LabCorp, the clinical testing and laboratory services company, announced on Friday the launch of a new software tool to help oncologists improve patient outcomes and save costs.

LabCorp and HealthEC, LLC teamed up to debut LabCorp’s Care Intelligence Oncology Module, a tool meant to improve oncologists’ access to key data points and performance metrics.

With this software, oncologists will be able to measure performance against critical quality and cost benchmarks. The module integrates electronic health records, clinical claims, pharmacogenomics, staging data and clinical laboratory test results.

“LabCorp continues to look for more ways to improve outcomes for cancer patients through the unique combination of our capabilities in diagnostics, drug development, and technology,” LabCorp Diagnostics’ president Dr. Brian Caveney said in the release.

Patients are also able to communicate with their care team and report outcomes relevant to their care. The tool notifies patients if they are eligible for clinical studies through LabCorp’s drug development business, Covance, and monitors patients’ progress in studies.

“As new technologies transform cancer care, oncology practices need comprehensive support to run their operations efficiently and ensure patients receive quality care in today’s value-based care environment,” HealthEC Chairman and CEO Arthur Kapoor said in the release.

Shares of Laboratory Corporation of America Holdings (LH) were trading up .28 percent, or 54 cents, near $194.80 Friday morning.