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Medical Transcription Business Plan

Strategy and Implementation Summary

EMT will be heavily promoting their superior service offerings. Our excellent employee medical specific training and superior software products ensure error reduction, and offer the convenience of electronic dictation from any phone at any time during the day.

5.1 Competitive Edge

EMT has two competitive advantages: the use of advanced digital equipment and its commitment to training. The company has invested in the newest technology, allowing EMT to more quickly and accurately process  dictations. 

This competitive advantage benefits the clients as it allows them the opportunity to make a dictation over the phone at any time during the day. EMT's second competitive edge is their commitment to training. In addition to requiring classes in medical transcription, EMT has a sophisticated suite of software manufactured specifically for medical transcriptions. The staff are all trained to utilize this software to its greatest advantage, developing the most error-free document as possible.

5.2 Sales Strategy

EMT's strategy will be to close prospective leads by asserting high-quality services including well trained transcribers as well as advanced digital equipment offering more conveniences for the physician. 

In addition to EMT highlighting the convenience features being offered, the product quality will also be a featured aspect. Because of their extensive training and sophisticated use of technology, EMT's transcription product is as error free as reasonably possible.

Lastly, recognizing that the industry typically has a 48-hour turnaround, EMT offers an express service where they can turn around orders in 24 hours. There are times when speed and accuracy are the priority and EMT will meet this demand with their express service. This service will be emphasized whenever a prospective customer is inquiring about EMT's services.

5.2.1 Sales Forecast

The first month will be used to set up the home office. During this period Dawn will be advertising in local industry-specific journals and association newsletters. At the beginning of month two, EMT will begin servicing clients. The first several months are expected to be slow. Dawn expects it to take a bit of time before business really booms. By month 11, business will be doing well and she will hire one more person.

Sales Forecast
Year 1 Year 2 Year 3
Doctors $42,706 $81,458 $93,542
Psychologists $36,539 $62,545 $71,254
Total Sales $79,245 $144,003 $164,796
Direct Cost of Sales Year 1 Year 2 Year 3
Doctors $4,271 $8,146 $9,354
Psychologists $3,654 $6,255 $7,125
Subtotal Direct Cost of Sales $7,925 $14,400 $16,480

5.3 Milestones

EMT will have several milestones early on:

  1. Business plan completion. This will be done as a road map for the organization. While we do not need a business plan to raise capital, it will be an indispensable tool for the ongoing performance and improvement of the company.
  2. Set up the office.
  3. Profitability.
  4. Revenue exceeding $50,000.
Milestone Start Date End Date Budget Manager Department
Business Plan Completion 1/1/2001 2/1/2001 $0 Dawn Marketing
Office Set-up 1/1/2001 2/1/2001 $0 Dawn Department
Profitability 1/1/2001 8/1/2001 $0 Dawn Department
Revenue Exceeding $50,000 1/1/2001 10/30/2001 $0 Dawn Department
Totals $0