MRT #3 Research
Disclaimer: Everything in this assignment is PUBLIC knowledge.
Frances Cramer Tatum
Arizona State University
TWC 347: Written Comm for Managers
MRT #3 – Research LabCorp
LabCorp’s Officers
Adam Schechter – Chairman, President, and Chief Executive Officer
Amy Summy – Executive Vice President and Chief Marketing Officer
Anita Graham – Executive Vice President and Chief Human Resources Officer
Brian Caveney, MD, JD, MPH – EVP and President, Early Development Research Laboratories and Chief Medical and Scientific Officer
Glenn Eisenberg – Executive Vice President and Chief Financial Officer
Jon DiVincenzo – EVP and President, Central Laboratories and International
Lance Berberian – Executive Vice President and Chief Information and Technology Officer
Mark Schroeder – EVP and President, Diagnostics Laboratories and Chief Operations Officer
Megan Bailey – EVP and Chief Strategy and Transformation Officer
Sandra (Sandy) van der Vaart, JD – Executive Vice President, Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary
(Executive Team ½ LabCorp, n.d.)
LabCorp’s Services:
LabCorp Specialty Testing:
· Gene-based and esoteric testing
· Anatomic pathology/oncology
· Cardiovascular disease
· Coagulation
· Diagnostic genetics
· Endocrinology
· Infectious disease
· Women’s health
· Pharmacogenetics
· Parentage and donor testing
· Occupational testing services
· Medical drug monitoring services
· Chronic disease programs and kidney stone prevention
Lab Testing Services:
· Doctor-requested testing
· Self-requested testing
· R&D laboratory testing
· Clinical trial lab testing
Current Issues in LabCorp’s Industry:
o It was discovered that labs Singulex and Health Diagnostic Laboratories (HDL) were paying physicians so they would refer their patients to the sad labs to perform laboratory testing (Lawlor. 2023.). However, Singulex and HDL have both declared bankruptcy (Lawlor. 2023.). These payments were written as “draw fees” and “process and handling” fees (Lawlor. 2023.). However, even though LabCorp was named in the complaint, they provided proof of HDL and Singulex’s fraudulent scheme by providing documentation of physician customers’ receipts (USA, et. al. pg. 5. 2018.). LabCorp did end up having to pay $19 million to the United States in order to settle the allegations regarding the False Claims Act (U.S. Attorney’s Office. 2023.).
Outlook:
o Despite this, LabCorp has been thriving in the patient care sector as well as caring for its own employees. For instance, LabCorp partnered with Ovia Health and its employees can use Ovia’s services and it covered under benefits (LabCorp. 2023). The partnership also allows LabCorp’s employees to take advantage of Ovia’s fertility benefits (LabCorp. 2023). I have enjoyed Ovia through LabCorp’s benefits as it helps me track ovulation, symptoms, etc. as me and my Husband are trying to conceive. Not only this but the Ovia Wallet allows employers, such as LabCorp, to contribute funding towards eligible fertility services (LabCorp. 2023.).
o However, when it comes to patient care LabCorp was the first commercial laboratory to produce an FDA and EUA approved COVID-19 PCR test (LabCorp. N.d.). This also evolved into at-home COVD-19 testing kits which helps patients who wish to take a COVD-19 test at home and you can even purchase these tests with an FHA card (LabCorp. N.d.). LabCorp has also expanded its drug development opportunities by providing these services in the UK, China, Belgium, and Singapore (LabCorp. N.d.). LabCorp wanted to be able to reach more patients in need by partnering with Ascension in 10 states (LabCorp. N.d.).
Resources
· LabCorp. N.d. Corporate Facts. Retrieved from https://www.labcorp.com/corporate-facts
· LabCorp. N.d. Our Story. Retrieved https://www.labcorp.com/about/our-story
· Mason Lawlor. 2023, February 08. LabCorp to pay $19M to Whistleblowers to Settle ‘Blood Draw’ Kickback Lawsuit. Retrieved from https://www.benefitspro.com/2023/02/08/labcorp-reaches-19m-settlement-in-10-year-qui-tam-lawsuit-alleging-blood-for-money-health-care-fraud-412-143124/?slreturn=20240025192605
· United States of America and The States of California and Illinois, Ex Rel. Scarlett Lutz and Kayla Webster v. Laboratory Corporation of America Holdings. Case No. 9:14-cv-3699-RMG. D.S.C. 2018, June 26. (United States District Court. 2018). Retrieved from https://www.falseclaimsact.com/wp-content/uploads/2023/01/2018.06.26_Fourth-Amended-Qui-Tam-Complaint.pdf
· U.S. Attorney’s Office, District of South Carolina. 2023, February 07. LabCorp to Pay the United States $19 Million to Settle Allegations Under the False Claims Act. Retrieved from https://www.justice.gov/usao-sc/pr/labcorp-pay-united-states-19-million-settle-allegations-under-false-claims-act
· LabCorp. 2023, November 08. Ovia Health Unveils New Fertility and Family Building Benefit. Retrieved from https://www.labcorp.com/ovia-health-unveils-new-fertility-and-family-building-benefit
