LabCorp is a global corporation that focuses its industry around medical testing. Their mission as a large corporation is to execute the behind the scenes work that doctors rely on for medical tests. They have a large roll in full continuum of health care delivery and they focus on prevention and wellness monitoring. LabCorp also assists the diagnosis process for doctors and help monitor and manage certain conditions. For example today when we toured the facility we were fortunate enough to see the actual testing areas that the employees worked in. They were testing urine and blood for drug tests and disease purposes. Their plan as a company as we saw can be broken down into their five pillars. 1. Deploy cash to enhance footprint 2. Enhance IT capabilities 3. Continue to improve efficiency 4. Scientific innovation at appropriate pricing 5. Alternate delivery models. Their customers are mainly related to the medical industry and testing. They pride themselves on affordability and quality. They strive to remain number one over their main competitor Quest. The clients that they have value this affordability and quality and this is reflected by their current rank.
LabCorp like many large companies has its ups and downs and is effected by forces beyond their control. For one example they were discussing today that Obamacare will effect their industry significantly. They are going to try to use this to their advantage. With Obamacare promising healthcare to everyone the government will need to find a supplier for the exact work that LabCorp does. They are hoping to partner up with the government due to their affordability and start receiving more government checks. This instance will actually benefit them vastly and help improve the image of the company even more.
LabCorp is continuing to advance as technology improves. They are staying up to speed and finding new ways to be efficient and productive. With the purchase of a robotics company they are able to implement custom robots to do the job that would be trivial for a person. We saw today some of the machines that are improving productivity and saving LabCorp money.
Another interesting fact that we heard today was the thriving local community due to LabCorp. This company employs over 4500 people in the surrounding Alamance county area. With Burlington being the corporate headquarters LabCorp is helping the Alamance area significantly. They are providing jobs in an area where it is much needed. This also brings the community closer with a common interest and occupation. LabCorp is doing great things on a global and local scale. Their affordable services are allowing people to get the testing they need at a price they can afford and they are supplying many communities with employment in the process.
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