Hematocrit (Packed Cell Volume - PCV or Hematocrit - HCT) measures the percentage of red blood cell volume (erythrocytes) in the total blood volume. In other words, it's a measure of how "thick" or "thin" the blood is based on the concentration of red blood cells. It's measured either manually by centrifuging a blood sample in a capillary tube or automatically as part of a complete blood count (CBC). Hematocrit levels are closely related to hemoglobin levels and red blood cell count.