LabCorp, or the Laboratory Corporation of America, recently became the largest medical testing laboratory in the Unites States. According to the map they showed us on the powerpoint, LabCorp has 23 laboratory facilities across the United States, and they are constantly attempting to buy out other labs and continue to grow. It was very interesting being able to hear all of this information about LabCorp from Mike Roberts, who has been working in the company over 30 years. Recently LabCorp became a publicly traded company in the New York Stock Exchange and was recently at over $100 a share, and is currently in the low 90’s ($91.71). LabCorp has been able to grow and develop their technology to the point that many tasks that other companies would need to hire workers to complete. This allows them to save money on labor for those jobs, while also having their tests completed in a much more timely manner.
One thing that the manager, Mr. Roberts, was sure to tell us was that the entire LabCorp organization is run through one system, meaning that each of the laboratories are on the the same network. LabCorp employs over 34,000 workers throughout the country, and perform more than a million tests every day on hundreds of thousands of samples. They perform tests on very many different samples, whether they are blood, urine, feces, bone marrow, they can test almost anything. LabCorp has its corporate headquarters in Burlington, and performs esoteric testing, genomics, and clinical and anatomic pathology, on approximately 470,000 specimens every day.
It was also very interesting to learn, from Mike Roberts, the history of the company. I knew very little about LabCorp at the start of the day, or about laboratory testing in general, so it was enlightening to learn about the how LabCorp has come to be. The mission of LabCorp seems to be to serve the community at a low-cost and promote healthy living through advances in medicine.Mr. Roberts told us of Labcorp’s five pillar strategy, which is to deploy cash to enhance their footprint, enhance IT capabilities, continue to improve efficiency, scientific innovation at affordable pricing, and alternative delivery models. LabCorp is also one of the nations largest shipping industries behind UPS, Fedex, US Postal Service, etc. because it is their job to provide fast and accurate results to patients and physicians who need them.
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