LabCorp 2006 Annual Report Download - page 13

Whether the test is highly sophisticated
or routine, quality and service are continually
measured at every level of the process – from
specimen handling and wait times at patient
service centers, to the assessment of result
accuracy and precision, to result turnaround
times and resolution of physician and patient
concerns. With standardized laboratory
equipment and testing methodologies, and
a single laboratory information and billing
system, we deliver the highest quality labora-
tory services, and the most useful data, in
the most efficient manner.
Innovation
The genomic age has profoundly transformed
laboratory testing, fueling the development
of a broad menu of more sensitive and useful
tests that provide physicians with increasingly
precise and predictive measurements of the
likelihood, existence and progress of disease.
At every step in this revolution, LabCorp has
been at the forefront of improvements that have
benefited physicians, patients and their families.
More than two decades ago, we built the
Center for Molecular Biology and Pathology
to be a driving force in molecular-based lab
services. In the 1990s we introduced molecu-
lar oncology and genetic testing, heptatitis C
genotyping, advanced HIV analyses and
automated polymerase chain reaction (PCR)
assays. During the current decade, we have
accelerated our preeminent positions through
acquisitions of cutting-edge labs such as
DIANON Systems, ViroMed, National Genetics
Institute, US LABS, and Esoterix and through
important partnerships such as those with
BioPredictive and ARCA Discovery, among
others. In 2006 LabCorp continued its long-
standing tradition of scientific leadership with
the introduction of more than 40 significant
test menu and automation enhancements.
We place an intense focus on leading
in areas where diagnostic assays provide
actionable information to meet unfulfilled
clinical needs. For example, last year we
introduced six new companion diagnostic
tests, providing clinicians with innovative
ways to avoid adverse drug reactions in their
patients. These tests are especially important
for those taking the blood thinner Wafarin,
patients being treated for colorectal cancer
and children with leukemia.
In 2006 these innovations allowed us to
continue our industry leadership in gene-based
and esoteric testing, generating some $1.2 billion
in revenue, with a growth rate of more than
10 percent. At year’s end, 35 percent of our
total revenues were derived from genomic,
esoteric and anatomic pathology tests.
Convenience
Providing best-in-class service that is convenient
to patients, providers and managed care partners
requires significant human resources, a
large geographic footprint and systems and
solutions that facilitate the exchange of test
results and patient information wherever
needed. Today, LabCorp employs some
6,200 highly trained phlemotomists in over
1,700 patient service centers, connected to a
nationwide logistics network of 2,600 couri-
ers who work to ensure on-time pickup, rapid
turnaround and timely result reporting.
Consistency and uniformity are also key
differentiators for LabCorp. We are the only
laboratory of national scope that employs an
identical platform of instruments throughout
all of its facilities, reporting results in standard-
ized reference ranges through a uniform lab
and billing system. This uniformity allows
physicians to track lab results over time, giving
enormous insight into the progression of
disease states and risk factors. Longitudinal
data of this kind is also immensely valuable
to managed care organizations as they
implement decision support tools and
evidence-based medicine initiatives.
Accuracy and accelerated result reporting
are also strengthened through connectivity
with physicians. Today, approximately 70
percent of orders are initiated and 90 percent
of results are delivered electronically. Our
eLabCorp Web-based test order and result
delivery system integrates readily with
practice management systems and provides
Laboratory Corporation of America® Holdings 2006 11
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