As Jefferson Abington Hospital and Elkins Park’s Einstein Medical Center earned “A” grades from the healthcare watchdog Leapfrog Group’s Spring 2023 report card, the Philly-based Jefferson healthcare system has apparently struck a deal to sell part of its laboratory business.

The terms of the deal are unavailable at this time, but The Philadelphia Inquirer reported that some of Jefferson’s clinical laboratory business will be sold to Labcorp, one of the nation’s biggest providers of blood tests and other diagnostics.

Jefferson asset sales have become a trend to help the nonprofit hospital raise money as cash reserves have declined significantly in the last 18 months. The system has 13 general hospitals and 43,000 employees.

The news comes on the heels of last month’s announcement that changes to Elkins Park’s hospitals are imminent. MossRehab will expand in-patient physical rehabilitation services, and the Einstein Medical Center’s acute care, surgical, and emergency room services will be relocated to Jefferson Abington Hospital and Einstein’s Medical Center in Philadelphia.

The transition is expected to take place in early June.

For more coverage, you can read The Inquirer’s article here. For Jefferson Abington’s and Einstein’s report card, you can click here.