26 Apr 08 About LabCorp
LabCorp operates a nationwide network of testing locations and patient service centers. In addition they also work with hospitals and physician’s offices that give LabCorp the blood samples for testing. Laboratory Corporation of America is the official name of the company but it is more commonly known as LabCorp. It is a public company that is listed in the New York Stock Exchange, is part of the Standard and Poors 500 (S & P 500) and is a reference laboratory company that has grown rapidly through acquisitions and by being the lowest bidder to government contracts, HMOs and insurance companies.
Here’s how LabCorp was created in cronological order.
National Health Laboratories Incorporated began operations in 1978. It was a national blood and pathology laboratory owned by the Revlon Health Care Group. In 1988 National Health Laboratories became a publicly-traded company on the NASDAQ exchange. Revlon retained 24% ownership of the company. In 1990 the company’s revenues reached US$500 million and it had profits of over $70 million. The company began paying a cash dividend to its shareholders. In 1991 National Health Laboratories moved from the NASDAQ OTC exchange to the New York Stock Exchange.
In 1991 the company became embroiled in Operation “Labscam,” a nationwide crackdown on fraud in the health-care system, initiated by the U.S. Attorney’s Office in San Diego, California. The charges were that the company and others routinely submitted false claims to the government health-care agencies Medicare and Medicaid for unnecessary tests which physicians had never ordered. By 1992 it became the first of the companies to be prosecuted in the government operation.
The company settled with the government and paid $80 million in a settlement agreement with state and federal governments related to the LABSCAM investigation. The total payments made by National Health Laboratories in the settlement under the indictment came to $111 million that year, and ultimately $173 million.
On March 8, 1994 National Health Laboratories Inc. reorganized as a holding company called National Health Laboratories Holdings Inc. On May 4, 1994 the company announced that it would acquire Allied Clinical Laboratories, Inc. By the end of 1994 the company had run into financial difficulty as it struggled through the economic weakness. On April 28, 1995 National Health Laboratories Holdings Inc. merged with Roche Biomedical Laboratories, Inc. and changed its name to Laboratory Corporation of America Holdings. It began trading under its new New York Stock Exchange ticker symbol LH.
By 2000 LabCorp had generated revenues of $1.9 billion and had over 18,000 employees. By 2005 LabCorp’s revenues was over $3.3 Billion and in 2006 the revenues increased to $3.6 Billion. In 2007 revenues reached $4.1Billion.
Today it is one of the largest blood testing companies in the United States. They continue to grow by being the lowest bidder. Recently the company announced that they expect revenues to be impacted by the weak economy. In addition, the company has had employee and quality problems that have affected their goodwill with patients, doctors, medical centers and hospitals.
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The patient perverse center in Bloomington,IL is the best patient service center on the earth.18003220467
Hey Lab corp Florida claims they are the only ones in the nation that make a profit. They carry the entire nation…is this true?
Florida is one of the worst run states in reference to quality so the the answer might be true….for now. It eventually catches up to you and it looks like it is catching up to LabCorp.
Now in reference to carrying the entire nation for the company, that’s BS spread by the South Florida region so that they do not get fired.
Yes, Lab corp is one of the worst (if not the worst) labs in USA. But we are trying to change things. Trying to produce better quality results in a friendly supportive enviorment. (keep VP Rudy from yelling) We have had several management changes in Florida. Progress is slower than it shuld be. But these people having been doing things this way since the 70,s.
And upper management here is still the same.
As employees..we can insist on doing things better. We can keep our own work station clean & maintained. We can also be efficent and accurate at the same time. Do things right the first time. When things go wrong identify the problem & change the process so it doesn’t happen again. To many employees are stuck doing things “the way we’ve always have done them”.
Let not keep doing things the same old way…it isn’t a good way. Lets start making positive changes in our own work area more accurate test results, less errors and less lost specimens, we can do things right without effecting turn around time. Correct the things that slow the production path up. Find a better system that creates less error/problems in less time. If just a few employees try to start making a difference it will catch on, it will spread to the entire dept. Work can be a nice fun place to grow & learn when the enviorment is right.
START MAKING A POSITIVE DIFFERENCE
I have been a Lab Corp employee for about 4 years now. It is a great company to work for!!! The patients at our PSC are great. We have had the same crew for at least 4 years now and some for 20 plus. The thing is, is that you are not always going to make everyone all of the time happy. Some people are just in a bad mood. It happens to all of us. We should all just be greatfull that we have jobs in this day and age. However I understand that there is no reason to treat patients in a way that is not healthy for us or them. It is our job and personal responsibality to make every patient that walks through that door happy. No matter what is going on in our personal lives!!! Our patients make make the Lab Corp world go round! We should all remember that, if there were no patients Lab Corp would just wither and die. So lets rember that we are not here for personal gain, or just for the money, we are here to help aide in the diagnosis and treatment of patients to make them better and healthier. We would want the same in return.
My comment is to the customers that feel that Labcorp is not catering to their needs. I think that it is a disgrace for people to complain and acutally start up a site about a company sucking. If you are dissatisfied it is quite simple just to use another lab. I am an employee of Labcorp and I see first hand everyday how some people are just naturally unhappy human beings that have nothing better to do than complain about the company. I am not speaking about the wonderful loyal customers that come to Labcorp and are pleased with the service that the hardworking technicians perform daily. It is so easy to criticize when you do not have the skill yourself to draw blood. Being human is not an exact science, and to whoever started this site, if you can draw your own blood,do it yourself and stop whining. Another thing parents need to be able to control their own children when bringing them into the service center. If you can not control your own child how do you expect a total stranger to. Most phlebotomist are very passionate about their jobs, and for someone to atempt to take away that integrity is a shame. Another thing is when a patient comes in to use the service, how can you complain when you do not have an appointment in the first place. when you go to your doctor, you have an appointment and still have to wait a long time to be seen. This is not McDonalds or Burger King, we are providing a health service to the community. That is the problem with the world today, they want every thing fast, fast, fast. Well if you are really concerned about your health, you will not rush the technicians, and let them take their time to provide you with the excellent service you request and deserve. I wonder what kind of work the person who started this site does, because I am sure they must be absolutely perfect at everything that they do. Well you know the old saying, misery loves company! Obviously this person is very miserable and has nothing better to do with their life. Spend more time on trying to help people, rather than hurt them. what I do suggest is that if you want to complain about something, complain about the short staffing and your longer wait times at the service centers. No man is an island. I shake my head at this pathetic site.