LabCorp is a very impressive organization and there is a lot of technology, engineering and hard work that goes into the work and business. The hours that are put into the testing by individuals is how the company stays sustainable along with building off what has been successful in the past. An example of their sustainability is that they have 1 computer system for 90% of the companies nationwide. The computer system was also created from scratch and they have been expanding on it ever since its foundation was created. LabCorp’s mission statement is to offer the highest quality laboratory testing and most compelling value to our customers and it is executed through their five pillar strategy. The five pillar strategy of LabCorp is to deploy cash to enhance their footprint, enhance IT capabilities, continue to improve efficiency, scientific innovation at appropriate pricing, and alternative delivery models. During the presentation, the LabCorp representative stressed the importance of following the five pillars strategy and how it leads the company to success.
LabCorp’s customer is all businesses and organizations that are hospital and health care related. The representative said that their two main biggest clients are managed care and the government. The government is one of their main clients because they administer drug testing for jobs, blood tests, DNA samples, etc. It is obvious as to why managed care is their other main customer because they send testing results of blood work, kidney stones, disease testing, cancer testing, diabetes, etc.
The customers of LabCorp value high quality, accurate testing and results. This is why there is so much hard work and timeless hours put into the organization and its sustainability. They are trying to exceed their customers expectations so they will keep sending samples to be tested and continue to generate a steady income. An example of LabCorp’s dedication to accuracy and great results is that they have technology that can measure if a substance is in a sample down to 13 negative decimal points. They try to make their results and tests as precise as possible. The customers also value the speed of the test results. Patients want to know if they have cancer or however many days, months, years, etc. they have to live as soon as possible. So, in order to meet this customer demand, they have to be working around the clock. In one of the labs, our tour guide said that it is most busy at 1 A.M. because all of the samples will be getting in from the previous day at the hospital around that time and they are expected to get the results back by the next day. There is a lot of demand from the customers and LabCorp is efficient enough to meet the expectations.
The results of LabCorp’s work are meeting customer expectations and needs in a timely manner. Efficiency and sustainability are a huge priority for LabCorp since they are the leading laboratory testing in the nation. They want to continue to beat out their competitors and stay at the top of their industry. It provides a great amount of profit and satisfaction for the hard work that they are putting in. The results that they are looking for are also as precise as technology can get them. Also, since they sometimes get samples from outside the United States, they may also be looking to have more of a international approach. They already have a very well known and prominent place in their industry in the United States, and if they were to expand and continue to be successful, sustainable, and efficient then their profit would be even greater along with their standing in their industry.
LabCorp’s plan is to continue to be the best laboratory testing company in the United States and to provide efficient results for their clients and customers. Also, to keep expanding on their technological advancements and continue to make technology that gives more precise and more efficient results. They also plan to continue sticking to their five pillar strategy since it works and has gotten them to where they are today.
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