LabCorp is a laboratory testing facility, in which clinical testing on parts of the body and its substances takes place. It has twenty-three testing lab locations, 6 divisions, and employs over 34,000 people nationwide. LabCorp’s mission is to provide accurate medical laboratory tests and services. Its customers are physician offices, hospitals, managed care organizations, and biotechnology and pharmaceutical companies. LabCorp’s major competitor is Quest. In this field, the customer values fast and accurate test results, which LabCorp is very successful at providing. The company constantly has transportation such as aircraft flying in samples that need to be tested. Usually the samples are tested and the results are sent back within hours. The million dollar machines at LabCorp have the ability to measure a substance in a sample down to thirteen decimal points, proving their accuracy. It is crucial that these tests yield accurate results because the people being tested on could be facing some life or death news and they need to know the proper actions to take based on the results. LabCorp also tests cells for prevention and wellness monitoring, which is equally as important information to a customer.
LabCorp’s results are that millions of people receive accurate test results for diseases such as cancer, STD’s, and more. LabCorp has over 220,000 clients and processes tests on about 470,000 samples a day. Therefore, it is imperative for LabCorp to produce fast and accurate test results in order to give its customers the information they need. LabCorp’s plan is to follow their five pillar strategy, which is to deploy cash to enhance their footprint, enhance IT capabilities, continue to improve efficiency, scientific innovation at appropriate pricing, and alternative delivery models. Plus, the company will continue to conduct tests and procure accurate results for its customers. LabCorp also is looking to expand into international markets since some samples are currently being sent from outside of the U.S.
Follow
