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Modernizing Medicine Turns Four and is Positioned for Success in 2014 after 2013 Growth

Published Date
Author Aaron Stoklosa

 

Happy 4th birthday to Modernizing Medicine! They say that time flies when you’re having fun, and the past few years here at ModMed are no exception. Our growing company’s birthday is the perfect time to reminisce about how momentous 2013 was for Modernizing Medicine and share our outlook for an even rosier 2014.

In 2013, we continued our mission to transform healthcare through our Electronic Medical Assistant® (EMA™) and are happy to report the following highlights of our 2013 performance.

Increased Market Share
Last year, we increased the number of providers using EMA to over 3,300 across the nation and achieved an increase in the dermatology market share to approximately 20 percent. We expanded our market reach further with the introduction of EMA for orthopedic surgeons and otolaryngologists, bringing our total number of surgical specialties served to six.

At the close of Q3 2013, we secured our largest round of funding to date from Summit Partners, one of the leading private equity firms in the country. The $14 million in funding allowed us to begin development of our electronic medical records (EMR) system for other medical specialties, including gastroenterology and rheumatology.

Corporate Growth
Modernizing Medicine grew its number of employees in 2013 by more than 30 percent to 165, including adding five more practicing physicians. During that same period, we expanded our corporate headquarters from 15,000 to 30,000 square feet to accommodate the additional headcount and product development demands.

Strategic Partnerships Formed
In the past year, Modernizing Medicine announced partnerships with Eyemaginations, Inc., PatientNOW, Nuance, 3Gen, Inc. and Miraca Life Sciences. Working with these innovative and influential market leaders enables Modernizing Medicine to offer a more robust product for EMA’s users.

Accolades
Modernizing Medicine and EMA earned third-party validation through a number of prestigious industry, corporate and regional awards this year, including:

Looking Ahead
During our first four years of growth, Modernizing Medicine focused on creating an innovative EMR system to help specialty physicians work more effectively, save time and interact with patients more efficiently. In the year ahead, the company will continue to focus on expanding its medical specialties and on leveraging outcomes data from millions of patient encounters to improve treatments and healthcare.

A key feature that is driving adoption of EMA in 2014 is our smart and easy approach to ICD-10. The change from the ICD-9 to the ICD-10 coding and billing system may be the most significant challenge for physicians to overcome this year, and EMA’s built-in, intelligent coding can considerably ease this transition for all specialties. As Mark D. Kaufmann, M.D., co-chair of the dermatology workgroup for the Certification Commission for Health Information Technology (CCHIT), put it: “I haven’t seen an ICD-10 solution like this anywhere else.” In addition, EMA has successfully completed testing for Meaningful Use Stage 2, which will contribute to rising demand.

2014 will also be the year of Modernizing Medicine’s first annual users conference: EMANation. More will be announced soon on dates, location and registration.

We thank our customers, investors, employees, partners and everyone who has contributed to the success of Modernizing Medicine over the past few years. We look forward to even more spectacular achievements in 2014.