Voice Control, Inc. was created to provide a solution to orthopedic surgeons. The solution focuses on the infusion of patient data into a database for medical records.
The solution utilizes a rapidly growing and accurate speech recognition system known as “telephony”. It allows orthopedic surgeons to input patient information as they perform the actual exam. This solution will address a critical gap in the market.
Physicians have the opportunity to see more patients and reduce their operating costs. This is their value proposition. This will result in greater revenue and higher operating margins.
Because it offers the first complete solution to electronic medical records using telephony, the company will stand out from its competitors.
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.
Market research further revealed that only 10% of the industry uses electronic medical records. A further 89% of the market intends to purchase electronic medical records in the next five year. This includes 42% in 18 months, 36% in three years, and 11% in five years.
Currently, most physicians collect patient information on paper. It will include information such as patient demographics, lab reports, referral physician information, and patient examinations.
All this information forms a patient file. All information about patients is stored electronically, creating an electronic medical record.
The United States has approximately 15,000 orthopedists. This is a mature market that can afford electronic medical records. We aim to reach a minimum 13% market share in the fifth year.
The execution of this plan will require initial financing. The cash reserves in the fifth year will be substantial. This will provide the opportunity for the owners to begin buying back the shares of the company required to fund the start-up. The owners currently desire to buy back all outstanding shares during this year.
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 OBLIGIVES ARE:
- Permit 13% of orthopedic dictation’s electronic medical record business by year five.
- Prepare a business strategy that can be used to launch additional vertical medical markets before year five.
- Intensify 7% market share for ortho dictation and speech recognition in five years.
Voice Control, Inc. will use the latest technology to provide a fast, secure method for input, review, and sharing patient information.
Our customers are the backbone of our mission. Every effort will go into meeting all customer expectations. We will be the industry leader in quality, service, and customer care.
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
The keys to our success are:
- 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.
- Developing a “voice-created” medical records package that will provide printed patient records while capturing the information for the eventual “paperless” record.
- Profitably managing the explosive growth opportunities in this emerging market.