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Home Business in Medical Transcription - Business Plan Created

Essay by   •  May 4, 2016  •  Business Plan  •  3,381 Words (14 Pages)  •  1,188 Views

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Page 1 of 14

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p. 406-395-5611

f. [Fax]

[Web address]

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Table of Contents

  1. Executive Summary        



Mission Statement

Keys to Success

  1. Description of Business        

Company Ownership/Legal Entity



Hours of Operation

Products and Services





Financial Management

Start-Up/Acquisition Summary

  1. Marketing        

Market Analysis

Market Segmentation



  1. Appendix        

Start-Up Expenses

Determining Start-Up Capital

Cash Flow

Balance Sheet

Sales Forecast


Break-Even Analysis and SWOT

Miscellaneous Documents

Executive Summary

At Home Business in Medical Transcription is needed for every patient’s medical record to be documented with precise, accurate and legally done, as what my business offers, with low rates offering high quality Medical Transcription Service.


Favel’s MT offer high quality low rates on medical transcription needs, as most every patient has their own medical history, so do we, as we offer to document all your patient’s medical records in a timely and accurate file.

With the use of advanced technology used FMT will provide MT service for our area hospitals, clinics, and other networking connections who will need our services.

As with the competitive company markets, our service product will gain a competitive edge in our area as a new start-up business, for opportunities for employment needs and a sustainability to be proven, with this proposed business plan.


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My objectives are simple. To provide a service needed in our area with job career opportunities in the medical field.

  • Make increased revenue from clients by 10 to 20 percent
  • Keep clients as preferred customers
  • Have sustainability by adding to cast flow and employee enrollment/hire (one to two employees).

 Mission Statement

We strive for excellence – we simplify the work-load, flexible to meet your work flow with easy accessibility, as we are dependable and accurate in our business.


Keys to Success

We take pride in our success, as we provide dictation and speech recognition from telephone dictation, digital portals, smartphones, iPad dictation apps, and PC dictation and/or with speech recognition.

 Description of Business

We strive for excellence in our transcription business as we value your business with us. We use the most sophisticated digital equipment with our professionally trained transcriptionist. I am trained and educated as a certified medical transcriptionist with experience and knowledge of medical vocabulary and understanding of dictation/transcription.

 Company Ownership/Legal Entity

I am the sole owner of this business as I am working from my home – as a new independent business.  I am licensed for a business license from the state of Montana with a VIN number for tax purposes, along with financial and cash flow statements showing a potential growth in future years.


Favel’s Medical Transcription Business: 5784 Haystack Rd. Box Elder, MT. 59521: Phone – (406) 395-5611; Fax: (406) 395-5621 – Email address: 


At home business MTs work from their home with the convenience of taking breaks whenever one feels like, set reasonable and assurance in work and home duties, and a small space for office equipment and desk with computer and transcription equipment, or can move outside for better feeling of work enhancements or enjoyment.

 Hours of Operation

Operation of Hours: 9:00 am to 6:00 pm – Monday through Friday, accept closed on Sundays. Notice: working from home has an advantage of working when suited or in personal time or in my own time while working from home.


Products and Services

Keep our potential employer, Inscribe Transcription Company, LLC. For hourly pay in dictation of physician’s speech recognition and/or taped by phone, and/or voice recognition in file document of patient’s medical record. We can proof read already made dictation from digital or portal devices and make presentable legally documented material for easily storage and safe keeping with confidence.


Physician Medical Group of Havre MT and Northern Montana Hospital and clinic for of dictated materials or health records.

Inscribe foot-paddle – Voice Recognition software – Office Equipment Depo for computers, papers, computer protection software, and office materials as needed.

Start-up Equipment required is:

  • Two transcribers
  • Medical transcription software
  • Stationary materials, word processer, wrist support
  • Paper shredder, copier, and fax machine
  • Cellular phone and pager, voice recognition software
  • Two computers that includes Microsoft Office, printer, and Internet Access

Lastly or can be first listed, is the legal fees and legal contracts, and handbook with rules, policies, regulations, and other legal matters and issues concerning the business (Business Plan, 2015).

These are coming from a business start-up loan and is considered as my long-term assets.


Best Medical Transcription in town, done with honesty, integrity, and professional confidence in what we do.



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