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Voice Recognition Software Business Plan

3 March 2023 Businnes Plan


Voice Recognition Software Business Plan


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 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 physician’s value proposition is the ability see more patients while reducing their operating expenses. This will result in greater revenue and higher operating margins.

Because it offers the first complete solution to electronic medical records using telephony, the company will stand out from its competitors.

American Academy of Orthopedics found that 86% of consumers would prefer electronic medical records which can be accessed over traditional input.

Another market study revealed that less than 10% use electronic medical records. A further 89% of the market intends to purchase electronic medical records in the next five year. 42% of these will be purchased within the next 18 months, 36% within three and 11% within five.

Most physicians currently collect patient information on paper. The information could include patient demographics as well lab reports and referral information.

All this information forms a patient file. Electronic medical records are all information that is saved in a database. This allows for paperless offices.

There are approximately 15,000 US licensed orthopedists. This mature market has the financial means to pay for electronic health records. We aim to reach a minimum 13% market share in the fifth year.

Initial financing will be required to implement this plan. The cash reserves for 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. Currently, the owners want to purchase back all shares that are still outstanding during the year.

1.1 Objectives

Our primary goal is to surpass $22 million in sales revenues and $7 million net profit in our fifth year.

PRIMARY BOBJECTIVES ARE

  1. Reach 13% of electronic medical records industry in the Orthopedic Dictation market by the end of 2005.

  2. Prepare a business strategy that can be used to launch additional vertical medical markets before year five.

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

1.2 Mission

Voice Control, Inc. uses cutting-edge technology to offer a fast, content-secure way for patients to input, review, and share their information.

Our customers are our lifeline. All customer expectations will be met. Our commitment to quality products, customer service, and sensitivity to customer concerns will set the industry benchmark.

Voice Control, Inc. will create an environment for employees which will allow them to grow individually, be creative, receive fair compensation, have family values, and participate in civic life.

1.3 Keys to Success

Our success is based on these keys:

  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. Develop a package of ‘voice-created’ medical records that will include printed patient records and information to create a paperless record.
  4. Profitably managing the explosive growth opportunities in this emerging market.


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