Medical Transcription Marketing Plan Elite Medical Transcription (sample marketing plan created with Marketing Plan Pro

software) Executive Summary The challenge of reading a physician's handwritting--it is an urban legend. There is a need for medical transcriptionists, this is due to insurance company regulations requiring legibility for documents doctors create. Elite Medical Transcription's mission is to provide the finest medical transcription service available. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers. Elite Medical Transcription offers high quality, low error rate, medical transcriptions. Elite Medical Transcription will concentrate on two market segments, physicians practicing alone or with a colleague or two, and small practices of psychologists. These two market segments are the most reliable consumers of outside transcription services. Elite Medical Transcription will also serve other parts of the market, which offer more sporadic service requests. Through the use of sophisticated software, Elite Medical Transcription will offer accuracy and convenience not yet offered to the medical community in its area. Additionally, Elite Medical Transcription will have extensive training requirements for their staff, insuring highly qualified transcribers. These competitive advantages, coupled with a growing market will allow EMT to quickly gain market penetration. Elite Medical Transcription will be profitable by month eight and have a net profit of $35,000 by year three.

Situation Analysis 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, medicalspecific 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 Trends The market trend for industries that utilize transcription services is decreasing overhead through the outsourcing of non-essential activities.94% 0. flexible. This information will be leveraged to better understand the targeted customers.96% 7.52% Medical Background: This is important due to the specialized language within the medical profession. Accuracy: Documents need to be accurate to guard against malpractice threats. their specific needs. Convenience: The ability to offer the service at the doctor's convenience is a significant advantage. medically-trained transcription service. and how Elite can better communicate with them. Market Analysis 2003 Potential Customers Physicians Psychologists Other Total Market Needs Elite is providing its customers with a reliable. Market Summary Elite has captured valuable information about the local market.00% 8.52% 215 165 0 380 234 178 0 412 255 192 0 447 278 207 0 485 303 224 0 527 8. The following benefits are important to Elite's customers: y y y 2004 2005 2006 2007 CAGR Growth 9% 8% 0% 8. For transcription services this means a 2 .

SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the company and describes the opportunities and threats facing Elite. the non-industry specific transcription market had $654 million in revenues. the next three years are expected to achieve a 5% growth rate.recent surge in demand for transcription services from customers that are now relying on outsourced service providers. Market Growth In 2000. The last four years has seen a 4% 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. With the recent trend of outsourcing transcription services. Strengths 3 .

lab results. If the physician does not have an in-house solution then they ideally will have a long-term relationship with a service provider. The market looks promising as this firm does not have enough staff to meet demand. Opportunities y y y Participation within a growing market. Weaknesses y y y The inability to rapidly scale. A limited marketing budget. Threats y y y Potential competition from existing transcription services that decide to focus on the medical niche.y y y Medical specific training. Specialized Medical Transcription: There is currently one company that is a true direct competitor with EMT. Competition The competition takes two general forms: 1. surgery notes. 4 . and discharge summaries. admissions. The outsourcing of transcription services to national companies through increased technological gains of Internet technology. filling a need when their service provider is unable. 2. Decent margins. this firm does not provide specialized service to psychologists. These firms typically have someone who has been trained in medical transcription. Sophisticated software significantly increasing the convenience and accuracy of the offered service. EMT typically transcribes office visits. serving only the medical community. Huge technological gains in speech recognition software for individual consumers. The ability to grow the practice with increased amounts of experience and industry knowledge. If the physician or hospital has in-house transcribers. The buying patterns for medical transcription services are typically based on the type of relationship the physician has with the transcriber. then their relationships with the transcriber services are based on sporadic service calls. but does not do medical exclusively. Comprehensive training program for employees. assessment. Additionally. Service Offering EMT will provide high-level medical transcription services to the Jeffet medical community. The difficulty of establishing brand equity as a start-up. General Transcription Service: These are transcription services that offer medical services in addition to general service offerings.

The critical issues that it faces are the following: y y y Ensure that it has ample support staff to meet the customer's needs. Both doctors and psychologists have a local/regional newsletter that is dedicated to serving the specific practitioners. These newsletters are sent out by the different licensing boards so all practitioners receive them. y y y Establish repeat customers. The last marketing effort will be a website. Address customer needs. Mission 5 . There are still some physicians who will only use their micro cassette recorder. Ensure complete customer satisfaction. Advertisements will be also displayed in two different newsletter/journals. without having to schedule the transcriber to come in or to have to forward a cassette to the dictation service. some people will view the site with no prior knowledge of Elite. they are widely used to locate service providers. This will be a comprehensive source of information about the company and the services offered. The website is likely to be used by people that have a knowledge of Elite but would like more information regarding the services offered. Although the Yellow Pages are a fairly general source of information.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. Critical Issues Elite Medical Transcription is in its first year of operation. The first will be Yellow Page advertisements. The first activity that Elite will undertake is advertisements. Keys to Success The following are Elite's keys to success. Marketing Strategy Elite Medical Transcription will take a multi-pronged approach to its marketing strategy. EMT is set up to service those customers as well. EMT will also offer a rush service that promises transcriptions in 24 hours. Two sources for the advertisements will be employed. They will be able to access the site by using a search engine such as Google to find Elite's website. Establish Elite Medical Transcription as the premier medical transcription service in the area. This will allow the physician to submit the dictation at any time during the day. It costs more but cuts the turnaround time in half. Provide proper medical training for all employees. However.

They practice alone or in a small group and typically do not have an in-house transcriber. EMT can process the dictations quickly and more accurately. The first purpose is gains in efficiency for EMT. EMT has invested in the newest technology that serves two purposes. EMT has a sophisticated suite of software manufactured specifically for medical transcriptions. Elite will quickly gain market share. EMT's staff are all trained to utilize this software to its greatest advantage. and sophisticated software. Our services will exceed the expectations of our customers. everything else will fall into place. Through the use of the digital equipment. unparalleled convenience. In addition to requiring classes in medical transcription to familiarize transcribers with the medicalease. steady growth in sales. as it allows them the opportunity to make a dictation over the phone at any time during the day. Target Marketing EMT will focus on two distinct groups that use medical transcription services: 1. Although psychologists are medical doctors. 2. developing the most error-free document as possible. Achieve a double-digit growth rate for the first three years. Financial Objectives y y y Strong. Marketing Objectives y y y Increase repeat customers by 4% per quarter. Doctors: These physicians typically practice solo or are with one or two other physicians. y 6 . This benefits the clients. Through the use of medical training. Profitability by the end of year one.Elite Medical Transcription's mission is to provide the finest medical transcription service available. We exist to attract and maintain customers. this is quite a convenience allowing the doctor to no longer be tied down when making the transcription. Psychologists: These doctors are very similar to the above market segment. Because of the small office. their vocabulary of terms requires expertise in the field of psychology to be able to offer transcription services to them. When we adhere to this maxim. In the age of the cellular phone. Achieve the status as the #1 medical transcription service in Jeffet. they often do not have an in-house transcriber. Positioning Elite will position itself as the premier medical transcription service in town. The advantages of not having an in-house person are reduced labor costs and overhead. The desired positioning will be achieved by leveraging its two competitive advantages: y The first is the use of advanced digital equipment. EMT's second competitive edge is its commitment to training. Decrease customer acquisition costs by 7% every two quarters.

In addition to the structured questions. The second method will be advertisements in the two local newsletters for physicians and psychologists/psychiatrists. well read population of readers. there is only one other service that specializes on the medical community. and customer service. While there are many transcription services. Marketing Research Recognizing that market research would be necessary to gain sufficient insight into the market and its customers. Elite plans to have another in a years time. Budgets. Financials. Marketing Mix Elite's marketing mix is comprised of the following approaches to pricing. Advertising and Promotion: Advertising in the Yellow Pages as well as in industry journals/newsletters will be used. This message will be communicated in different ways. Distribution: Services are offered at the customer's place of business or over the phone. The groups were structured by using a set of questions asked to each group. These newsletters are produced by the licensing boards for the respective practitioners and have a well-targeted. but it allows Elite to compete more effectively and efficiently because of its in-depth medical knowledge. each focus group had a free flowing question/discussion forum. Specializing on this specific niche reduces the size of the market. and Forecasts 7 . Elite will have a comprehensive website used for marketing purposes.Strategy Pyramids The single objective for Elite is to gain market share for the medical transcription service. Having gained so much valuable information from the initial focus groups. premium customer service will be ensured to guarantee repeat business. Elite held two focus groups to gather marketing research. Typically it will be based on a per document charge and a per word fee. The message that Elite seeks to communicate is that it offers the best trained. advertising and promotion. The groups consisted of seven physicians per group. Additionally. most convenient transcription service for the medical community. The free flowing section was particularly useful as many ideas and questions arose that were not contemplated earlier. y y y y Pricing: The pricing scheme is flexible to meet the needs of the customers. This method will be particularly useful for people that turn to the Yellow Pages for company/market information. distribution. The first method will be the use of advertisements in the Yellow Pages. Customer Service: Gaining repeat customers will be one of the business objectives. With this recognized.

This section will offer a financial overview of Elite as it relates to the marketing activities. expense forecasts. Elite will address break-even analysis. During this period the owner will be advertising in local industry specific journals and association newsletters. sales forecasts. By month 11 business will be doing well and EMT will hire an additional employee.500 $8. Break-even Analysis Monthly Revenue Break-even Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost Sales Forecast The first month will be used to set up the home office. EMT will begin servicing clients. Break-even Analysis The break-even analysis indicates that $8. and how those activities link to the marketing strategy. At the beginning of month two. The first several months are expected to be slow.505 8 .586 will be needed in monthly revenue to achieve the break-even point. 10% $8. The company expects it to take a bit of time before business really ramps.

354 $7.254 $164.975 2003 $4. After the first quarter.542 $71.706 $36.796 2005 $9. $42.545 $145.Sales Forecast 2003 Sales Physicians Psychologists Total Sales Direct Cost of Sales Physicians Psychologists Subtotal Direct Cost of Sales Expense Forecast The marketing expenses will be budgeted for each month.269 $78.125 $16.627 $7.458 $62.255 $14. The first quarter will have increased expenses in an effort to develop visibility for Elite as a start-up organization.480 2004 2005 9 . expenses will settle down until the last quarter when expenses will increase again.898 $82.003 2004 $8.271 $3.500 $93.246 $6.

Marketing Expense Budget 2003 Advertisements Other Other $4.17% 2005 $6.500 5.85% Controls The purpose of Elite's marketing plan is to serve as a guide for the organization.000 $0 -----------$8. Customer satisfaction. It is important to accomplish each one on time and on budget.43% 2004 $5.000 $2. Implementation Milestones The following milestones identify the key marketing programs. Milestones Advertising Start Date End Date Budget Manager Department 10 .000 $0 -----------$7.950 $2.000 4. The following areas will be monitored to track performance.450 9.500 $0 -----------Total Sales and Marketing Expenses Percent of Sales $7.500 $2. Transcription efficiency: individual and organization. y y y Repeat customers.

675 Dawn Department Dawn Department Dawn Department Dawn Department Dawn Department ABC Department ABC Department ABC Department ABC Department ABC Department 7/1/2003 10/31/2003 4/1/2003 8/30/2003 8/1/2003 12/30/2003 1/1/2003 1/1/2003 1/1/2003 1/1/2003 1/1/2003 1/15/2003 1/15/2003 1/15/2003 1/15/2003 1/15/2003 Start Date 1/1/2006 1/1/2006 1/1/2006 1/1/2006 End Date 1/15/2006 1/15/2006 1/15/2006 1/15/2006 Budget $0 $0 $0 $0 $0 Manager Department ABC Department ABC Department ABC Department ABC Department Start Date 1/1/2006 1/1/2006 1/1/2006 1/1/2006 End Date 1/15/2006 1/15/2006 1/15/2006 1/15/2006 Budget $0 $0 $0 $0 $0 Manager Department ABC Department ABC Department ABC Department ABC Department Start Date 1/1/2006 1/1/2006 1/1/2006 1/1/2006 End Date 1/15/2006 1/15/2006 1/15/2006 1/15/2006 Budget $0 $0 $0 $0 $0 Manager Department ABC Department ABC Department ABC Department ABC Department Start Date 1/1/2006 End Date 1/15/2006 Budget $0 Manager Department ABC Department 11 .550 $4.450 $2.Marketing plan completion Advertising campaign #1 Advertising campaign #2 First large contract Second large contract Name me Name me Name me Name me Other Total Advertising Budget PR Name me Name me Name me Other Total PR Budget Direct Marketing Name me Name me Name me Other Total Direct Marketing Budget Web Development Name me Name me Name me Other Total Web Development Budget Other Name me 1/1/2003 3/1/2003 2/1/2003 6/30/2003 $0 $2.375 $0 $0 $0 $0 $0 $10.300 $1.

Overly aggressive and debilitating actions by competitors.675 ABC Department ABC Department ABC Department Problems gaining sufficient visibility in the community.php#ixzz1IFIXyt gu 12 .com/medical_transcription_marketing_plan/controls_fc. Worst Case Scenarios Include y y Determining that the business cannot support itself on an ongoing basis.mplans.Name me Name me Other Total Other Budget Totals Contingency Planning Difficulties and Risks Include y y y 1/1/2006 1/1/2006 1/1/2006 1/15/2006 1/15/2006 1/15/2006 $0 $0 $0 $0 $10. Securing sufficiently trained employees. Read more: http://www. Having to liquidate equipment to cover liabilities.