LabCorp

The Laboratory Corporation of America, LabCorp, has evolved into one of the largest medical testing laboratories in the United States.  One of the more interesting things that Mike Roberts shared with us is that LabCorp has almost all of the corporation running on one computer system so that no matter where somebody has a test run it should match up if the same test was run at a different facility.  LabCorp through the series of acquisitions that they perform each year, was able to acquire a robotics company which has allowed them to increase the automation of what they do thus cutting down on costs while still completing tests as fast if not faster than before.  Another piece of information that Mike Roberts talked to us about was LabCorp’s five pillar strategy.  This is to deploy cash to enhance their footprint, enhance IT capabilities, continue to improve efficiency, scientific innovation at affordable pricing, and alternative delivery models.  Mr. Roberts also talked about because of how large the company is and also because of the need to get lab samples to different labs and also back to the physicians who need them, LabCorp has become one of the largest logistical companies behind Fedex, USP, and USPS.  Going into the presentation I knew what LabCorp does as a business, but I wasn’t sure what its business model was.  Though coming out of the presentation I understood that LabCorp’s goal is to be a less expensive alternative for medical tests that are otherwise performed at hospitals for a higher price.  It was also interesting how Mr. Roberts talked about how they battled their way into the bidding war with their main competitor Quest over the DoD contract, which they ultimately were able to win.  One of the main goals of LabCorp is to always be increasing their effective and efficiency with their testing results, but also with every aspect of their company.  It was obvious by everything Mr. Roberts was talking to us about that they want to do this by expanding their technology.

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