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Medical Transcription Business Plan

Elite Medical Transcription

This sample business plan can be edited directly in Business Plan Pro software.

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Company Summary

EMT, a medical transcription service, will serve the Eugene medical community. We will offer a superior service through the use of sophisticated digital equipment and careful proofing. In addition to superior equipment, EMT offers professionally trained transcriptionists. Dawn Copikat has taken numerous medical courses to provide her with a medical vocabulary and understanding. This level of knowledge will become a true asset while serving the medical community.

EMT will be located in in Dawn's home. Dawn will be in charge of scheduling, estimates, billing, and some transcribing. Dawn will also have one full-time employee who will be doing transcriptions. By month 11, Dawn will bring another full-time transcriber onboard. According to projections, EMT will become profitable by month eight and will generate £35,000 in revenues by year three.

2.1 Company Ownership

EMT is a sole proprietorship, founded and owned by Dawn Copikat.

2.2 Start-up Summary

EMT will require the following equipment:

  • Legal fees regarding company formation and generation, and review of contracts.
  • Advertising costs for advertisements placed in the local medical journals and association newsletters.
  • Furniture for the office including two desks, two chairs, and two file cabinets.
  • Paper shredder, copier, and fax machine.
  • Two computer systems including Microsoft Office, a printer, CD-RW, and Internet connection.
  • Two transcribers.
  • Medical transcription software.
  • Specific psychologist transcription software.
  • Reference library.
  • Voice recognition software.
  • Various office supplies including stationary.
  • Cellular phone and pager.

Please note that the equipment listed above will be used for longer than one year and will be considered long-term assets.

Start-up Funding
Start-up Expenses to Fund £400
Start-up Assets to Fund £29,600
Total Funding Required £30,000
Assets
Non-cash Assets from Start-up £5,450
Cash Requirements from Start-up £24,150
Additional Cash Raised £0
Cash Balance on Starting Date £24,150
Total Assets £29,600
Liabilities and Capital
Liabilities
Current Borrowing £0
Long-term Liabilities £0
Accounts Payable (Outstanding Bills) £0
Other Current Liabilities (interest-free) £0
Total Liabilities £0
Capital
Planned Investment
Dawn £30,000
Investor 2 £0
Other £0
Additional Investment Requirement £0
Total Planned Investment £30,000
Loss at Start-up (Start-up Expenses) (£400)
Total Capital £29,600
Total Capital and Liabilities £29,600
Total Funding £30,000
Start-up
Requirements
Start-up Expenses
Legal £300
Stationery etc. £100
Other £0
Total Start-up Expenses £400
Start-up Assets
Cash Required £24,150
Other Current Assets £0
Long-term Assets £5,450
Total Assets £29,600
Total Requirements £30,000
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Start-up Funding
Start-up Expenses to Fund £400
Start-up Assets to Fund £29,600
Total Funding Required £30,000
Assets
Non-cash Assets from Start-up £5,450
Cash Requirements from Start-up £24,150
Additional Cash Raised £0
Cash Balance on Starting Date £24,150
Total Assets £29,600
Liabilities and Capital
Liabilities
Current Borrowing £0
Long-term Liabilities £0
Accounts Payable (Outstanding Bills) £0
Other Current Liabilities (interest-free) £0
Total Liabilities £0
Capital
Planned Investment
Dawn £30,000
Investor 2 £0
Other £0
Additional Investment Requirement £0
Total Planned Investment £30,000
Loss at Start-up (Start-up Expenses) (£400)
Total Capital £29,600
Total Capital and Liabilities £29,600
Total Funding £30,000
Start-up
Requirements
Start-up Expenses
Legal £300
Stationery etc. £100
Other £0
Total Start-up Expenses £400
Start-up Assets
Cash Required £24,150
Other Current Assets £0
Long-term Assets £5,450
Total Assets £29,600
Total Requirements £30,000