Quest Diagnostics 2000 Annual Report Download - page 17

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We strive to be the best at what
we do — both as a company, and as
individuals. We embrace the qualities
of personal leadership — courage,
competence, confidence and a passion
for surpassing expectations. We will
provide growth opportunities for our
employees, quality services and
products to our customers and superior
returns to our shareholders.
Leadership is about taking a stand, forging a
new path and persuading others to follow.
Quest Diagnostics leads our industry in many
important ways.
We are especially proud of our leadership in
demonstrating the value of diagnostic testing
in the overall health care equation. While
diagnostic testing accounts for only 4% of
health care spending, it influences more than
70% of decisions.
By the mid–1990s intense price competition
threatened the financial viability of the entire
laboratory industry. It became clear that we had
to return to a strategy of providing value. Volume
is not king when it comes at any price. We set out
on a course to instill value-based pricing disci-
pline into every customer relationship, often
trading exclusive contracts for non-exclusive
arrangements in which we compete for the busi-
ness on the basis of service and quality. Our
leadership positions in esoteric testing, including
gene-based testing, and anatomic pathology
testing, make it convenient for physicians to use
us for all their testing needs. This strategy has
resulted in a win — not just for us, but also for
customers like Oxford, who want to give their
members and network physicians the choice of
which lab to use.
We intend to lead our industry in a new market —
consumer health. Consumers are taking increased
responsibility for managing their own health. They
are demanding much more personalized informa-
tion than has been previously available to them.
Our new QuestDirect service, currently available
in select markets, lets people order vital health
tests directly —when they want them —and
receive an easy-to-understand explanation of
their confidential test results. As consumers
assert their role in the health care equation, we
have an opportunity to partner with our physician
customers. We will help their patients order rou-
tine tests, get results that can identify problems
earlier, and get them into care faster.
Value: Leadership
15
Diagnostic testing
influences
more than 70%
of health care
decisions.