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Hearing Testing Systems Business Plan
Auris Solutions, LLC
Executive Summary
The majority of hearing-impaired individuals who use hearing-aids or undergo surgery to receive cochlear implants expect to hear well. However, the reality is that tens of thousand of patients continue to experience severe difficulty hearing in the real world, away from the clinical setting. This is primarily due to the incorrect adjustment of the settings on the medical device by a clinician. Consequently, audiologists and speech therapists greatly need a hearing test that can quickly and accurately predict how well individuals, with either a cochlear implant or a hearing aid, can hear in a noisy "real world" environment following installation of the medical device. Such a test is especially important for children, as early intervention can reduce 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 evaluate fundamental hearing loss, but cannot predict how well an individual will understand words and sentences in a realistic environment. Current tests also cannot asses whether or not a second cochlear implant or second hearing aid would significantly improve the hearing of a patient. This is important to patients and their families as cochlear implants and hearing aids cost approximately $40,000 and $5,000, respectively, and often are not covered by insurance companies.
Auris Solutions is an early stage hearing care company, which solves these market needs by delivering novel and scalable software-based hearing tests that rapidly and reliably assess hearing in a realistic environment. Unlike other tests, our tests enable the clinician to both optimize the hearing device settings, and make recommendations regarding the purchase of additional hearing devices for their patients. Setting the medical device optimally for each patient can make an enormous difference, in saving them from the emotional and mental problems associated with hearing ineffectively. 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 to market its first product: CRISP (Children's Realistic Intelligibility and Speech Perception). This rapid and reliable system for clinically testing speech intelligibility of children computerizes the method used to analyze hearing test results, so as to enable a clinical user to more accurately control the presentation of sounds, the storage and analysis of results, and the process by which the child may interactively make choices and receive reinforcement during the test.
Auris Solutions is currently seeking $250,000 to implement our marketing strategy as well as to offset our start-up costs, which include product development, capital equipment purchases and to support the business development plan for current and future products.
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[1] http://trfn.clpgh.org/shhh/Factsheet.html#r1
1.1 Objectives
- We will implement a business model that will allow us to achieve and maintain a gross margin equal to or above 75%.
- We will recruit a management team that has relevant knowledge and experience in order to promote and enhance the company's core competencies.
- We will satisfy our customers by offering products free of defects and by offering outstanding customer service that will consistently exceed customers' expectations.
- We will invest a significant portion of our sales revenues into research and development in order to grow and offer new, innovative products within the hearing care market.
1.2 Mission
Auris Solutions, LLC is a comprehensive and innovative solutions provider for refining hearing loss diagnoses. We pride ourselves on the fact that our products are more rapid, reliable, and efficient than competitors. Our business will be managed to achieve planned growth and long term profitability. We will grow by building upon demonstrated strengths and meeting our customers' needs. As a result, Auris Solutions, LLC will optimize shareholder value and be respected worldwide as a solutions provider company in the hearing industry.
We stand by the following values:
- Corporate Responsibility - The Company will participate in community events.
- Ethical Standards -The Company will conduct business based on sound ethical principles.
- Compassion - We reach out with openness, kindness, and concern.
- Respect - We honor the wonder of the human spirit.
- Excellence - We expect the best of ourselves and one another.
- Stewardship - We use our resources responsibly.
- Community - We cultivate relationships that inspire us to serve.
1.3 Keys to Success
At Auris Solutions, we aim to provide our customers with the best products and related services. Our commitment to quality will begin with our employees, who are our most important assets. Thus, our employees will be accountable in each of the following areas, which are key to our success:
- Management Team:
- Hire the right people to work for the company
- Set evaluation policies and standards for all employees
- Delegate and make staff accountable for their work
- Sales & Marketing:
- Establish awareness of Auris brand and product offerings
- Set and implement a sales strategy
- Manage barriers to entry
- Implement a marketing plan that successfully brings our advertisements and products to the target market
- Provide customer support for all products after purchase
- Product Development and Product Quality:
- Launch new products on time
- Establish quality processes
- Management & Customer Service:
- Manage purchasing properly
- All purchases should be based on customers' needs
- Reduce need for an in-house inventory and overhead costs
- Set marketing budgets and manage accounts receivable
- Set a program to manage customer satisfaction:
- Products shipped and delivered on time
- Effectively respond to customer complaints
