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The health care industry is undergoing radical surgery. Internet startups are taking up scalpels to cut out decay and create new, more efficient, healthier systems, and they are raising millions of dollars to do so.
Modernizing Medicine has received $14 million from Summit Partners for its specialty-specific electronic medical record (EMR) system. MM builds EMR systems for dermatology, ophthalmology, optometry, plastic surgery, cosmetic surgery, and orthopedics. Providers can use its electronic medical assistant (EMA) iPad app to electronically take notes, prescribe labs, and get results. The app also has preprogrammed medical billing and expertise.
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Over half of doctors in the U.S. have ditched paper-based systems in favor of cloud-based electronic health records (EHR), and the market is estimated at between $6 billion and $10 billion. The U.S. government is pushing health care providers to shift to digital systems. Companies like Practice Fusion and CareCloud have raised more than $30 million of venture capital to effect this change, but there are more than 300 electronic health record vendors in the market today.
Modernizing Medicine stands out because its systems are customized to the distinct requirements of different specialities. Doctors in the American medical system are highly specialized, and the needs of a plastic surgeon are not the same as an optometrist. The company works with over 2,700 providers at more than 1,000 practices. This financing will support expansion into new areas.
It is based in Boca Raton, Fla.