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┬áVeriType – Operations

Software development, service and support are the focus of VeriType’s operations. VeriType offices will be located in Tucson, Arizona in a 5,000 square-foot facility to be leased in a complex that allows for office expansion.

SOFTWARE DEVELOPMENT
Jennifer Brunner, VeriType CEO, will manage development efforts at VeriType. The firm will initially employ five software developers with expertise in:

  • Front-end development, including the clinician interface and the language/logic processor.
  • Language and logic algorithms, including the logic and HCFA guidelines.
  • Reporting and output, including interaction with the physician.

VeriType will increase its development staff over time as additional logic modules are coded and as existing software is enhanced. The company will hire one additional developer in the second year of business to enhance the first production modules. VeriType has secured the services of the University of Arizona’s department of pediatric cardiology to Beta test software. Initial Alpha testing will take place at the VeriType offices under the direction of Dr. Scott Klewer, co-founder. Dr. Klewer will utilize several HCFA documentation specialists currently working for his practice to test the software and ensure it adheres to HCFA guidelines.

TECHNICAL SUPPORT
Another major emphasis at VeriType will be supporting the clinicians using the product. This will include online support, telephone support, and educational classes to be held at the VeriType corporate site in Tucson, or at client’s offices. VeriType will also employ a HCFA specialist with prior experience on the technical support team. The company will also employ a robust phone system to handle call routing for technical support. Wayne Gyllenhaal, VeriType COO, will lead the technical support and service functions for the firm.

VeriType has polled other software vendors including contacts at Intuit in Tucson, IBM in New York, National Instruments in Austin, and Oracle in Redwood Shores to analyze and assess support and commensurate resources required based on installed user base. The development staff will support clients after the launch of the product. VeriType will then hire two technical support engineers, increasing to four full-time support engineers by the end of the third year of operations. VeriType will also offer technical support through the Internet, including a knowledge base of frequently asked questions and access to the support repository of technical questions.

SALES AND MARKETING SUPPORT
VeriType will employ a business development specialist to cultivate and maintain its relationship with its business partner. The company’s business partner will direct its own sales force and manage the distribution channel for VeriType software. In addition, the business development specialist will maintain any joint marketing relationships such as with IBM’s ViaVoice, DragonSpeak’s Dragon Dictate Software, or Papyrus’ Handwriting Recognition software. The creative director will manage supporting product collateral and marketing materials, and work in conjunction with the business development specialist and the business partner.

FINANCIAL OPERATIONS AND DISTRIBUTION
VeriType plans to hire a Chief Financial Officer (CFO) in its management structure, but daily accounting tasks, such as cash management and benefits administration, will be the responsibility of an assistant. The VeriType CFO, in conjunction with the CEO and the COO, will be responsible for raising capital that the company will require to continue development and marketing operations. We will seek a seasoned individual from the Tucson community who has previous experience in fund raising to become the CFO. VeriType will use professional service firms for annual accounting audits and legal review.

This section of the firm will also be responsible for warehousing and inventory of the product, which will be produced on CD. The product will be packed with basic paper support manuals, with richer documentation available on the CD and on-line. VeriType intends to contract with a technical writer for the development of these manuals. Edie Nodine, packaging designer and manager at James River Paper, Inc. has agreed to design packaging for the product. Printing and packaging will then be outsourced to a third-party vendor. Shipping will be offered through the United States Postal Service, United Parcel Service, and Federal Express.

ADDITIONAL CHALLENGES

VeriType faces four additional challenges:

  • Continuing to develop new products for each medical specialty, while upgrading and supporting existing products.
  • Providing excellent customer service and technical support. Initially, support will be handled internally and offered Monday through Saturday, 6am-6pm (MST). The developers who created the product will train support engineers, who will handle customer inquiries during the product’s adoption phase.
  • Developing a training staff to educate doctors and clinicians in the field and VeriType headquarters. These trainers will be educated in not only the operation of VeriType’s products, but also medical coding and terminology.
  • Addressing the issue of legal liability. Individual physicians will be liable for the content of their medical documentation, regardless of whether they employ human means to check their medical records, as in the current system, or electronic means, with VeriType. Limitations or exclusions on liability vary from state to state. Therefore, VeriType will need to develop a legally binding disclaimer and terms of use that communicates this clearly.

VeriType
Table of Contents Appendices
1. Executive Summary
2. Company Description
3. Industry Analysis
4. Target Market
5. Competition
6. Marketing and Sales Strategy
7. Operations
8. Management
9. Exit Strategy
10. Financial Projections
Organization Chart
Income Statement
Balance Sheet
Summary of Cash Flow
Sales Forecast & Revenues
Marketing Support Costs
Personnel Costs
Cost of Goods Sold
Property & Depreciation
Capital & Debt
All information herein is confidential and belongs to VeriType

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