Voice Control, Inc. was created to provide a solution to orthopedic surgeons. Specifically, the solution deals with the input of patient data into a medical records database.
The solution utilizes an increasingly popular and accurate speech recognition component known as "telephony." This solution will provide the orthopedic surgeons with the ability to input patient data as they give the actual exam. This will fill a major gap not available in the current competitive product offerings.
The value proposition to the physician is the ability to see more patients and decrease their operating costs. This provides higher revenue and greater operating margins.
The company will be differentiated from its competitors as a result of offering the first turnkey solution for electronic medical records utilizing telephony.
Market research collected at the American Academy of Orthopedics last fall revealed that 86% would purchase electronic medical records with telephony input capabilities versus 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. Of that, 42% within 18 months, 36% within three years and 11% within five years.
Currently, most physicians collect patient information on paper. That information will include patient demographics, patient examinations, lab reports and referral physician information.
All of this information forms an individual patient file. Electronic medical records represents all patient information being stored in a database creating the potential for a paperless office.
With approximately 15,000 licensed orthopedist in the United States, this represents a mature market with the need and ability to pay for electronic medical records services. Our plan is to penetrate a minimum of 13% in this market by our 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 main objective is to exceed $22 million in sales revenue and $7 million in net profit in the fifth year.
PRIMARY OBJECTIVES ARE:
- Penetrate 13% of the electronic medical records business in the orthopedic dictation market by year five.
- Prepare a business model that can be successfully launched in additional vertical medical markets by year five.
- Penetrate 7% of the orthopedic dictation market with speech recognition by year five.
Voice Control, Inc. will utilize advancing technology to provide a quick, content-secure method of input, review and sharing of patient information.
Our customers are the lifeline to our mission. Every effort will be made to meet all customer expectations. Our quality of product, service and quality towards customer concerns will set the industry standard.
Voice Control, Inc. will provide an environment for employees that will render individual growth opportunities, creativity, fair compensation, family values, and the opportunity for civic participation.
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.