Elite Medical Transcription

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Medical Transcription Business Plan

Management Summary

Dawn Copikat, founder and owner received her Bachelor of Arts from the University of Oregon. During the three years she was pursuing her degree, Dawn worked part time in a physician's office. She gained insight into the practice of medicine and had a crash course regarding terminology, as well as seeing the amount of money that her employer spent on an outside transcription service. She was able to see the poor quality of the service they received, including typographical errors. Sometimes the product was used regardless of the errors, other times the work had to be sent back and corrected. She was amazed at the number of inaccuracies, but the physician said that this was par for the course.

6.1 Personnel Plan

Dawn will be working full time for EMT. She will wear many hats, including transcriber, payroll, sales, scheduling, and training. Month two will mark when she brings the first employee on board and it will not be until month 11 until she will need a second employee.

Because EMT will be training the staff more than traditional transcribing companies, she will be paying her staff higher than market wages as security for them to stay with the company. It costs too much to find and train new employees, so EMT would rather train people once and ensure that they become  long-term employees.

Personnel Plan
Year 1 Year 2 Year 3
Dawn $36,000 $36,000 $36,000
Full-time Transcriber $23,100 $25,200 $23,000
Full-time Transcriber $4,200 $25,200 $23,000
Total People 3 3 3
Total Payroll $63,300 $86,400 $82,000