PRECISION LABS Business Case - HLTH 5004 Founded in 2001, Precision labs is a company that specializes in offering laboratory diagnostic services to patients across Ontario, British Columbia and Manitoba. Annually, it conducts 500,000 investigations including blood tests, urine tests, microbiological examinations, and histopathological examinations of samples its satellite labs receive from various hospitals across the provinces. Number of laboratories - Province-wise distribution Ontario 40 BC 20 Manitoba 12 Revenue of Precision labs from 2001 to 2020 REVENUE ( x 1000 CAD) 2001 2005 2010 2015 2020 Ontario 500 5000 20,000 50,000 51,000 BC 150 2000 10,000 30,000 32,000 Manitoba 0 1000 8,000 15,000 12,000 It is June 2021, the CEO, Gary King and the CFO, Kelly Fries are concerned about the company's performance and slowed growth between 2015 and 2020. They dialled the phone numbers of the Director of Marketing, Judie Smith and the Director of Operations Chris Kelvin and invited them to discuss the issue. In a 10 hour long meeting, the four of them identified various issues that have lead to poor performance of the company in the last 5 years. These include: 1. Increasing competition with a new diagnostic company, TrueCare, emerging across the 3 states. TrueCare offers all the services to the patients offered by Precision Labs plus a wide range of offerings including imaging diagnostics, including X-Ray, Ultrasound, CT-Scan and MRI. TrueLabs is co-owned by a Cardio-thoracic surgeon, and an endocrinologist who have in-depth knowledge of medicine, great network of fellow physicians and surgeons, and a great understanding of patients' needs. 2. Patient Satisfaction survey results showed negative reviews on customer service. 3. Reception and frontline staff was rude. 4. Test Results were not always on time as promised. 5. Patients had to wait in long queues when they came to give their samples and longer queues when they came to fetch their results. Although most results were communicated directly to the physician's office. 6. Phone lines of customer care were plagued with long wait -times. 1/2 Director of operations has been given the task of finding the best approach to improve the growth curve of the company and come up with a solution in 24 hours. Chris must present a project for approval by tomorrow that outlines the steps Precision Labs should take to increase the revenue to CAD 100 M by 2025. He must seek approval and funding for the project from the CEO and CFO by presenting a complete business case to them.

write a business case?