing is an essential tool used in almost every healthcare decision, it accounts for a 'very small fraction' of U.S. healthcare spending, the CEO said. The new tax and domestic policy law overhauls Medicaid and the Affordable Care Act to align with Republican priorities, including funding cuts, Medicaid work requirements and stricter eligibility verification for the safety net insurance program and the healthcare exchange. The legislation decreases federal healthcare spending by $1.1 trillion over the next decade and is expected to cause 10 million Americans to lose health insurance. Schechter said he doesn't foresee an impact on Medicaid until 2028, 'and the key is going to be, do people find insurance through other ways, through states or spouses that might have insurance?' If a large group of people become uninsured, Schechter said he would be concerned, but he doesn't expect that to happen. 'I don't think it's very likely in the United States that you'll have a very big group of people automatically become uninsured in a specific period of time,' he said. On the healthcare exchange, the expiration of tax credits could have a negative impact for Labcorp of as high as 30 basis points, Schechter said. The legislation will be harder on Labcorp's hospital customers, he said, which could accelerate deals for outreach businesses and running hospital laboratories. Quest Diagnostics CEO Jim Davis said the cuts to Medicaid would have no impact next year and 'very little' impact in 2027 because states will have time to react to the changes. In addition, no more than 4% to 5% of Quest's revenue comes from the healthcare exchange. CFO Sam Samad said the company expects an impact of about 30 basis points on Quest's testing volumes in 2026 if exchange subsidies are not renewed at the end of this year. Davis said people who buy their insurance on the exchange may be able to pay higher premiums to keep their coverage or could switch to their employers' health insurance. Both Quest and Labcorp raised their revenue forecasts for 2025. William Blair analyst Andrew Brackmann, in a note to clients Friday, said Labcorp investors are likely to remain focused on potential impacts from Washington. However, 'looking to the second half of the year and into 2026, expectations appear appropriately set.' Recommended Reading Labcorp to buy some Community Health assets for $195M Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-07-2025
- Health
- Yahoo
Labcorp Introduces Test Finder, a First-of-Its-Kind Generative AI Tool to Simplify Lab Test Search
Test Finder interprets provider questions in context to deliver curated, clinically relevant results, going beyond traditional search Developed in collaboration with Amazon Web Services, Test Finder is now available on BURLINGTON, N.C., July 30, 2025 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today the launch of Test Finder, a first-of-its-kind generative AI tool developed with Amazon Web Services (AWS). Designed to simplify lab test selection, Test Finder enables healthcare providers to ask questions or describe conditions in plain language and receive curated test recommendations—enhancing the user experience and freeing up more time for patient care. Laboratory testing plays a critical role in healthcare, informing nearly 70% of clinical decisions and often serving as the first step in diagnosing and managing patient conditions. Yet research shows providers spend more than three hours a day on responsibilities including documentation and test ordering—time that could be spent with patients. According to a recent American Medical Association (AMA) survey, 57% of physicians view addressing administrative burden through automation as the greatest opportunity for AI in healthcare. "Clinicians are under increasing pressure to do more with less," said Dr. Brian Caveney, Labcorp's chief medical and scientific officer. "Test Finder is designed to ease that burden by providing a faster, more intuitive way to navigate complex test menus, conduct research and identify the right tests, so clinicians can focus on what matters most: their patients." Key Features of Labcorp's Test FinderNow available on Test Finder was developed using Amazon Bedrock and large language model (LLM) technology. The tool enables providers to ask questions or describe conditions in plain language and receive a detailed list of suggested tests and descriptions based on their input. Additional benefits include: Access to thousands of lab tests across key therapeutic areas, including oncology, women's health, neurology, autoimmune disease and more Faster, more efficient navigation that reduces time spent on test selection Available 24/7 on "Labcorp's AI implementation underscores the transformative power of responsible generative AI in healthcare, setting a new industry standard for clinical workflow optimization," said Dr. Rowland Illing, global chief medical officer at AWS. "By leveraging AWS' enterprise-grade AI infrastructure and HIPAA-compliant security controls, Labcorp is revolutionizing how healthcare providers access comprehensive diagnostic information, enabling faster decisions that can directly impact patient care outcomes." "Test Finder is a powerful example of how we're using technology to simplify complexity," said Bola Oyegunwa, Ph.D., Labcorp's chief information and technology officer. "By integrating generative AI, we're not only improving the provider experience, we're laying the foundation for smarter, more connected healthcare solutions that scale with the needs of our customers." Labcorp anticipates sharing additional updates and announcements related to Test Finder in the coming weeks. For more information, visit About LabcorpLabcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 70,000 employees serve clients in approximately 100 countries, provided support for more than 75% of the new drugs and therapeutic products approved in 2024 by the FDA, and perform more than 700 million tests annually for patients around the world. Learn more about us at View original content to download multimedia: SOURCE Labcorp
Business Wire
28-07-2025
- Business
- Business Wire
Bio-Rad Appoints Rajat Mehta Executive Vice President, Global Commercial Operations
HERCULES, Calif.--(BUSINESS WIRE)--Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B), a global leader in life science research and clinical diagnostics products, today announced the appointment of Rajat Mehta as its new Executive Vice President, Global Commercial Operations, effective August 4, 2025. Mehta will lead Bio-Rad's global commercial strategy and execution, succeeding Mike Crowley, who is retiring after a distinguished 26-year career with the company. Mehta brings extensive leadership and commercial expertise in biopharmaceutical, life science research, and diagnostics markets to Bio-Rad. He joins from Labcorp, where he served as Senior Vice President, overseeing large-scale commercial operations for the company's West Division. Prior to Labcorp, Mehta was Vice President and General Manager, Applied Technologies, at Thermo Fisher Scientific. In this role, he successfully managed a global business unit serving diverse markets. Earlier in his career, Mehta held commercial roles of increasing responsibility at Dow Chemical, where he designed and executed impactful commercial growth strategies. He holds an MBA from The Wharton School at the University of Pennsylvania and a BS in Electrical Engineering from Kurkshetra University in Thanesar, India. "Rajat's proven track record in delivering above-market growth, building high-achieving teams, and driving alignment across multiple business segments will be instrumental as we continue to advance our long-term strategy,' said Jon DiVincenzo, Bio-Rad's President and Chief Operating Officer. 'His focus on commercial excellence and deep understanding of large, global organizations spanning both clinical diagnostics and life science markets make him a fantastic addition to our leadership team." Norman Schwartz, Bio-Rad's Chairman and CEO, added, "On behalf of everyone at Bio-Rad, I want to extend our deepest gratitude and acknowledgement to Mike Crowley for his exceptional service and unwavering dedication. Since joining our commercial team in 1998, and particularly during his tenure as EVP of Global Commercial Operations since 2014, Mike's leadership has been instrumental in building our global sales and services organization and contributing to Bio-Rad's overall success.' About Bio-Rad Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,500 employees, and $2.6 billion in revenues in 2024. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit Forward-Looking Statements This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding our executive officers. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "plan", "believe," "expect," "anticipate," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include risks relating to our international operations; global economic and geopolitical conditions; tariffs or other trade barriers; reductions in government funding or capital spending of our customers; the uncertain pace of the biopharma sector's recovery; international legal and regulatory risks; our ability to develop and market new or improved products; our ability to compete effectively; foreign currency exchange fluctuations; supply chain issues; product quality and liability issues; our ability to integrate acquired companies, products or technologies into our company successfully; changes in the healthcare industry; and natural disasters and other catastrophic events beyond our control. For further information regarding our risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Bio-Rad's public reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Bio-Rad cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
Yahoo
24-07-2025
- Business
- Yahoo
S&P 500 Gains and Losses Today: West Pharmaceutical Services Stock Surges; Dow, LKQ Shares Fall
Major U.S. equities indexes were mixed on Thursday as investors scrutinized the latest earnings data, including a strong quarterly report from Google parent Alphabet (GOOGL). The S&P 500 gained around 0.1%, reaching a record closing high for the fourth straight session. The Nasdaq Composite added 0.3% to secure a record close for the second consecutive day, while the Dow declined 0.7%. West Pharmaceutical Services (WST) shares skyrocketed 22.8%, the most of any stock in the S&P 500, after the healthcare products provider beat sales and profit estimates for the second quarter and raised its full-year guidance. The company, which specializes in packaging solutions and delivery systems for injectable drugs, highlighted a strong contribution from its high-value products segment, which includes its proprietary self-injection systems, stoppers, seals, and plungers. Second-quarter sales and profits from United Rentals (URI) also came in ahead of analysts' forecasts, and shares of the construction and industrial equipment rental firm jumped 9%. In addition, United Rentals boosted its sales forecast for the full year, expanded its 2025 share buyback program by $400 million, and announced a quarterly dividend. Analysts at Bank of America raised their price target on United Rentals stock following the upbeat results. Healthcare diagnostics company Labcorp Holdings (LH) followed suit with a "beat-and-raise" earnings report. Labcorp's second-quarter revenue and adjusted earnings per share (EPS) exceeded estimates, driven by growth across its diagnostics and biopharma segments, and the company raised its full-year outlook. Shares of Labcorp gained 6.9% on Thursday. LKQ Corp. (LKQ), a provider of replacement auto parts, cut its 2025 forecasts for revenue, adjusted EPS, free cash flow, and operating cash flow, citing persistent headwinds in the car repair market and a challenging economic backdrop in Europe. Baird analysts cut their price target on LKQ stock in the wake of the earnings release, citing softness across the company's major markets. LKQ shares plummeted 17.8% on Thursday, logging the S&P 500's weakest daily performance. Shares of Dow Inc. (DOW) plunged 17.5% after the chemical company posted a wider-than-expected quarterly loss and halved its dividend, citing the need for financial flexibility as it navigates prolonged earnings pressure. Dow experienced year-over-year sales declines across all its operating segments, particularly in its packaging and specialty plastics business. Volumes were also down from a year ago, reflecting decreases in Europe, the Middle East, Africa, and India, despite gains in the U.S. and Canada. Molina Healthcare (MOH) cut its full-year profit guidance for the second time this month, pointing to higher medical costs across its business and especially elevated spending related to its Affordable Care Act plans. Although the insurer's second-quarter revenue came in ahead of estimates, profit for the period fell short of expectations. The company's medical cost ratio, a key measure of the amount of premium revenue paid out by an insurer for medical expenses, increased from a year ago. Molina shares tumbled 16.8% Thursday, putting the stock down more than 46% over the past month. Read the original article on Investopedia Sign in to access your portfolio
