Modernizing Medicine, creator of the Electronic Medical Assistant, a specialty-specific EMR app in the cloud, raised $12 million in capital.
The money came as a combination of equity capital and a senior bank debt. The funding is expected to accelerate company growth in existing markets, as well as launch them into new specialty-specific verticals and continue product innovation.
Leading the equity round was Pentland Group plc, and many Modernizing Medicine customers.
Modernizing Medicine says its user-friendly Electronic Medical Assistant adapts to each healthcare provider’s unique style of practice, integrating seamlessly into the practice’s workflow. The system is seen as a physician time saver, with its built-in medical knowledge, keyboard-less entry and ability to generate medical history in seconds. The company says notes, billing, prescriptions, patient handouts and encounter forms are all included in the Assistant, which runs as a native iPad application, or on any web-enabled Mac or PC.
“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 sign that the company really is doing something right.