Thomas MacMahon Addresses Business Students
Thomas MacMahon talks with students after his lecture
A leader in the medical testing business, LabCorp tests 360,000 people a day.
Impressing upon students the important role of business leaders in the medical testing and health care industry, MacMahon described the logistical systems in place at LabCorp. "Next to FedEx, Airborne, and UPS, LabCorp has one of the largest distribution systems in the country," he said. "Each day at 4:00 p.m. we send out 3,000-4,000 people to pick up specimens from doctor's offices throughout the U.S. We then take these samples and ship them to one of our 40 facilities around the country. By midnight every night, we're processing all of those samples. By 9:00 a.m. the next morning we have all those results back to the doctors." MacMahon added, "None of that is science. All of that is from the business world."
To further illustrate the role of business professionals at LabCorp, MacMahon took students through the early days of the company. "Individuals with business backgrounds helped me formulate a strategic plan," he said. MacMahon added that the plan enabled LabCorp to purchase labs and expand across the country.
MacMahon concluded his discussion by stating, "It's a great career to be at a company like LabCorp if you're from the business world. Everything we do, except that scientific test in the lab, is done by business people. We educate physicians, we deal with managed care plans, we report results, we have sales and marketing materials, and logistical systems." "All of that," he said, "comes from a business background, not a medical background."
MacMahon added, "The opportunities for business people in this industry are enormous."