Information is a key component, which is virtual source in all aspects of business. Information helps create a well balance between analytics, business information, customers, vendors, and sales. Without proper use of information, businesses may struggle to understand components of their business, such as monitoring information, validated decision making, performance measuring, and the ability to identify new business opportunities. In this text, there will dialogue on how a Laboratory Corporation of America, also known as LabCorp, uses each one of these functions, to ensure better business practices, and proper regulatory control of the business components, that make this business strive.
First, this text will discuss some background on Labcorp to form a better understanding of the business, and the practices used. Labcorp is one of the largest clinical Laboratories in the world, which includes many wholly owned subsidiaries. The Laboratory Corporation of America (2013) website LabCorp has over 220,000 clients and process over 400,000 samples per day. LabCorp uses an innovative clinical laboratory processing, referral, and specimen testing information systems to create fluent, and easy to use specimen processing and testing. This process has developed through time, and LabCorp has grown into a robust multi- laboratory testing facilities through the buyout, and absorption of numerous specialty laboratories. As the buyout of subsidiaries has been a large part of the growth of this business, information technology had to grow along side, as the connection between all sites became critical for survival, to keep the stance of a premier multifunctional Laboratory tycoon (Laboratory Corporation of America, 2013).
Information is a key component to the survival of LabCorp, as business, regulatory restriction, sample tracking, testing results, and patient information is some of the key components to insure proper functionality of LabCorp’s business functions. One of the main focuses of LabCorps business model is to accurately test specimens, but this is not enough to keep such a large business functioning as a leader in the laboratory industry. Labcorp has focused on accurate testing coupled with specimen management, and exceptionally fast result turnout, and complete information organization. LabCorps clients demand easy to read, concise, and clear results sent to their facilities with generally less than 24 hours testing, and result turn around period. How is this done? This will be describe in the next section describing LabCorps innovates IS systems called Beacon, and Touch specimen processing, through LabCorp (SIS) Specimen Information System (Laboratory Corporation of America (2013).
Beacon is an innovative specimen tracking, and...