Elite Medical Transcription
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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.
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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.
Elite is providing its customers with a reliable, flexible, medically-trained transcription service. The following benefits are important to Elite's customers:
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.
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.
The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing Elite.
The competition takes two general forms:
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.
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.
The following are Elite's keys to success.
Elite Medical Transcription is in its first year of operation. The critical issues that it faces are the following:
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