Today we visited LabCorp; prior to the visit I did not know anything about the company. Laboratory Corporation of America is a clinical testing facility that deals with medical testing, healthcare providers, and different types of labs. One of the goals for this visit was to learn the answers to Peter F. Drucker’s The Five Most Important Questions You Will Ever Ask About Your Organization. The mission of this company is to provide accurate test results in the most efficient way. LabCorp provides results to the patients from certain healthcare providers. The patients value LabCorp’s efficient ways to provide them with accurate test results. LabCorp is a very successful company that has a bright future. Their plan to achieve excellence in the future is by following their five-pillar strategy. The first strategy is to Deploy cash to enhance footprint. This means that they are trying to buy other small labs that are struggling so that they grow in size. The next strategy is to enhance IT capabilities. This is extremely important to the success of the company because it relies on IT to make their testing efficient and accurate, speedy turn around in receiving and sending the results, and billing. The third strategy is to improve efficiency by making the company mores automated. The next strategy is scientific innovation at appropriate pricing. This way they will be able to stay competitive and stay afloat in this economy. The last strategy is alternative delivery models. They hope to speed up the delivery process to please their customers.
In addition to learning the answers to Peter F. Drucker’s The Five Most Important Questions You Will Ever Ask About Your Organization, I left the company knowing a lot more about the company. I was very impressed by the facilities, especially the lab where part of the testing was done complete by a machine that used conveyer belts to move the test tubes through different stages. I personally could not see myself working in this type of industry due to the fact that I am not a very scientific person. The management was very well structured and worked well which was nice to see. Overall I would say that it was a successful visit and I learned a lot about LabCorp.
Follow
