Voice Control, Inc. was created to provide a solution to orthopedic surgeons. The solution involves the input and management of patient data to a medical records system.
The solution uses an accurate and popular speech recognition component known ‘#8220’ telephony. This solution will allow the orthopedic surgeons to input patient details as they conduct the actual exam. This solution fills a huge gap in current product offerings.
The value proposition for the physician is the ability of seeing more patients and decreasing their operating cost. This provides higher revenue and greater operating margins.
It will be distinguished from its competitors by offering the first-ever turnkey solution to electronic medical records that utilize telephony.
American Academy of Orthopedics’ market research revealed that 86% of people would opt for electronic medical records that could be accessed by telephony, compared to traditional input.
Another market study revealed that less than 10% use electronic medical records. Further, 89% of the market plans to purchase electronic medical records within the next five years. This is 42%, 36%, and 11% respectively, within 18 months and three years.
Currently, most physicians gather patient information on paper. It will include information such as patient demographics, lab reports, referral physician information, and patient examinations.
All of this information forms an individual patient file. All information about patients is stored electronically, creating an electronic medical record.
This market is mature, with approximately 15,000 licensed Orthopedists in the United States. It has the ability and need to pay for electronic medical record services. Our goal is for this market to grow at least 13% by the end of our fifth year.
To execute this plan, you will need to raise initial capital. The fifth year’s cash reserves will be significant. This will enable the owners of the company to purchase back any shares they need to finance their start-up. Currently, the owners want to purchase back all shares that are still outstanding during the year.
1.1 Objectives
Our principal objective is to increase sales revenue by $22,000,000 and net profit by $7,000,000 in the fifth fiscal year.
PRIMARY BOBJECTIVES ARE
- Penetrate 13% of the electronic medical records business in the orthopedic dictation market by year five.
- Prepare a business plan that can be launched successfully in other vertical medical markets within five years.
- Penetrate 7% of the orthopedic dictation market with speech recognition by year five.
1.2 Mission
Voice Control, Inc. is utilizing the most advanced technology to provide a quick and secure way to input, review, share, and reveal patient information.
Our customers are our lifeline. Every effort will go into meeting all customer expectations. Our commitment to quality products, customer service, and sensitivity to customer concerns will set the industry benchmark.
Voice Control, Inc. will create an environment for employees which will allow them to grow individually, be creative, receive fair compensation, have family values, and participate in civic life.
1.3 Keys to Success
These are the keys to our success:
- Acceptance of speech recognition software as an alternative process to current methods of dictation/transcription.
- Establishing our market leadership position by providing a “custom” solution to individual, end-users’ dictation/transcription needs.
- A package for “/voice-created ” medical records. It will print patient records and capture the information needed to make the eventual “/paperless record.
- This emerging market offers tremendous growth potential. Profitable management