Medical Transcription
 
Mediscription will provide medical transcription (medical transcription business plan) services for doctor's offices and hospitals outside the brick-and-mortar office. Mediscription will provide the same quality of service at a lower cost compared to competition. Information to be transcribed will be transported by courier, Internet, and phone. Doctor's offices and hospitals are experiencing higher benefit costs and higher non-core competency expenses, and are searching for other opportunities to acquire transcription services but at a lower cost.
Mediscription's legal form of ownership will be a S-Corporation. Our business will provide transcription to the medical field. With the medical industry being a very large industry, Mediscription has the capabilities to provide our service to any specific field such as Cardiology, Radiology, dentists, etc.
Mediscription's strategy is to provide better transcription service than any other competitor within the metropolitan area. Our service is 100% guaranteed. Our educational background gives us the foundation for running a successful transcription business. When compared to eight other medial transcription services in our targeted area, Mediscription's form of billing customers will be a price penetration strategy. Our competitors charge $.12 to $.13 a line, while Mediscription will charge $.11 a line to gain more market share. The cost of the transcription service is currently price per line, however the possibility exists to offer it on an annual flat fee with the contract stating the scope of responsibilities. Our business will be operated from the personal residence of the owners in the metropolitan area, which is only 20 minutes from a the target market of over 500,000 people.. Promoting our business will be through advertising, Internet, flyers, and personal visits. Personal visits will be the most effective way, to promote our business. Doctors are very busy and do not have time to read a flyer, classified ad, etc. We would set a lunch appointment with the doctor to discuss and promote our services.
The United States economy is growing at a rate of 6% a year. With this indicator Mediscription projects a similar growth rate for the business. This growth rate was also comparable to what the Troy's Almanac of Financial Ratio's disclosed.
Start-up costs are low, as Mediscription already owns equipment needed to start the new business. The purpose of the business plan is to borrow money in the amount of $23,000: $4,365 for professional services and $18,480 to finance working capital for six months. Mediscription is seeking enough capital to sustain the first six months of operations. The funds will be repaid through Mediscription earnings. The initial cash infusion to operate the business until developing a satisfactory customer base will come from existing savings.
Mediscription's budget for the first year ending December 31, 2001 has projected sales at a level of $61,197 and expenses of $36,960 with a net income of $23,563. The proforma income statement at the end of December 21, 2002 has a projected net income of $26,499.
 
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