Modernizing Medicine, the Boca Raton-based creator of the Electronic Medical Assistant or EMA, a cloud-based, specialty-specific electronic medical record system, announced Tuesday that it has closed on $15 million of an expected $20 million funding round. The latest funding comes from existing investors, led by Summit Partners and Pentland Group, many of whom are medical specialists who use EMA.
"Although there was strong interest from new outside investors, the existing backers - many of who use the product - wanted to fund the company themselves. I think that says a great deal," said Daniel Cane, co-founder and CEO of the fast growing company. With the $15 million of this round already closed, that brings total VC funding to date to about $50 million for the company, founded in 2010.
Cane said the company will use the proceeds to "continue to do what we do - increase efficiency for doctors, improve patient outcomes and transform healthcare." Currently serving eight different medical specialties, more than 4,000 providers have adopted Modernizing Medicine’s EMA in their practices.
The fast-growing Modernizing Medicine, which generated $17.3 million in revenue last year and hired its 200th employee this fall, will also create at least 100 jobs in the next 12 to 18 months, said Cane, who previously co-founded Blackboard.
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Developed by doctors for doctors, EMA is one of the leading EHR applications for increasing efficiencies and improving treatment outcomes in particular specialties. One of four dermatologists in the nation is already using EMA, an elegant and intuitive doctor-friendly iPad application, and EMA is making traction in ophthalmology, plastic surgery, orthopedics, otolaryngology (ear, nose and throat) and other specialties. In a demonstration for the Miami Herald earlier this year, Cane and Michael Sherling, Modernizing Medicine co-founder and chief medical officer, showed how EMA makes it easy for physicians to record notes in an exam, add photos or diagrams, see past records, make a diagnosis, order prescriptions and lab work, make a report for patients, and bill the insurance company, all by touch controls in about a minute or two, and a doctor can see how a patient has progressed over time. “With EMA, you get a glance view of everything you have ever done for that patient,” said Sherling in an earlier interview with the Herald.
Modernizing Medicine was recently in the news as it was chosen one of the first handful of companies to partner with IBM's Watson, bringing Watson's cognitive abilities to healthcare. Modernizing Medicine is developing a Watson-powered app called schEMA. It’s part of IBM’s $1 billion project to bring Watson to the masses.
Cane and Sherling were recently honored with the Leadership in Health Care Award by the U.S. Chamber of Commerce. The company was also named in Red Herring’s Top 100 North America list, which recognizes the top private companies across the continent that are expected to achieve significant growth in the near future.
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