When was labcorp founded

LabCorp also performs other types of molecular diagnostics. They take common life-threatening diseases and perform genotyping and phenotyping to learn more about what makes these diseases thrive and how to arrest their growth. Two important forms of this testing that they do is oncology, which deals with cancer and human immunodeficiency virus, or HIV testing. Research in these areas and the development of knowledge about them that can lead to a cure may be vital for our survival as a species.

When this massive clinical laboratory network giant first formed it was under a different name. It was called National Health Laboratories Incorporated. They began as a national laboratory for testing of blood and pathology samples and they were originally owned by the Revlon Health Care Group, which served as the parent company. It was at this time that the company started paying out cash dividends to its shareholders.

The name of the company that has emerged into a giant in the industry was Roche BioMedical. This is an interesting fact about the history of LabCorp in the process of its evolution. We see a pattern of mergers of major laboratory companies and in many instances, the company that does the acquisition absorbs the company into its main structure but sometimes when the acquired company performs functions that are established under its own brand name, they are allowed to maintain the same name as a subsidiary company.

The entire process gets complicated. LabCorp also operates a genetics testing facility and laboratory. The name of the company is National Genetics Institute, Inc. The facility is located in Los Angeles, California.

They also own a ViroMed facility which performs PCR microbial testing in real-time with lab-developed assays. This facility was originally located in Minnetonka, Minnesota, but in , it was relocated to Burlington, North Carolina. It really comes as no surprise that LabCorp uses a total of eight aircraft to make runs from one facility alone. These aircraft make nightly flights without fail.

Tests and other products are flown from the facility in Burlington, North Carolina to the East Coast for use at labs and other facilities in these locations. Changes were filed against LabCorp along with many other labs accusing them of submitting false claims for payment from government health care agencies including Medicaid and Medicare for tests which were never ordered by physicians. The company that was now LabCorp was prosecuted under its previous name National Health Laboratories and it was one of the first companies to be prosecuted for the crimes of fraud.

This was most certainly a scandalous event and it came at the time when insurance rates were rising because of the high number of fraudulent claims that were being made not only on government insurance accounts but also through the entire sector of private insurance carriers.

It is estimated that the total amount of funds which were obtained from insurance companies for unnecessary, unauthorized and fraudulent test claims amounted to billions of dollars. The costs were passed along to consumers were then charged higher premiums, higher deductibles and higher co-payments, often with a reduction in their benefits plans.

The year that National Health Laboratories was required to make their first payment on the Labscam settlement was in The company had gone through a major reorganization in and officially changed their name to National Health Laboratories Holdings, Inc. They started out as National Health Laboratories Incorporated in The acquired Allied Clinical Laboratories, Inc in The stock trade stayed below its peak from the previous year by a little over half.

When the company officially became known as LabCorp in , it took a big hit and actually lost funds in the amount of a few million dollars. It had reached a frightening level of difficulty. In the summer of , LabCorp made the acquisition of Universal Standard Healthare with an equity position and it became their clinical laboratory testing provider for the long-term. The agreement was terminated just one year later. They still retained control of the company but no longer performed their long-term testing assignments.

Over the next few years, they would continue to make one large acquisition after another adding to their clinical diagnostic testing disciplines in virology, molecular biology, microbiology, mycology, serology, mycobacteriology and testing for tissue and eye banks. In late , LabCorp also became a genomics and proteomics predictive cancer test product marketer exclusively with products made by Myraid Genetics, Inc. From May of through , the company continued to add to its long list of subsidiary companies by making yet more acquisitions and moving into the medical laboratory territory of companies established in three Canadian provinces.

This was a massive expansion of the LabCorp company. They were growing and on the move. DNA testing is a very lucrative business with all of the advances in research that pose yet more questions, testing hit a boom. LabCorp laboratories have been at the forefront of new molecular tests to diagnose, treat and manage disease, particularly in the areas of infectious disease, oncology and genetics.

The company was founded in and is headquartered in Burlington, NC. James B. In , National Health Laboratories and Roche Biomedical Laboratories merged to become one of the largest clinical lab providers in the world. Initially led by Dr. Over the last 10 years, LabCorp has continued to expand our esoteric and specialty laboratory testing capabilities by acquiring scientific leaders in the genomics, anatomic pathology, and personalized medicine arenas.

In , ViroMed, one of the leading laboratories in molecular microbial testing using real-time PCR platforms, became a part of LabCorp.

In , LabCorp acquired Esoterix, Inc. In conjunction with our investments in expanding our esoteric testing capabilities, LabCorp continues to invest in building the most robust anatomic pathology capabilities in the world. DIANON is distinguished for its capabilities in specific organ systems and clinical disciplines of uropathology, dermatopathology, and gastrointestinal pathology. In , LabCorp acquired Litholink, a premier provider for assisting physicians and their patients with outcomes management.

The impact of these outcomes management programs in preventing disease recurrence or disease progression is impressive. More recently, LabCorp has expanded its clinical trials, personalized medicine, and companion diagnostic capabilities by purchasing Tandem Laboratories in and Monogram Biosciences in Tandem Laboratories is a leading bioanalytical and immunoanalytical contract research organization CRO supporting pharmaceutical and biotechnology companies with their discovery, preclinical, and clinical drug development programs.

Monogram Biosciences is a recognized leader in the discovery and commercialization of products to guide and improve the treatment of HIV, cancer, and other serious diseases. Effective December 1, , LabCorp successfully completed its acquisition of Genzyme Genetics, a business unit of Genzyme Corporation. Genzyme Genetics is a leading provider of complex reproductive and oncology testing services. Under the terms of the Genzyme Genetics acquisition agreement, LabCorp obtained a license to use the Genzyme Genetics name for approximately one year, knowing that a new name would be introduced in LabCorp spent connecting Genzyme Genetics and LabCorp services in ways that enabled better client service and patient care and outcomes, while assessing potential name changes.

We also spent significant time and resources determining the best way to harmonize the oncology capabilities in US LABS and Genzyme Genetics into a single offering. In April , LabCorp announced the new global forensic brand name CellMark Forensics , in recognition of our combined years of serving law enforcement and legal communities throughout the United States and the world.

Today, LabCorp operates a sophisticated laboratory network and logistics infrastructure, with more than 34, employees worldwide.