Sample executive summary

Executive SummaryIn Search of A New Transcription System … As DRMG moves into the 21st century, we are on a quest for a new PC basedtranscription system that not only works with our current existing VitalWorks RIS, eMed PACSbut with future RIS or PACS systems as well. Most PC based transcription / reporting systemsnow utilize voice recognition (VR) such as Dragon Naturally Speaking™ which has been the VRengine deployed by many large transcription / dictation systems; Nuance’s Power Scribes,Medquist’s SpeechQ, Commissure’s RadWhere …, to name a few. Planning to emerge from thelegacy Lanier system, DRMG’s administration team is looking at a young company by the nameof Commissure, Inc, that has been very actively and aggressively competing in the VRtranscription / reporting market in the past little over 3 years. Commissure, by the invitation ofDRMG’s I.T. team, performed a live demo at AIC for the administration team headed by StevenNguyen, Information System Director and the I.T. team. Although young, Commissure has been recognized by some of the major RIS/PACSsystems such as IDX, IntelePacs, etc… Some of their largest clients are NYU MC, CCFoundation, University of Maryland, MG Hospital, GM Center, LH Hospital, and many more…Commissure has been known for its open-source integration with systems such as Vocada™Veriphy™, McKesson Horizon, Philips iSite (Stentor) and Cerner RadNet®. Commissure alsopartner up with major players in the healthcare industry such as RCG Healthcare Consulting,Vocada Verifying, AMICAS, TeraRecon and Armisys STATdx.S.W.O.T.T. Analysis Strength • Major radiology centers or departments have entrusted and endorsed their products. • Partner with major companies such as IDX, AMICAS, TeraRecon and Armisys STATdx to gain competitive edge over its rivals. • Utilizing Dragon Naturally Speaking™ 9.5 Medical Edition engine makes RadWhere more robust and adaptable to any RIS and PACS environment. • Open software architecture allows integration with virtually any existing speech recognition system on the market. • Brings speech recognition, structured reporting, integrated clinical content and communication tools together with one product. • RadWhere listens and dictates everything a radiologist says with incredible accuracy TM and has the ability to manage workflow while communicating between disparate systems. • Ability to bypass RIS and work with PACS directly, a favor option for imaging centers in search of a new RIS system. • Ability to integrate with almost any system that utilizes HL7 standard. • Experienced and dedicated implementation and support team. • Build upon the existing I.T. infrastructure.

• Ability to get started quickly with pre-built “out of the box” solutions. Weakness• Relatively young company.• Radiologists have not had a chance to “test drive” the products.• Interactive Demo not available for absent radiologists.• Depends on Microsoft Server 2003 and its client access licenses (CAL).• Required additional Microsoft client licenses to utilize MS SQL Server.• Two to three months installation schedule from time of signing contract. Opportunity• Reduces transcription costs and improves turn-around time.• Reduces transcription personnel thus reducing extra employee costs.• State-of-the art system that will grow with DRMG growth plan.• Will integrate with new RIS system should we decide to pursuit a new RIS.• Integrated solutions save time in performing day-to-day tasks.• Administrator Portal allows CEO, COO and I.T. manager to manage more effectively.• Automated data processing and communication ensures optimal patient care.• Lower startup cost versus other major system such as PowerScribe and SpeechQ. Threats• Radiologists who were not participating in the live demo may oppose to changes.• Capital investment reallocation.• Training curves.• Radiologists’ fears of the unknown.• Delay due to budget review.• Hardware unavailable (very low risk)• Not recommended on Windows 2000 systems Trends• Radiology community involvement remains Commissure’s primary focus.• Through direct building of relationships and interconnectivity of ideas, Commissure will continue to provide cutting-edge solutions for all size facilities.• Positions itself at the forefront of advancement.• The ultimate goal is to improve the existing landscape of radiology communication and the acceptance of new convergence technologies.

Cost Analysis (Assume by-passing VitalWorks) Startup Costs Description Amount Interface with AMICAS & eMed PACS 10,000.00 10 days training 15,000.00 10 SpeechMike 5276 2,225.00 Interface from & to eMed databridge 10,000.00 Hardware: 1 Server 9,400.00 Software: MS Windows 2003 Server with Commissure’s O/S required specs. (3 Years Open-Value + 20 users CAL for Server 2003 and SQL Client Server @ $1,680.00 per year) 1,680.00 TOTAL One Time Cost 48,305.00 Return on Investment (ROI) Analysis: One time startup cost 48,305.00 First Year Support & Maintenance on RadWhere & RadCube (Base on an annual estimated of 120,000 studies) 67,200.00 Total Investment Year 1 115,505.00 Potentially eliminating positions in transcription PTO: 44,000.00 Benefits: 13,200.00 Wages: 73,000.00 Other Expenses: 6,800.00 (Social Security Tax, Worker Comp, etc.) 137,000.00 Lanier Annual Support & Maintenance Fee 10,773.00 Total Potential Saving Year 1 147,773.00 Net Saving Year 1 32,268.00 Second Year Support & Maintenance on RadWhere & RadCube (Base on annual estimated of 120,000 studies) 62,000.00 Microsoft Open-Value (Payment 2 of 3) 1,680.00 Total Investment Year 2 63,680.00 Potentially eliminating 2 positions in transcription PTO: 44,000.00 Benefits: 13,200.00 Wages: 73,000.00 Other Expenses: 6,800.00 (Social Security Tax, Worker Comp, etc.) 137,000.00 Lanier Annual Support & Maintenance Fee 10,773.00 Total Potential Saving Year 2 147,773.00 Net Saving Year 2 84,093.00

Third Year Support & Maintenance on RadWhere & RadCube (Base on annual estimated of 120,000 studies) 62,000.00 Microsoft Open-Value (Payment 3 of 3) 1,680.00 Total Investment Year 3 63,680.00 Potentially eliminating 2 positions in transcription PTO: 44,000.00 Benefits: 13,200.00 Wages: 73,000.00 Other Expenses: 6,800.00 (Social Security Tax, Worker Comp, etc.) 137,000.00 Lanier Annual Support & Maintenance Fee 10,773.00 Total Potential Saving Year 3 147,773.00 Net Saving Year 3 84,093.00The ROI Analysis chart above shows that the system will pay for itself in 10 months of its firstyear’s operation. The following 2 years will yield higher savings since there will not be anystartup cost. In the fourth year in operation, DRMG will save even more because there will notbe anymore payment to Microsoft on the open-value licensing program.Conclusion: After comparing cost and carefully analyze the project, we feel confidence thatCommissure has met the requirements and technologies for business needs. It would streamlinethe reporting processes, reduce workflows and costs, increase productivities and profit margins,improve turn-around time and continue to grow with our business. Furthermore, with its opensoftware architecture and serious partnership with major RIS/PACS systems on the market,Commissure would be at the forefront of technologies and able to integrate with almost any RIS,PACS or 3D systems that chooses in the near future.

Sample executive summary

by kvanlith on Oct 16, 2012

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