Cloud based, specialty-specific EMR provider, Modernizing Medicine has announced that it has closed $15M of an expected $20M in venture capital funding led by Summit Partners and Pentland Group. Many of the company’s investors are medical specialists who use EMA bringing its total funding to $44M. The EMR provider currently serving eight different medical specialties, more than 4,000 providers have adopted Modernizing Medicine’s EMA in their practices.
Developed by surgical physicians, EMA contains built-in specialty-specific medical knowledge and workflows. It can be accessed via the Internet virtually anywhere and at any time. This flexible format, combined with EMA’s touch-screen interface and advanced ICD-10 capabilities, gives providers the freedom they need to focus on their patients with the reassurance that charting plus coding for billing can be completed at the point of care. Today, One out of four dermatologists in the nation are using Modernizing Medicine’s Electronic Medical Assistant® (EMA™) iPad application to improve patient interaction and healthcare outcomes.
“At Modernizing Medicine we believe that properly captured and leveraged health data has the power to increase efficiency, improve patient outcomes and transform healthcare,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “This latest round of funding reinforces that belief and the strength of our market-differentiating products and services. With the investment we intend to continue focused development in the surgical-specialties, while also committing resources for development in telemedicine, IBM Watson and mobile applications.”
IBM Watson Partnership
Earlier this year, the company announced a partnership with IBM Watson to build a Watson-powered app called schEMA designed to help dermatologists offer optimized treatment options. Utilizing cognitive computing and natural language processing, schEMA comprehends published healthcare information, such as peer-reviewed medical journals, to enable physicians to ask questions about conditions, treatments and outcomes and get back answers in seconds. The goal is to strengthen physician’s recommendations and enable them to efficiently practice evidence-based medicine. The company also provides EMA for the specialties of ophthalmology, plastic surgery, orthopedics and otolaryngology and is expanding into gastroenterology, urology and rheumatology.
Modernizing Medicine continues to be recognized for its exceptional culture, leadership and growth. The company expects its employee base to continue to grow with approximately 100 new positions being created in the next 12-18 months. The company reported $17.5 million in revenue last year.