Most people with hearing loss who are able to use hearing aids or who have had cochlear implants placed in their ears expect to hear well. But, thousands of patients have trouble hearing in the real-world, far from the clinical setting. The problem is caused by incorrect settings being made to the medical device by a physician. Audiologists and speech therapists are in great need of a hearing test to accurately and quickly predict the hearing ability of individuals with hearing aids or cochlear implants. This test is particularly important for children as it can decrease slowed learning. It is estimated that if children with hearing loss do not receive early intervention, special education for a child with hearing loss will cost an additional $420,000 in special education costs and result in a lifetime cost of approximately $1 million per child.[1] In adults, hearing loss can begin as early as age 50 and lack of early intervention can lead to loss of jobs, emotional distress and even cognitive disorders. In addition, since life expectancy can realistically reach to age 90 and beyond, an individual could potentially be affected by hearing loss for half of his/her lifetime.
Pure tone hearing tests, which require audiometers and sound proof booths to deliver the tone, are currently used to evaluate hearing loss. These tests do not assess the severity of hearing loss. However, they can predict how well a person will be able understand words and sentences in a natural environment. A current test cannot determine if a patient needs a second cochlear or hearing aid to improve their hearing. Patients and their families should know this information as hearing aids and cochlear implants can cost around $40,000 and $5,000 respectively and are often not covered by insurance.
Auris Solutions has a very early stage company that specializes in hearing care. They offer innovative, scalable software-based tests that assess the ability to hear in a real setting. Our tests offer a unique opportunity for clinicians to optimize their hearing device settings and recommend the purchase/replacement of additional hearing devices. It is possible to set the medical device correctly for each patient, which can save them from hearing problems and other mental issues. We believe that our tests will become a mandatory part of an audiology clinic’s portfolio of hearing tests, performed following the audiogram tone test.
Auris Solutions is ready for market with its first product, CRISP. This computerized system allows children to test their speech comprehension by computer. It is a reliable and rapid way to test their hearing ability.
Auris Solutions seeks $250,000 to implement their marketing strategy, as well as to offset start-up costs such as product development, capital equipment purchase, and support the business plan for future products.
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[1] http://trfn.clpgh.org/shhh/Factsheet.html#r1
1.1 Objectives
- We will develop a business plan that will enable us to achieve or exceed 75% gross margin.
- We will seek out a team of management that has the relevant knowledge and experience to help us promote and strengthen our core competencies.
- We will satisfy our clients by offering high quality products without defects and excellent customer service that exceeds their expectations.
- To grow the market for hearing care, we will spend a large portion of our sales revenue on research and development.
1.2 Mission
Auris Solutions, LLC, provides comprehensive and innovative solutions for diagnosing hearing loss. We take pride in our ability to deliver products that are more effective, reliable, faster, and cheaper than the competition. Our business will be managed to achieve planned growth and long term profitability.
Our strengths will be leveraged and we will continue to meet our customers’ needs. Auris Solutions, LLC will therefore maximize shareholder value, and be globally recognized as a solutions provider company for the hearing industry.
These values are what we stand behind:
- Corporate Responsibility Participation in Community Events
- Ethical Guidelines – The Company will do business based upon sound ethical principles.
- Compassion We are open to all with kindness, concern, and openness.
- Respect #8211 We are proud to honor the human spirit.
- Excellence – We expect the best of ourselves and one another.
- Stewardship Our resources are responsibly used.
- community We build relationships that motivate us to serve.
1.3 Keys to Success
Auris Solutions’ goal is to provide our customers the best products as well as related services. Our greatest assets are our employees. We will start our commitment to quality with them. These are the areas where our employees will have to take responsibility.
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Management Team:
- Employ the best people to work at the company
- Set evaluation policies and standards for all employees
- Assign responsibility to staff and delegate
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Sales & Marketing:
- Auris’ brand and products are well-known
- Establish and implement a sales strategy
- Manage barriers to entry
- A marketing plan is needed to successfully bring our products and advertisements to the target market.
- All products purchased after purchase are eligible for customer support
- Product Development and Product Quality:
- Launch new products right on time
- Establish quality processes
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Management & Customer Care:
- Properly manage your purchasing
- All purchases should be made based on the customers’ needs
- You can reduce the need for inventory in-house and overhead costs
- Marketing budgets are set and accounts receivables are managed
- Set a program to manage customer satisfaction:
- Produits shipped on time and delivered to their destination
- Effectively respond to customer complaints
