LabCorp

Today we took our first field trip to the Powell Building at a regional branch of the Laboratory Corporation of America Holdings Inc., commonly known as LabCorp. LabCorp is a publicly held company and low cost provider that employs more than 34,000 employees worldwide. Being in the lab industry of business, they perform medical testing for all parts of the body and work with healthcare providers to ensure the highest quality of laboratory testing and most compelling value to their customers. This testing includes pre-analytic, analytic, and post-analytic processes, which invoke the steps of prevention and wellness, risk assessment, diagnosis, treatment, and monitoring. Furthermore, the business serves as a courier service. LabCorp’s 220,000 clients include physician offices, hospitals, managed care organizations, biotechnology and pharmaceutical companies. Thus, their services extend to much of the everyday population and even to their own employees. LabCorp’s customers value efficient and quality testing at a reasonable price, and their results show that they succeed in doing that as they have continually trumped their primary competitor, Quest Diagnostics. Other competitors include Bio-Reference Labs and Pathology Associates Medical Laboratories. LabCorp foresees 2014 to be a tougher year than usual because of government cuts in payment for medical testing services and hospitals doing more testing at their own facilities. To ensure their mission is fulfilled, LabCorp’s plan is executed through their 5 Pillar Strategy: Deploy cash to enhance footprint, Enhance I.T. capabilities, Continue to improve efficiency, Scientific innovation at appropriate pricing, and Alternative delivery methods. This trip was particularly intriguing for me because it revealed how we, as a society, are reliant on technology  for medical diagnosis and treatment. More so, it showed me more how business entangles with healthcare to benefit the economy.

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