LabCorp main mission is “to offer the highest- quality laboratory testing and most compelling value to our customers.” LabCorp was first started after the merger of Roche Biomedical Laboratories and National Health Laboratories in 1995. LabCorp comes from a 100 years of experience giving them a trustworthy relationship to the medical testing industry. LabCorp provides scientific expertise in esoteric testing, genomics, and clinical and anatomic pathology. LabCorp processes tests on approximately 470,000 specimens each day, applying advances in medicine and science to laboratory testing. LabCorp operates with low-cost and efficient and accurate services. What makes LabCorp so efficient is their centralized computer, which forms the infrastructure of their entire business.
The corporate headquarters are in Burlington, NC, and they employ more than 34,000 employees nationwide and hold a network of 220,000 clients include physician offices, hospitals, managed care organizations, and biotechnology and pharmaceutical companies. LabCorp operates on a “five pillar” strategy of management. The five pillar strategy consists of deploying capital first to acquisitions that enhance their footprint and test menu, then to repurchase shares, enhancing their IT capabilities to improve the physician and patient experience, improving efficiency to remain the most efficient and highest- value provider of laboratory services, continuing scientific innovation to offer new tests at reasonable and appropriate pricing and participating in the development of alternative delivery models to improve patient outcomes and reduce the cost of care.
LabCorp has a customer base of 220,000 clients that include physician offices, hospitals, managed care organizations, and biotechnology and pharmaceutical companies. Customers value their expert services provided at low cost with quick turn-around time. LabCorp delivers pre-analytic and analytical tests to healthcare providers; LabCorp is first on the supply chain. LabCorp is the supplier of excellent clinical testing with efficiency and accuracy. The only thing that holds back LabCorp industry is its market competitor, Quest Diagnostics and the U.S. government’s integration of Obama Care. It’s hard for the company to foresee their future stock forecast. LabCorp is above the competition because of the robotic technology that they have created for their laboratories. In result, LabCorp provides quick service to all their clients. In result, LabCorp yields more test samples than all their competitors. LabCorp operates with an aggressive and risky mentality and uses it large profits to expand their corporation. LabCorp responds to changes in its environment by improving its services and participating in outside clinical research to further their name and influence in the current market.
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