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Home Business in Medical Transcription - Business Plan Created

Autor:   •  March 12, 2018  •  3,003 Words (13 Pages)  •  3 Views

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Manufacturing documentary in legal forms for court purposes, and Medicaid/Medicare approved. There is a back file for any lost files which produces a computer storage filling of records. My transportation of materials as finished products will be transmitted via Internet.


My background experience will make this business a success. I am a BA graduate in Healthcare Administration, with an associates in Medical Transcription, along with numbers other Associates and university studies. I have taken management courses with emphasis on health care.

As I have wanted this business (MT) to become a reality for me, with other work-at-home employees, who can toward certification as per interest. My employees or job description will clearly define their responsibilities, skills within a working management business team, as we collaborate with physicians, contract securities and business operations flow in within time periods. We are working to save business dollars and medical cost for patients as well as secure and safe documentation with integrity and competence.

My partnership with another will relate to computer programming for secure access and use ability. Use of Online Banking for security benefits and saving on paper. Login will consist of working hours and time paid by hourly wages, which the healthcare organization will pay us on a bi-weekly bases.

Preferred to hire college students who are capable of typing 60 words per minute, with great attention to detailed dictation. Employees incentives will come within a 30 day probation period, as then an employee evaluation will assess any needed job improvements and a rise in salary with another one on a yearly bases.

Since some outsourcing is acceptable in our line of business, we will follow closing to their handbook for contractual agreements and any legalities.

Financial Management

With added patients, providers within our contracts, gives us the need for our services in transcription. We listen to voice recordings that physicians make and convert them into a well written report; as we will be editing, and reviewing speech recognition and interpreting the terminology and abbreviations as we prepare patient’s medical histories, discharge summaries, and other documents per request or order.

As I will be the sole operations of the business, I will be doing the payroll, determining wages, scheduling and making the financial management aspects of the business work for profitability and sustainability.

As mentioned by the Bureau of Labor Statistics, the medium wage is $36,000 per year (BLS, 2015).

Year 1

Year 2

Year 3

Me - Owner




Part-time Employee




Full time Employee




Total Payroll




Start-up Funds consist of:

Expense Fund


Assets Fund


Total funds required



Non Start-up cost


Required Start-up cost


Additional cash required


Balance on Start Date


Total Assets


Liabilities and Capital:




Long-Term Liabilities


Accounts Payable


Other Liabilities


Total Liabilities


Capital – Planned Investment

Me – Owner








Total Planned


Adding up to be:

Loss at Start-up Time


Total Capital and Liabilities


Total Funding Required


Start-up expense Requirements







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