Rachel Arseneau-Ferguson
Rachel Arseneau-Ferguson, President
Company: Centre Transmed Center Inc., Campbellton, New Brunswick
Contact Info: Tel: 506.753.4418 e-mail: transmed@nbnet.nb.ca
Description: Transmed provides bilingual medical transcription and translation
for large hospital corporations, private clinics and doctors' offices throughout
central and eastern Canada. Doctors dictate medical reports into a digital voice
system to be transcribed for patient files. The company's software can link
to any hospital and download voice files with medical reports. Doctors can also
punch in codes and dictate reports directly into Transmed's system. "We
can do work for anyone, anywhere in the world. It's just a matter of having
a phone line."
Background: While teaching bilingual medical transcription at a local
community college, Rachel was inspired to start her business after discovering
the graduating students were in high demand in Quebec and Ontario but didn't
want to move there. Her research revealed there was no other company in Canada
providing bilingual medical transcriptions.
Unique Feature: Transmed is the only company in North America providing
both an English and French medical transcription and translation service.
Path to Growth: Starting with a business plan, market research and four
employees, Transmed has since grown to 14. "In the U.S., these kinds of
companies may have up to 14,000 employees, so the sky is the limit! It's how
much you want to grow." Rachel prefers a gradual approach, taking on new
clients after trial runs to ensure the company can provide the good quality
service on which she has worked hard to build a reputation. "I never wanted
to grow too fast. Once I even turned down a $3.5 million contract because I
knew we could not handle it at the time." A major change of equipment last
year has allowed the company to grow and expand.
Key Success Factors: These include knowledge of the field, the novelty
of the service offered and a good base of employees. "Success is based
so much on having the right people and trusting them to do the job."
Financing: An interest-free loan from the Atlantic Canada Opportunities
Agency (ACOA), a grant from the New Brunswick Economic Development Department
and help from the regional Industrial Commission allowed Rachel to purchase
the hardware and customized software needed to get the company off the ground
in 1996. "ACOA has been very supportive in many ways - not only with loans
and flexibility in changing the payment schedule when times were tough, but
also with advice. It's definitely a plus in our area." Further investment
in the new equipment in 2003 came from ACOA, the Province of New Brunswick and
an RBC Royal Bank term loan.
Other Support: Rachel regularly seeks accounting, legal, financial and
IT advice. "And, most importantly, I have two wonderful teenagers and a
very supportive husband!"
Biggest Challenge: "It's nice to be the first and to be a leader
in your field, but it's also a challenge. You can't be afraid to ask questions.
I did that and always managed to find a solution to any problem."
Growth Tips: "If you are offering a new or innovative service,
invest the time in giving potential clients a clear idea of how your product
or service can work for them. You have to earn their confidence and build your
reputation. Education is key in building trust. We worked hard at promoting
the quality, accessibility and efficiency of our services. And, remember, you
can't do it alone. Have perseverance. We could have quit 100 times. I never
wanted to believe it took three to five years to get the business up and running
properly, so I took things in six-month chunks. Don't look at the whole forest,
just one tree at a time."
Future Plans: Although Transmed has done work in the U.S., Rachel's
focus is on growth in the Canadian market. "There is still a lot of potential
to tap here…and clients are more loyal."
Personal Interests: Walking, reading, golfing and cross-country skiing.
"However, I must admit that what I enjoy the most, whenever I have a chance,
is sitting by the pool, either with a good book or with the company of family
and friends!"
How RBC Royal Bank Helps: "RBC Royal Bank supported me right from
the beginning. Coincidentally, my first account manager's mother worked in my
field so he was familiar with my business." The first three years were
rough. "Year three was do or die, and the bank manager gave us that little
piece of extra rope needed to make it or break it. He had the confidence to
give us an extended line of credit needed to upgrade our systems for Y2K…and
we made it!"
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