Modernizing Medicine Completes a $12 Million Capital Raise
Modernizing Medicine, the creator of the Electronic Medical Assistant (EMA), a cloud-based specialty-specific EMR application, announced today that it completed a $12 million capital raise, with a combination of equity capital and a senior bank debt facility. The equity round was led by return backer Pentland Group plc, and joined by many of Modernizing Medicine's customers. Modernizing Medicine plans to use the funding to, among other things, accelerate growth in existing markets, launch into new specialty-specific verticals and to continue ongoing product innovation.
Modernizing Medicine's user-friendly EMA adapts to each healthcare provider's unique style of practice, and integrates seamlessly into the practice's workflow. EMA saves physicians and their staff time as it comes with built-in medical knowledge, features keyboard-less entry and has the ability to generate medical history in a matter of seconds, as well as notes, billing, prescriptions, patient handouts and encounter forms. EMA is available as a native iPad application, or from any web-enabled Mac or PC. Today, Modernizing Medicine provides specialty-specific offerings for the dermatology, ophthalmology, optometry and plastic surgery markets.
"When I was first introduced to EMA, I could see right away that it was different from all of the other EMRs on the market. From my early conversations with Dan and Michael, I realized that not only was EMA an excellent product, but that the team behind it and their growth strategy was right on the mark," said David F. Jaffe, MD and Modernizing Medicine customer and investor. "I jumped on board quickly as a practitioner and as an investor in the company's Series A round of funding and have been delighted to watch Modernizing Medicine grow. When the opportunity to increase my investment in the company by contributing to the Series B round of funding surfaced, it was a no brainer for me. EMA is awesome and will change any physician's practice for the better."
Physicians in the plastics, orthopedics and ENT markets also participated in the offering as investors and look forward to using EMA when it launches in their specialty-specific verticals.
"I was absolutely impressed with Modernizing Medicine's ability to create EMA Dermatology and effectively capture over 12% of the dermatology market in such a short time," said Dr. Young Cho, MD, EMA Plastic Surgery beta tester and Modernizing Medicine investor who invested prior to the product's launch in October. "Modernizing Medicine is truly changing the way dermatologists practice, saving them both time and energy. I have been anxiously awaiting the arrival of EMA Plastic Surgery, and I'm confident they're going to be able to provide plastic surgeons with the same outstanding product they did for dermatology and other specialties."
"Having current and future customers as investors is a true tribute to EMA and its ability to improve a physician's practice. These are the folks using our product and they're willing to support it because they know it works," said Dan Cane, CEO and co-Founder of Modernizing Medicine. "I was overwhelmed by the support that we received and look forward to making sure EMA remains the best EMR available on the market today."
Modernizing Medicine plans to launch EMA for the orthopedic and ENT markets in 2013. Earlier this year the company was named the "Fastest Growing Company" in South Florida by the South Florida Business Journal (SFBJ) in its 'Fast 50.' The publication also named CEO and co-Founder Dan Cane one of South Florida's best and brightest young professionals in its '40 Under 40.'
About Modernizing MedicineModernizing Medicine is delivering the next generation of electronic medical records (EMR) technology for the healthcare industry. Our product, Electronic Medical Assistant (EMA), is a cloud-based specialty-specific EMR with a massive library of built-in medical content, designed to save physicians time. Available as a native iPad application or from any web-enabled Mac or PC, EMA adapts to each provider's unique style of practice and is designed to interface with over 400 different practice management systems. Today, Modernizing Medicine provides specialty-specific offerings for the dermatology, ophthalmology, optometry and plastic surgery markets, and to more than 700 practices across the country.