Healthcare technology company Modernizing Medicine announced on Thursday that it will be expanding, creating more than 800 new jobs and doubling its office space in Boca Raton.
Modernizing Medicine currently employs about 550 people and is generating $100 million in revenues annually, making it one of South Florida’s largest and fastest-growing tech companies. “There are not many companies growing as fast as Modernizing Medicine — in the world,” said Gov. Rick Scott, who was on hand for the announcement with other government officials in Boca Raton.
Modernizing Medicine will receive $6 million in state, county and city incentives for creating the jobs by 2022, according to the Sun Sentinel. The 838 new, mostly software development positions will have an average salary of $55,000 a year. In exchange, Modernizing Medicine will make a $15 million investment in the region.
To handle its growth, Modernizing Medicine is leasing 50,000 square feet at Boca Raton Innovation Campus, former home of IBM, to add to its similarly sized headquarters space at the FAU Research Park and an office in Weston. In May, Modernizing Medicine announced it had received a $231 million investment from private equity firm Warburg Pincus. “If there was any doubt that you could found and scale a company in South Florida, hopefully those doubts are now erased,” CEO Dan Cane said at the time.
Founded in 2010 by Cane and Dr. Michael Sherling, Modernizing Medicine has been one of the recent tech success stories in South Florida. Cane, a serial entrepreneur who earlier in his career co-founded and exited education-tech company Blackboard, met Sherling, his future co-founder, in the doctor’s office.
Modernizing Medicine’s flagship product is EMA, which is a mobile, cloud-based, specialty-specific electronic health record system now used by more than 10,000 providers at thousands of specialty practices nationwide, and the company now offers a full suite of products and services including practice management, revenue cycle management, telehealth for dermatology and analytics.