LabCorp is a company that has everything going for it and has found a way to be as efficient as possible and still produce the highest quality of work. Today for Field Experience in Business we visited LabCorp and learned exactly what the company does from Mike Roberts, who was incredibly well versed in all the aspects of the company and this showed that he has a great passion for what he does. LabCorp is a clinical lab that has test facilities all over the country, but the headquarters are located right here in Burlington, North Carolina. They are the head of the lab industry and are publicly traded on the New York stock exchange. They also purchase other smaller companies and purchased their own technology company that has led to them having the best technological systems in the labs that save time and allow for employees to work on other tasks. One aspect of this is the way they have been able to have 90% of the company on one computer system, which makes it much easier for other LabCorps all over the country to use the same data and get more accurate results and analysis. LabCorp does medical testing for anything in the body, such as cancers, STDs, kidney stones, etc. When it comes to medical testing they have six focal points; prevention and wellness monitoring, preliminary risk assessment, diagnosis, secondary assessment of progress, clinical decision regarding treatment path, and monitoring and management of condition. LabCorp tests clinical pathology, anatomic pathology, and genomics/esoteric which all have there own labs within the whole “college campus” layout facility. They also have a clear layout of Peter Drucker’s five questions and that can hint at to why they are such a well run and flourishing company.
The mission of LabCorp from what Mike Roberts spoke about is an emphasis on quality. They are focused on analyzing samples and providing the customer with the best results they can. They have a focus on detail that you do not really see much in today’s working world. Roberts’ also said that even though there are many other labs all over the country, none of them try to do things that will only benefit their lab, but instead work to better the entire company that is all of the labs together as one. This goal of quality over everything else and a focus on the company as a whole is a major proponent in the success of LabCorp.
There are both direct customers and indirect customers that LabCorp works with. The direct customers are hospitals, insurers, healthcare providers and other smaller groups. Then there are the indirect customers who are the patients that go to these hospitals and healthcare providers who send these people’s blood or other tests to LabCorp to get analyzed. Through this customer base, there can be cases where the people who do not get treated properly or the treatment does not work try and start a lawsuit with a hospital or healthcare provider and then in turn come after LabCorp, because they are a multi-billion dollar company. LabCorp understand this, so they have their own legal team that makes sure none of these cases actually carry out and this team keeps the company safe.
The next question, “what does the customer value,” kind of runs off the end of the previous questions. The customer values the best possible results of their test so that they can obtain the right treatment and medicines so that they can get better or avoid a future problem. This is incredibly important, because some of the tests, such as looking for cancer or an STD can result in life or death for a person who is counting on LabCorp to get the most accurate results from their tests.
The results from LabCorp are the best in their field, and this is evident by it’s ranking as the number one clinical lab in the country, ahead of the next closest pursuer, Quest. Another way to validate the results is the fact that there has yet to be a major lawsuit against them that would show that LabCorp made a mistake in a test analysis and caused a terrible situation.
The plan of LabCorp is clear, to be the best at what they do and to deliver the highest quality results. This an be seen through their 5 pillar strategy that the company follows. 1. Deploy cash to enhance footprint 2. Enhance IT capabilities 3. Continue to improve efficiency 4. Scientific innovation at appropriate pricing 5. Alternative delivery models. With these five pillars one can clearly see that LabCorp has everything going for it and knows exactly what they have to do to continue to be the leaders in clinical lab work and be the pioneers in new testings and works.
Follow
