Labcorp’s companies’ headquarters are located in Burlington North Carolina, as one of the largest laboratory networks in the world. They operate a sophisticated laboratory network that processes approximately 470,000 specimens every day, making huge advances in medicine and science due to the testing. The company works with esoteric testing and performs its largest volume of specialty testing at headquarters center in Burlington which we visited today. Labcorp is a national network but takes specimens internationally such as places like Dubai.
Today we had the opportunity to visit Labcorp and take a tour of the large facility, gaining insight into how the company operates, what its mission is, and its financial operations. We focused on Peter F. Druckers five most imporant questions you will ever ask about your organizations in trying to learn about Labcorps mission, customer, customer value, results, and plan. Labcorps mission is to provide top quality laboratory facilities and testing centers at a reasonable price to their patients with the innovation in recent technology. Their goal is to provide accurate test results to their customers and patients in the most efficient and cost worthy way. They provide results to the patients from healthcare providers. The customers of labcorp are any person that is in need of medical testing, regardless of their age, ethnicity, gender, or income. These customers go through businesses with lab testing such as doctors offices, hospitals, and providers of healthcare such as the government. Labcorps customers have access to the same technology no matter what facility they use. It was very interesting that Labcorp operates on one computer system so that every test will yield the same results if it is the same specimen. The customer seriously values accurate and speedy results and the company strives to provide these results efficiently. The accuracy of the results is extremely important to both labcorp and the customers, as the testing results go down to 13 negative decimal points. The company follows a five pillar strategy to: deploy cash to enhance their footprint, enhance IT capabilities, and continue to improve efficiency, scientific innovation, and alternative delivery models. The company follows this five pillar strategy religiously in order to continue following its motto of “Innovation, Quality. Convenience”. The goal of the company is to be the best clinical laboratory in their field. Their plan is to remain one of the best ranking testing facilities in the nation. They want to continue to utilize their innovation in technology, maintain and improve efficiency, expand by deploying cash, and continue to meet customers expectations.
Labcorps mission was pretty obvious according to the presentation given to us by Mike Roberts. Their five pillar strategy lays out their goals and desire to continue operating profitably and ethically. Their mission of expansion was clear but with a desire to maintain high quality while trying to improve efficiency. Labcorp needs to continue on its avenue of success with companies like Quest expanding under Obamacare over the next few years.
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