Mobile, cloud based, specialty-specific EHR provider, Modernizing Medicine announced that Warburg Pincus, a global private equity firm has made an investment of $231 million into the company to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors.
With the latest round of funding, the Boca Raton, FL-based company plans pursuing certain strategic initiatives that may include automation of prior authorization workflows, deployment of an eCommerce platform, investment in data exchange and reconciliation to help practices move clinically relevant data effectively throughout the evolving ecosystem of a patient’s healthcare experience and improvement of access to healthcare via telemedicine.
Founded in 2010 by Daniel Cane and Dr. Michael Sherling, Modernizing Medicine’s data-driven, touch- and cloud-based products and services are programmed by a team that includes practicing physicians to meet the unique needs of dermatology, gastroenterology, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, rheumatology and urology practices, as well as ambulatory surgery centers. To date, Modernizing Medicine has more than 3,300 specialty physician practices across the country using its cloud based EMR systems. Today, One out of four dermatologists in the nation is using Modernizing Medicine’s Electronic Medical Assistant® (EMA™) iPad application to improve patient interaction and healthcare outcomes.
“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes,” said Daniel Cane, CEO and co-founder of Modernizing Medicine in a statement. “Warburg Pincus brings deep experience in the healthcare technology sector and this investment can help further our growth, bolster innovation and support our clients.
