Labcorp vs Quest Diagnostics: Compare For Best Place To Work

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The two most popular medical testing companies in the United States are LabCorp and Quest Diagnostics. These two healthcare giants are among the largest in the country, but they have different takes on providing service that sets them apart.

If you're wondering which of these two healthcare service providers should be your preferred choice to work with, this article will discuss several essential categories for employment purposes.

Table Of Contents:

OVERVIEW OF LABCORP AND QUEST DIAGNOSTICS

LABCORP

Introduction:

LABCORP is a multinational clinical laboratory company that specializes in anatomic and clinical pathology. The company operates approximately 4,500 regional laboratories and clinics in the United States, Canada, the United Kingdom, Japan, and other countries.

The company utilizes cutting-edge technologies to transform laboratory diagnostics from a slow, costly process into an efficient, streamlined one.

They are headquartered outside Charlotte, North Carolina, in Burlington County near Mount Holly Township, United States. The company serves more than 175,000 physicians and patients worldwide.

History:

LABCORP is at the forefront of diagnostic testing, and they have been for over 40 years. The company had smooth beginnings, starting as a small blood testing lab in North Carolina.

The company was founded in 1978. Expansion of LabCorp's operations continued with several acquisitions. Today LabCorp stands as one of the largest health care providers in the United States, providing tests for over 240 million people.

Directors:

LABCORP Directors are distinguished leaders who have demonstrated their commitment to quality products and services that help people live better lives through prevention rather than treatment.

They are passionate about their customer's global health and wellness and work closely with them to develop products that will benefit those who need them most.

Employees:

LABCORP has more than 72,000 employees. They are serving in more than 100 countries. Inside LabCorp, employees work together to develop and manufacture diagnostic tests to prevent, diagnose, and treat disease.

Services:

LABCORP offers extensive clinical experience and expertise to guide your care decisions through personal consultations on-demand or scheduled outreach programs.

The company's test menu includes clinical testing services, including anatomic pathology, blood banking, cancer diagnostics, clinical laboratory genetics, diagnostic imaging, and microbiology.

LabCorp also provides comprehensive clinical and anatomic pathology services in association with hospitals and physicians across the globe.

Mission:

LABCORP is a mission-driven company dedicated to improving people's health worldwide by developing innovative diagnostics and high-quality laboratory testing services.

The company strives to offer practical, efficient, reliable, and cost-effective solutions to make a meaningful difference in their lives. From medical diagnostics to advanced testing, they are committed to tackling some of the biggest global health and well-being challenges.

QUEST DIAGNOSTICS

Introduction:

Quest Diagnostics is an American corporation that provides diagnostic testing services. It operates over 1,200 distribution facilities in the United States and abroad.

Operating in various industries, including healthcare and diagnostics, Quest Diagnostics serves hospitals and medical centers and independent doctors and laboratories.

In addition to providing lab testing services, Quest Diagnostics offers a range of analytic services that help physicians diagnose medical conditions, understand which treatments are most appropriate for their patients, and manage patient care - both in a clinical setting and at home.

Yearly, the company conducts more than 713 million patient consultations with its comprehensive range of services.

History:

Quest Diagnostics is the most trusted name for medical tests in North America. It was founded in 1967 and has since become the leading provider of diagnostic services in North America.

Founded by Paul A. Brown, who wanted to help design an efficient lab process for pathology departments that could reduce costs associated with staffing and supplies.

Directors:

Quest Diagnostics Board of Directors has members that span a range of industries. Their independent directors are drawn from the worlds of business, law, science and technology, academia, policymaking.

The diversity of their experience is reflected in the breadth of Quest's collective expertise. These individuals have had hands-on roles in designing, developing, and manufacturing blood collection devices, consumables, and disposable supplies.

Employees:

Quest Diagnostics has a team of more than 48,000 employees, with over 40,000 in laboratories and nearly 10,000 in healthcare information services.

These are the people who work with patients every day to help positively impact the quality of life. And these are the people who work hard to ensure that you have access to high-quality health care services.

Services:

Quest Diagnostics offers low-cost testing services, and they can handle everything from a simple cholesterol test to advanced genetic testing. Plus, they offer a variety of convenient ways for you to order lab work online, so it's never been easier for people all over the world to take control of their health.

They provide testing for conditions from the common cold to cancer, STDs, HIV, heart health, thyroid problems, and diabetes. All certified labs are accredited by the College of American Pathologists and offer confidentially.

Mission:

Quest Diagnostics is committed to providing our customers with the highest level of service, and that extends to our staff. Their mission is to provide fully trained employees who offer personalized care for every patient.

*For more details related to Quest Diagnostics, "click here."

LABCORP VS QUEST DIAGNOSTICS: GENERAL OUTLOOK

LabCorp and Quest Diagnostics are the most extensive diagnostic testing companies in the United States. They work with medical facilities to offer to test for their patients.

Both of these companies operate under similar business models that rely on a network of health care providers to refer patients to their services. LabCorp and Quest Diagnostics also have extensive networks of doctors to service their growing customer bases.

Here are some of the differences between LabCorp and Quest Diagnostics:-

  1. Locations

LabCorp has more locations than Quest Diagnostics in the United States because it acquired a significant regional laboratory company in 1996.

It's now present in over 120 US states and 43 countries worldwide, including China – where it just opened its first LabCorp Center of Excellence. Its network of labs is known as LabCorp Advantage, which has over 10 million tests available.

Quest Diagnostics operates in close to 100 locations in the United States and is also present internationally – with its custom lab business called Quest Diagnostics Express offers seven countries (including the UK and Spain) and 37 European countries.

  1. Ownership

LabCorp is a publicly-traded company, whereas Quest Diagnostics is a private company. LabCorp and Quest Diagnostics have different subsidiaries, which specialize in various protocols.

The largest subsidiary of LabCorp is ABC Laboratories; it's present in almost every state in the country.

  1. Products and Services

LabCorp is the parent company of Quest Diagnostics and offers core laboratory services such as clinical chemistry, immunology, infectious disease, and molecular testing.

On the other hand, Quest Diagnostics offers many services much in the same way. They also provide human genetics testing and have a subsidiary company called Quest Diagnostics Military Services that serves the Military Health System (MHS).

They offer these services on a network basis and also provide information technology support. They are additionally accredited by the College of American Pathologists (CAP) and have been given full accreditation by The Joint Commission.

LabCorp provides a broad range of services that are tailored to meet the needs of doctors and clinicians – as well as patients. Quest Diagnostics is best known for its pathology services.

LabCorp and Quest Diagnostics are both laboratory services companies with similar offerings in the clinical laboratories market. The companies have many overlapping services, but there are also some critical differences in anatomic pathology and molecular diagnostics.

  1. Overall Ratings

LabCorp's satisfaction rating has dropped. High price and low-value customer experience have been the primary reasons for the drop in satisfaction ratings.

LabCorp spent $44 million on a national advertising campaign to increase awareness among consumers; however, this was not enough to improve ratings.

By comparison, Quest Diagnostics has consistently outperformed its competitor by at least 2%. Quest Diagnostic's satisfaction rating has risen from 4.3 to 4.6, beating out its competitor in both the customer experience scale and satisfaction score.

  1. Laboratory Revenue Pricing

Laboratory revenue pricing has been one of the more significant issues for both companies, which lead to their competitive battles over the past few years.

LabCorp has often charged more when its clients are happy with their services. In 2009, Quest Diagnostics even threatened lawsuits against LabCorp if it did not lower its pricing.

Quest Diagnostics began to aggressively price its services in the late 1990s, prompting LabCorp to start considering an aggressive pricing program as well.

The two companies weren't able to reach an agreement on the issue until 2012 when Quest said it would lower its prices for some tests.

  1. Customer Focus Ratings

LabCorp and Quest Diagnostics have been receiving end of customer satisfaction ratings from CEB Towers Watson. While both have been consistently above the industry average, Quest Diagnostics has been rated more highly than its competitor.

  1. Physician to Patient

LabCorp has a higher physician-to-patient ratio than Quest Diagnostics at the national level. However, Quest's percentage is higher locally.

Both LabCorp and Quest Diagnostics have specified high-quality standards at the physician level. However, Quest Diagnostics has established a higher bar for their lab technician staff, which is more forgiving than LabCorp.

  1. Specialty

LabCorp has an advantage over Quest in the diagnosing of rare diseases that may require specialized testing, as well as in complex and uncommon conditions. LabCorp also takes a more cautious approach to provide care for patients that require medical imaging.

Quest claims that this is due to the nature of their business; laboratory samples are typically processed by a computer, which may miss minor anomalies. Quest also has a lower overhead than LabCorp and can fully benefit from economies of the supply chain. The pricing policy of both companies is similar.

  1. Billing and Payment

Quest does have a slight advantage over LabCorp as they offer more financing options. They also do not charge for processing, which is a considerable cost saving for many patients.

LabCorp also offers credit and prepaid cards, but these cards are not as widely accepted as Quest's financing programs. Furthermore, LabCorp charges processing fees for testing.

Note: Ultimately, the decision is up to you. Both companies are excellent and offer a wide variety of services and will have no problem meeting your needs. It all depends on which one you feel more comfortable with, as some people might place a higher value on specific features.

LABCORP VS QUEST DIAGNOSTICS: WORKING ENVIRONMENT

The most important decision you must want to make when applying for a job is 'where to work.' While many people have their personal preferences, some things make certain big companies stand out among the rest.

As two of the most extensive clinical testing organizations in the country, LabCorp and Quest Diagnostics are constantly looking for quality talent to help them achieve their goals and address the challenges of increasingly sophisticated tests.

The two companies employ different hiring and retaining employee strategies, and each has its own unique culture. Also, they differ in various aspects like experience, pay, benefits, environment, and more.

Here we'll take a look at how LabCorp and Quest Diagnostics compare in terms of various factors:-

  1. Overall Culture 

LabCorp

Quest Diagnostics

LabCorp is committed to assisting its employees in achieving their highest potential by striving for an environment that values diverse perspectives and experiences.

Employees are asked to act with honesty, integrity, and respect. In return, they find a workplace that encourages professional development and recognizes individual achievement.

Overall Culture Score at LabCorp is 65 out of 100

Overall Culture Score at Quest Diagnostics is 67 out of 100

Quest Diagnostics has a better company culture than LabCorp, as per the reviews. There appears to be more passion at Quest Diagnostics as compared to LabCorp. However, Quest and LabCorp are very competitive in the industry and care about their employees.

Quest Diagnostics scores 2 points higher than LabCorp in terms of the overall culture.

  1. Employee Net Promoter Score

LabCorp

Quest Diagnostics

LabCorp's employees are mainly happy with their jobs, which may translate to satisfied customers as well. In addition, they have been the highest-rated employers in the US by Fortune Magazine. 

The Quest Diagnostics' employee net promoter score comes from whether or not they would recommend working for the company to others. They have a low level of recommendation, which indicates an average score.

LabCorp employees have a net promoter score of 11.

Quest Diagnostics employees have a net promoter score of 9.

Employee Net Promoter Score (ENPS) is a predictive and real-time customer satisfaction metric that predicts organizational growth by assessing the willingness of employees to refer their employer to others. 

Therefore, LabCorp is ahead of Quest Diagnostics in employee net promoter's score.

  1. Gender Score

LabCorp

Quest Diagnostics

The gender score at LabCorp is 65 out of 100.

The gender score at LabCorp is 62 out of 100.

LabCorp has higher average scores in the gender category by 3 points on the scale. The scores are used as a measure of how well the company is meeting its diversity goals.

  1. Diversity Score at LabCorp VS Quest Diagnostics

LabCorp

Quest Diagnostics

LabCorp is committed to an inclusive work environment and strives to create a diverse workplace that enriches the quality of work we produce.

As a Fortune 100 company, Quest Diagnostics values diversity in its workforce because it reflects the people they serve across the diverse customer base.

Their employees come from various backgrounds and experience working in many different roles, from physicians to front office staff. They believe that diversity at the workplace reinforces our commitment to promoting best practices for laboratory operations.

It also contributes to better decisions, greater creativity, and innovation, more perspectives and ideas, which are necessary for any organization striving to be the best at what they do.

Diversity Score at LabCorp is 62 out of 100

Diversity Score at Quest Diagnostics is 72 out of 100

Quest Diagnostics scored 10 points higher than LabCorp in terms of Diversity Score. 

  1. Perk and Benefits Score 

LabCorp

Quest Diagnostics

They offer a competitive benefits package to enhance the total well-being of their employees. The company also provides generous leave time and insurance coverage throughout your tenure with them.

Quest provides its employees with benefits such as competitive salaries and flexible work schedules. It's also essential that they understand the broader context of the company's culture.

Perks and Benefits Score at LabCorp is 70 out of 100

Diversity Score at Quest Diagnostics is 75 out of 100

LabCorp and Quest Diagnostics both provide the same comprehensive medical, dental, and vision coverage. Short and long-term disability coverage, supplemental life insurance, flexible spending accounts for dependent care and health needs.

Therefore, Quest Diagnostics is rated higher when compared with LabCorp.

  1. Professional Development Score 

LabCorp

Quest Diagnostics

Their core values are Respect, Integrity, Passion, Collaboration, Innovation, and Excellence.

They provide various resources and tools to support our employees' goals for their careers and personal development.

LabCorp is dedicated to providing the best employee development opportunities possible for our associates at all levels of experience and education by integrating each core value into our overall performance culture.

They have partnered with multiple institutions to assist employees in comparing their skills against the qualifications required for many occupations.

Professional Development Score at LabCorp is 47 out of 100

Professional Development Score at Quest Diagnostics is 31 out of 100

The professional development plan is a crucial component for overall employee development and success initiatives. These programs offered by both companies are regularly evaluated according to the latest changes in the healthcare industry.

Hence, LabCorp has a higher professional development score than Quest Diagnostics.

WHICH ONE IS THE BEST PLACE TO WORK?

LabCorp and Quest Diagnostics are reputable healthcare service providers, but as we all know, there is no "best" when it comes to working with the organization. Some people may prefer one over the other.

Both are great companies with good compensation packages that will allow you to advance in your career without sacrificing your passion for what you do. LabCorp is a relatively large company, while Quest Diagnostics is more of a middle-sized company that may be easier to get in.

They can find their laboratories in every major city in the US, but these two companies are slowly expanding into Canada and the UK. But some employees may find dealing with competition challenging, as both labs are expanding globally to countries.

The company affects how employees are treated at work, but it also affects how they pay them. LabCorp is a large company, and they pay their workers well.

As a general rule, they pay what you would expect to be paid for your position within that particular industry. At Quest Diagnostics, employees are also paid fairly. There are some differences in salaries, but you will be delivered the amount you would expect to pay.

Both companies have multiple healthcare-related tracks, so it's a plus for LabCorp to give employees the ability to advance up the ladder. Quest Diagnostics allows employees to have various positions within different departments and different departments within their company.

There are different payment plans (based on the number of hours), bonuses, and employee benefits. For every three years, an employee works at LabCorp, and they are given a bonus amount. For Quest Diagnostics, there is a sign-on bonus for multiple positions within the organization.

LabCorp has only one goal in mind when it comes to recruiting top talent: "To find the best possible employees and help them build a career at LabCorp." Most employees report that they enjoy working at LabCorp because the company shares similar values as them.

Quest Diagnostics has a different set of values that motivate its employees to do well at work. The company uses several selection techniques to select the best candidates, but employees say that the way Quest Diagnostics treats its employees makes their achievements so rewarding.

To conclude the above, there are many different pros and cons regarding working for LabCorp or Quest Diagnostics. It depends on individual preferences which company is the best place to work.

WHAT DOES THE HEALTHCARE INDUSTRY IN DIAGNOSTICS OFFER?

The healthcare field is constantly expanding and changing. With the rise of more sophisticated, specialized treatment, the need for quality diagnostics has also increased.

The health sector has been a leading industry worldwide. There are several jobs available in this type of industry. In addition to this, the clinical laboratory diagnostics company has seen unprecedented growth and is one of the most prominent players in the healthcare industry.

The two largest companies that dominate this market are LabCorp and Quest Diagnostics, with these being the only two players amongst the top five players in terms of market share.

But aside from job opportunities, there is also an endless number of career possibilities that you can become once you get into this field. Healthcare companies need employees who can quickly diagnose patients correctly and provide evidence-based treatment.

Diagnostic tests (lab tests) are probably one of the essential parts of medical treatment. The diagnostics in the healthcare industry have seen a rise in the number of companies entering the market, and the number is likely to increase further with time.

You may visit "Lookforzebras" for more information related to careers in the field of healthcare.

CONCLUSION

After reading the article, you should be familiar with what lab tests are for and how both of these large laboratories vary in different factors. There are benefits to both Quest and LabCorp. It depends on your personal preference and what the two offer you that you find most important when deciding where to work.

LabCorp and Quest are both perfect places to work. The deciding factor comes down to what the employer is looking for, most important to you as a physician. Make sure to take this information into account before making any long-term decisions that will impact the rest of your career.



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