Modernizing Medicine raises $15M for tablet-based EHR, virtual medical assistant

By Jonah Comstock

modernizing medicine EMABoca Raton, Florida-based Modernizing Medicine has raised $15 million from existing investors, the company announced yesterday. The round was led by Summit Partners and Pentland Group, both of which contributed to the company's previous $14 million round in August 2013.

Modernizing Medicine makes a mobile-based electronic health record targeted at specialists called EMA (electronic medical assistant). The company has more than 4,000 provider users according to a recent press release, including more than a quarter of US dermatologists. They use aggregated, deidentified data to create population-level insights that are then delivered back to the physician. 

"It’s not enough just to have big data," CEO and co-founder Daniel Cane said at an IBM Watson event earlier this year. "You have to have the right information that’s being collected so when you get to the point where you can do things with it you can actually make useful and informed decisions. So a few things we had to do differently. We, first of all, had to do it in the cloud. We had to liberate data from the silo, and we had to do it mobile. We wanted to [make it mobile] so we could have a touch-based experience that would really enhance the doctor-patient interaction. And we did it all using some predictive models, so as more people used the platform, the more intelligent it became. And today more than 100,000 patient encounters every day are done using this platform."

The company is also developing a new app as part of IBM Watson's ecosystem project, called schEMA. The new app will build on the work EMA does with aggregated EHR data, but add in Watson's ability to parse unstructured data, to give medical specialists the best data on treatment options for their patients.

"There’s so much great data being published in unstructured forms, whether it’s peer-reviewed journals or clinical research," Cane said at the IBM event. "So you need a way to combine those two worlds together, structured data from the electronic medical record and unstructured data from all the new findings and discoveries."

The company will use the funding to develop a number of projects like the Watson integration, adding surgical specialties, and developing telemedicine projects. They also intend to hire 100 employees in the next 12 to 18 months.

“Healthcare professionals need tailored technologies that make it easy not only to manage but also benefit from the exploding amounts of patient data,” Dr. Michael Sherling, Modernizing Medicine’s co-founder and chief medical officer, said in a statement. “In a relatively short time, we have developed a solution that does just that, enabling us to capture substantial market share and emerge as a physician-favorite EMR system."