Voice Recognition Software Business Plan Leave a comment

Voice Control, Inc. was created to provide a solution to orthopedic surgeons. This solution allows for the entry of patient data in a medical records database.

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 will fill a major gap not available in the current competitive product offerings.

The value proposition for the physician is the ability of seeing more patients and decreasing their operating cost. This results in higher revenues and better operating margins.

The company will stand out among its competitors because it offers the first fully integrated solution for electronic medical records through telephony.

According to market research conducted by the American Academy of Orthopedics, 86% of respondents would rather have electronic medical records that can be accessed via telephony than traditional input.

Additional market research demonstrated that less than 10% of the industry currently utilizes 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 collect patient information on paper. It will include information such as patient demographics, lab reports, referral physician information, and patient examinations.

This information is part of an individual patient’s file. Electronic medical records are all information that is saved in a database. This allows for paperless offices.

The United States has approximately 15,000 orthopedists. This is a mature market that can afford electronic medical records. Our goal is for this market to grow at least 13% by the end of our fifth year.

In order to execute this plan, financing is required. The cash reserves for the fifth-year will be substantial. This will allow the owners to purchase back the shares required to finance the start up. Currently, the owners wish to buy back all shares remaining during this year.

1.1 Objectives

Our main objective is to exceed $22 million in sales revenue and $7 million in net profit in the fifth year.

PRIMARY OBJECTIVES:

1. By year five, you will have 13% penetration of the electronic medical records market in the orthopedic transcription market.

2. Prepare a business model which can be launched in additional vertical markets for medical services by year five.

3. By year five, penetrate 7% of the market for orthopedic dictation with speech recognition.

1.2 Mission

Voice Control, Inc. will use the latest technology to provide a fast, secure method for input, review, and sharing patient information.

Our customers are our lifeline. Every effort will be made to meet all customer expectations. The industry standard will be set by our quality product and service. We also have a high level of customer satisfaction.

Voice Control, Inc. provides an environment that encourages individual growth, creativity, fair compensation, family values, civic participation, and will offer employees the chance to be creative.

1.3 Keys To Success

The keys to our success are:

1. Acceptance of speech recognition software as an alternative process to current methods of dictation/transcription.
2. Establishing our market leadership position by providing a “custom” solution to individual, end-users’ dictation/transcription needs.
3. The development of a “voice-created” medical records package. It will contain printed patient records as well as information that can be used to create the final ‘paperless’ record.
4. Profitably managing this market’s explosive growth opportunities.