Modernizing Medicine has raised $12 million in funding to continue its efforts to bring medical records into the cloud.
The South Florida-based company known for its electronic medical record (EMR) application for the iPad. It said the investment was led by Pentland Group and included many of its physician customers.
Modernizing Medicine has experienced fast growth, but it faces increasing competition from Athenahealth, Practice Fusion, and others. Healthcare IT companies have sprouted up like daisies since Meaningful Use, the government mandate that gives hospitals and health providers incentives to shift their paper-based records to the cloud. In 2009, President Barack Obama signed the The Health Information Technology for Economic and Clinical Health (HITECH) Act was signed into law, and physicians took note.
And so did startups and tech companies.
Modernizing Medicine’s cloud-based software has proven to be a hit with dermatologists — it has captured 12 percent of the U.S. market. Modernizing Medicine views this as a major proof point in a market that is flooded with over 300 EMR systems.
Founder Daniel Cane is one of many experienced entrepreneurs to see opportunities in this space. Prior to starting the company, Cane co-ounded Blackboard Inc., a maker of learning management software for higher education and K-12.
“Modernizing Medicine is fundamentally changing the way that healthcare providers create and consume medical information in ways that increase efficiency, improve patient outcomes and lower costs,” said Cane.
He said Modernizing Medicine’s specialty-specific model helps it stand out, and that it’s learning management software was developed to get smarter — as physicians’ ramp up their use, it will optimize to save them time. For instance, the it displays the “most-used” features prominently.
With the additional $12 million, Modernizing Medicine will accelerate the development of its product — its plan includes applications for orthopedic and ear, nose, and throat specialists.
To date, Modernizing Medicine has received $19.1 million in funding.