Investor Relations
The healthcare system is in disarray. Doctors spend so much time documenting today that they barely have time to take care of their patients. U.S. News and World Report reported in their January 31, 2005 cover article that because of excessive paperwork, patients are more likely to be taken care of by physician assistants than by their doctor. Since a typical doctor spends about 33% of his or her day documenting, free time between patients is scarce. The time burden for documentation is only part of the problem. Doctors must also cope with the reŽality that required documentation and test results are missing for about 30% of their patients.
Doctors can't read the hand-written reports of their colleagues. Patients leave their doctors office often more confused than when they arrived. Diagnoses are discussed hurriedly as the doctor moves on to visit his next patient, often dictating a report in the hall as he or she walks. Patients who survive local catastrophes, such as Hurricane Katrina in New Orleans, will find that their doctors paper records are irretrievably lost. Many of these patients do not even know what medications they are supposed to be taking and have no way to find out. Emergency care for such patients often begins in a setting of complete mystery, since the traumatized patient is frequently unable to provide medical information. Moreover, there is more clinical data available today than ever before, and all of this data must be integrated and analyzed by doctors. More data means more documentation. Everyone agrees that a better solution is necessary but most doctors continue to use conventional dictation/transcription or pen/paper records.
Doctations Inc is a company that hosts three voice-enabled portals:
- Doctations.com - a portal for doctors
- iMedicalHome.com - a portal for patients
- iTranscribe.com - a portal for transcriptionists.
All three portals provide tools for improving communications between patients and physiŽcians and for dissemination of news. The patient portal provides patients with a platform for receiving summaries of their medical visits and for storing medical information that is shared and updated by the patient and his or her doctors. The patient portal also provides a means for emergency access to patient information. The doctors portal provides access to the internet-based software system call Doctations.- the cornerstone of our technology.
Doctations software helps doctors to author medical documentation in less time, for less money and with greater accuracy than ever before. Doctations.is unique, proprietary techŽnology that provides an efficient and secure platform for the generation of medical docuŽmentation. Doctations.will save a doctor an average of 50% of his or her time spent docuŽmenting and an average of 30% in cost savings relative to preparing the same document using conventional transcription. The current ?EMR? technology for creating electronic medical records is excessively time-consuming and tedious and produces poor quality docuŽments.
Doctations software is a secure, internet-based, collaborative, document-generation environment offering both dictation and/or point-and-click technologies for data input into each section of a clinical report and providing a platform for efficient and safe reŽusability of clinical data. By seamlessly facilitating dictation in combination with point-and-click technologies, the physician has the best of both worlds because point-and-click is an optimal input method for some parts of the clinical document (e.g., medical allergies or list of current medications) and dictation is the method of choice for others (e.g., history of present illness and doctors assessment). This combination cannot be found in existing software systems and represents a quantum leap in the efficiency of report generation. A U.S. patent application has been submitted to secure our ownership of this concept.
Seamlessly integrating transcription of dictations with point-and-click requires Internet and computer technology that has only recently become widely available. While reducing the time spent documenting by up to 50% compared to the quickest means of document proŽduction-- dictation and transcription--even a one-physician office can experience a 15% or more reduction in the cost of producing documentation, with greater savings possible in larger offices. Furthermore, a physician using the web portal to access Doctations.will be spared the high up-front costs of purchasing an EMR system ($15K or more plus yearly or monthly maintenance fees in excess of $6,000). Doctations ? fully complies with all government standards and it is HL-7 compliant. In the future, Doctations.will continue to integrate with healthcare software systems as they evolve.
There are 610,000 physicians in the United States with a total transcription budget of over $15B per year. Our marketing/sales goals are:
1. Target 1: End of year one: Recruit 1000 specialists (2% of tri-state area specialists) and 10 hospitals (3.5% of tri-state area hospitals) for annual net revenue of $2.5M. Our marketing focus during the first year will be on the 285 hospitals and 51,000 specialists in the tri-state area.
2. Target 1: End of year two: Recruit 8,000 to 12,000 specialists (12-24% of the total tri-state area physician market, 2% of the U.S. market) and 20 hospitals (0.3% of U.S. market) resulting in annual gross revenue of about $34M.
3. Target 3: End of year five: There are 5794 hospitals in the United States with a total transcription budget of $1.7B per year. Our goal is to achieve 10% of the total U.S. hospital and physician transcription market during the first five years, resulting in annual revenue of about $100M.
The initial marketing target audience is all medical personnel currently employing dictation/transcription to create medical documentation. Reaching this audience will priŽmarily involve direct marketing techniques by salespeople currently being assembled by our director of sales, an individual with over twenty years experience marketing to physicians. Transcription companies will use Doctations.to improve the quality of their service and will become value-added resellers.
Summary
Doctations.has the potential for explosive growth during the first year of sales because it will deliver markedly increased efficiency to physicians who currently employ dictation/ transcription or the current generation EMR as their means of medical documentation. The increase in speed and accuracy enjoyed by users of Doctations.is so substantial and the cost so low, that even physicians who currently use pen and paper will turn to Doctations.for improved record keeping that is consistent with evolving governmental mandates. DocŽtations ? will dominate the medical documentation market within five years. Doctations ? technology eliminates work steps and introduces new efficiencies that reduce documentation costs sufficiently to yield savings to customers and substantial profits to Doctations.Inc
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