This small business venture attempts to solve a problem that many hospitals have to deal with on a daily basis along with paramedics who serve injured patients. Hospitals spend millions of dollars on patient filing and patient information. However, many times, physicians may lose crucial patient information, which may cause lack of quality of care. Therefore, many hospitals are now adopting electronic personal records to increase efficiency and decrease unwanted costs. This small business venture attempts to utilize RFID (Radio Frequency Identification) tags to help the delivery of patient information from the paramedic setting to the hospital emergency department room settings. The attempt is to process information quickly to allow physicians enough time to prep for the arrival of the injured patient who may need quick medical attention. The RFID tags will provide paramedics with on-site diagnosis plans along with quick transfer of electronic data to nearby hospitals.
[...] Their responsibilities are to develop the technology needed for the RFID tags and to make tests for the products. The quality manager will ensure the satisfactory completion of the products and test the product to make sure that the tags work properly. These employees will comprise of the management team. The ownership structure of the company will comprise from the CEO and CFO. The employee-investor group will contribute $ 1.4 million plus sweat equity for 70% of the company. The venture capitalists will invest million for 30% of the company. [...]
[...] However, as the technology advances and more research have been done, the competitors will adopt a much more efficient means of implementation and draw in more competing entities. However, the technology is still in the nascent stages of development. As of now, the most important competition against RFID is still paper technology that the hospitals have adopted through time. Paper products are still simple to use and require low maintenance and lower costs. However, there will be a gradual decrease in the use of paper eventually and a greater emphasis on reliability and continuity of information that RFID tags can provide. [...]
[...] The goal would be to justify financial and operational reasons that hospitals should adopt the RFID technology into their medical work place. It is hard for competitors to enter the market with RFID technology since there are many applications that have been applied to different technologies. However, the medical field has yet to fully implement the unique capabilities that could be potentially cost saving and cost effective. Once the technology has been established in hospitals, it will be hard to out-compete the product since the developing company would apply the application to almost all emergency departments across the country. [...]
[...] There will also be six engineers to help to design the RFID medical tag devices. The final two employees will be set up to deliver and distribute the finished tag products to nearby paramedics. The operational endeavors will be at the beginning stages as the company is starting to develop its products. The newly hired employees will work full time in the initial months of the start-up company. The company's efforts would be to develop RFID tag devices to provide to paramedics in the near vicinity at first to determine the response from them. [...]
[...] The six engineers will develop the RFID tags and the necessary devices needed to allow for function. Once that has been established, the two off-site workers will package the tags into boxes and distribute them to local paramedics. The speed of delivery of the products depends on the entire employee staff working together to produce the most effective devices. There are specific economic, operational, and transitional risks associated with the business venture for producing medical RFID tags. The market risk lies on the fact that there may be other distributors already approaching local paramedics with enhanced RFID tags. [...]
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