Cloud based, specialty-specific EMR provider, Modernizing Medicine has announced that it has completed an acquisition of Aesyntix Health, Inc. on Dec. 22, 2014. Financial details of the acquisition have not been disclosed. The privately held based in Roseville, California provides dermatology and cosmetic surgery practices with three specialty specific offerings:
– Aesyntix Billing Solutions for revenue cycle management
– Aesyntix Inventory Management (AIM)
– Aesyntix Physician Network (APN), medical group purchasing organization (GPO)
The acquisition enables Modernizing Medicine with a specialty-specific revenue cycle management (RCM), inventory management and GPO solution for customers using its flagship product, Electronic Medical Assistant® (EMA™). The combined technology will streamline claim processing and collections in addition to specialty certified billing managers to provide RCM expertise to its end users.
“Our new specialty-specific RCM service along with EMA can create more efficient, streamlined billing processes at the point of care to help reduce denials, monitor and maximize reimbursements, decrease the cost of collections and increase revenue for providers,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “Nearly 5,000 physicians already use EMA, and most prefer one vendor for both their RCM service and EMR system. It means there is a single source for services, systems and support plus an opportunity for greater efficiencies and cost savings when customers choose combined offerings.”
“We are excited to join forces with Modernizing Medicine; it is a win all around,” said Clark Avery, CEO of Aesyntix. “Not only will the employees be part of a rapidly growing and leading healthcare technology company with a clear mission of modernizing medicine through specialty solutions, but also our customers can benefit from the stronger combined offerings.”
Last month, the company 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.
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. The company is expected to report $30 million in revenue in 2014 and is targeting $50 million in 2015.