Modernizing Medicine, Inc., a Boca Raton, Florida-based specialty-specific health information technology provider, received a $231m investment.
Funds affiliated with Warburg Pincus have made the investment into the company to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors. In conjunction with the transaction, Fred Hassan, Managing Director, Warburg Pincus and the former CEO and Chairman of Schering Plough and Executive Chairman of Bausch & Lomb, and Amr Kronfol, Principal, Warburg Pincus, joined Modernizing Medicine’s Board of Directors.
The company will use the proceeds to pursue certain strategic initiatives, that may include automation of prior authorization workflows, deployment of an eCommerce platform, investment in data exchange and reconciliation to allow practices to move clinically relevant data throughout the ecosystem of a patient’s healthcare experience and improvement of access to healthcare via telemedicine.
Founded in 2010 by Daniel Cane and Dr. Michael Sherling, Modernizing Medicine offers a full suite of products and services for physicians including Practice Management, Revenue Cycle Management, Telehealth for dermatology, Analytics, etc.
Its EMA™ is a mobile, cloud-based, specialty-specific electronic health record (EHR) system used by thousands of specialty practices nationwide including