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This sample marketing plan was created with Marketing Plan Pro software.

Elite Medical Transcription is entering its first year of operation. A comprehensive marketing plan will be an integral part in the push to profitability and sustainable success. Elite offers a high-quality medical transcription service. The basic market need is an experienced, medical-specific transcription service for physicians with one to two partners. Elite has decided to offer its transcription services to the medical market and the employees will have taken numerous medical courses allowing them to be accurate with even the most unusual medical terms.

Market Summary

Elite has captured valuable information about the local market. This information will be leveraged to better understand the targeted customers, their specific needs, and how Elite can better communicate with them.

Market Analysis

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Market Analysis
  20032004200520062007 
Potential CustomersGrowth     CAGR
Physicians9%2152342552783038.96%
Psychologists8%1651781922072247.94%
Other0%000000.00%
Total8.52%3804124474855278.52%

Market Needs

Elite is providing its customers with a reliable, flexible, medically-trained transcription service. The following benefits are important to Elite's customers:

  • Medical Background: This is important due to the specialized language within the medical profession.
  • Convenience: The ability to offer the service at the doctor's convenience is a significant advantage.
  • Accuracy: Documents need to be accurate to guard against malpractice threats.

The market trend for industries that utilize transcription services is decreasing overhead through the outsourcing of non-essential activities. For transcription services this means a recent surge in demand for transcription services from customers that are now relying on outsourced service providers.

Market Growth

In 2000, the non-industry specific transcription market had $654 million in revenues. The last four years has seen a 4% growth rate. With the recent trend of outsourcing transcription services, the next three years are expected to achieve a 5% growth rate.

As physician's practices are under increasing pressure to develop efficiencies (this pressure is primarily coming from the insurance companies which have significantly reduced their allowable reimbursement amounts), practices will be shedding non-essential employees and replacing them with outsourced service providers.

SWOT Analysis

The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing Elite.

Strengths

  • Medical specific training.
  • Sophisticated software significantly increasing the convenience and accuracy of the offered service.
  • Comprehensive training program for employees.

Weaknesses

  • The inability to rapidly scale.
  • A limited marketing budget.
  • The difficulty of establishing brand equity as a start-up.

Opportunities

  • Participation within a growing market.
  • The ability to grow the practice with increased amounts of experience and industry knowledge.
  • Decent margins.

Threats

  • Potential competition from existing transcription services that decide to focus on the medical niche.
  • Huge technological gains in speech recognition software for individual consumers.
  • The outsourcing of transcription services to national companies through increased technological gains of Internet technology.

Competition

The competition takes two general forms:

  1. General Transcription Service: These are transcription services that offer medical services in addition to general service offerings. These firms typically have someone who has been trained in medical transcription, but does not do medical exclusively.
  2. Specialized Medical Transcription: There is currently one company that is a true direct competitor with EMT, serving only the medical community. The market looks promising as this firm does not have enough staff to meet demand. Additionally, this firm does not provide specialized service to psychologists.

The buying patterns for medical transcription services are typically based on the type of relationship the physician has with the transcriber. If the physician does not have an in-house solution then they ideally will have a long-term relationship with a service provider. If the physician or hospital has in-house transcribers, then their relationships with the transcriber services are based on sporadic service calls, filling a need when their service provider is unable.

Service Offering

EMT will provide high-level medical transcription services to the Jeffet medical community. EMT typically transcribes office visits, surgery notes, lab results, admissions, assessment, and discharge summaries.

EMT will offer digital transcription services that allow the physician to call into EMT's office and record the dictation over the phone while EMT's computer records. This will allow the physician to submit the dictation at any time during the day, without having to schedule the transcriber to come in or to have to forward a cassette to the dictation service. There are still some physicians who will only use their micro cassette recorder, EMT is set up to service those customers as well.

EMT will also offer a rush service that promises transcriptions in 24 hours. It costs more but cuts the turnaround time in half.

Keys to Success

The following are Elite's keys to success.

  • Establish repeat customers.
  • Ensure complete customer satisfaction.
  • Address customer needs.

Critical Issues

Elite Medical Transcription is in its first year of operation. The critical issues that it faces are the following:

  • Ensure that it has ample support staff to meet the customer's needs.
  • Provide proper medical training for all employees.
  • Establish Elite Medical Transcription as the premier medical transcription service in the area.

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