Modernizing Medicine, creator of a cloud-based electronic medical record system for specialized surgical areas, announced Tuesday that it has received $14 million in funding from Summit Partners, a global growth equity investor.
Previous funding rounds for Modernizing Medicine were for $7 million and $8 million bringing the total funding to date to $29 million. Modernizing Medicine, launched in 2010, now has 140 employees, including 14 doctors on its staff. The Boca Raton company plans to add another 30 employees before the end of the year, and at least another 30 shortly after that, said Daniel Cane, president and CEO.
Modernizing Medicine’s Electronic Medical Assistant, available through an iPad application or from any web-enabled computer, integrates into the healthcare practice’s workflow, saving physicians and their staff time and increasing efficiencies. Modernizing Medicine is strategically focused on the dermatology, ophthalmology, optometry, orthopedics and plastic and cosmetic surgery markets, the company said.
Funding will be used to expand into new specialty areas — including ENT (otolarangology) and rheumatology — and also further developing capabilities with data. “The real mission of Modernizing Medicine is in our namesake … using the data that is generated by those efficient interactions with the system so you can actually improve patient care and patient quality,” said Cane, a serial entrepreneur who founded Blackboard.
Modernizing Medicine has grown from just under $2 million in revenues in its second year to nearly $10 million in its third, Cane said.
Since 1984, Summit Partners has invested in more than 380 companies, mainly in healthcare and technology. Mark deLaar, a managing director with Summit Partners who is joining the Modernizing Medicine’s board, said the fund has made at least half a dozen investments in Florida —including in Pediatrix, Lincare Holdings and MDVIP — “and we’re pretty excited about this one.”