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Modernizing Medicine Named SFBJ’s #1 Fastest Growing Company for 2nd Year in a Row

The sales are pouring in at Modernizing Medicine, the company that’s taken dermatology clinics by storm with its cloud-based electronic medical records program.
The Boca Raton-based company landed in the top spot in the Fast 50, with an astounding 5,175 percent sales growth from 2010 to 2012 – when it rang up $11.5 million in sales. Founded only three years ago, the company has 130 employees and more than 900 practices using its Electronic Medical Assistant program. Running on the iPad, it allows doctors to quickly document and capture images of patient encounters.
This is the third successful company co-founded by Daniel Cane. He previously founded and sold both Blackboard and Kadoo.
Cane recently answered questions from the Business Journal about launching a rapidly growing business. The following has been edited for clarity and brevity:
Q: When you were starting Modernizing Medicine, what key decisions were made that helped it grow so quickly?
Cane: There was a tremendous pent-up demand in the health care industry for technology that would make them real efficient. If you think about the Internet’s impact, it made major changes in everything, but the physician’s office was left behind. Then there was the cloud and shifting from client-based server applications that were expensive and cumbersome and required doctor’s offices to invest heavily in IT. With the cloud, we offered services to them with just an iPad and server connection. Then, there was the development of mobile applications. The real shift wasn’t just the device, but we did something to make doctors more efficient to improve their quality of life and increase their revenue.
Q: One of the challenges for companies with rapid sales growth is providing enough good customer support to keep up with new clients. How did you handle this?
Cane: That was the biggest challenge. Fortunately, South Florida is a tremendously rich environment for hiring tech-savvy health care professionals …. The beautiful thing about a subscription model like this is everything moves in waves that are sort of predictable. So we would get an uptick in sales and we would start training people to be ready in two months. We aren’t overspending, trying to guess where the bump would be because we had data telling us when we needed them. If you monitor the various stages of sales cycle, you can predict when sales will close, and you can predict your training needs and your supporting needs for your clients.
Q: As a young company handling crucial information for doctors, how did you assure them that you would be a reliable partner?
Cane: This is the most mission-critical information and the most sensitive information, and we feel a tremendous obligation to take care of that data. We refer them to other doctors who use our products, and they ask if it ever went down and they say: “No it’s always been there when I needed it.”
Q: How do you motivate and incentivize employees to help the company reach its sales goals?
Cane: We’re very proud of being named one of the Business Journal’s best places to work. It’s because we take tremendous pride in the organization and we acknowledge the employees’ contributions. That comes from the top, but it’s something that each and every employee feels. There is bonus compensation tied to company performance; we purchase meals for employees.
Q: What are you doing to keep the growth pace going?
Cane: We are constantly looking for ways to enhance the existing product suite and expand into new markets. We started in dermatology, added ophthalmology and optometry, and this year added plastic surgery. We are about to add orthopedics. Over 15 percent of the entire dermatology market utilizes our product – but that’s 15 percent in just one vertical and we still have 85 percent of just dermatology to expand the product into.
THE DETAILS:
Dan Cane
President and CEO, Modernizing Medicine
• Education: B.S. in applied economics, Cornell University
• Career stops: Co-founder, Blackboard; founder/CTO, Kadoo

By: Brian Bandell on in News