Modernizing Medicine (ModMed) is a healthcare information technology (HCIT) software-as-a-service (SaaS) business and an emerging leader in the specialty electronic medical record (EMR) industry. The company’s mission is to make physicians and their practices more efficient through the application of intuitive yet highly specialized software and services. The company offers EMR solutions to various surgical and medical specialties. The company’s approach is unique in that they imbed medical specialists into their coding, testing, and development practices to ensure ease of use and allow the platform to be tailored to each medical specialty.
Market Expansion: ModMed is the EMR market leader in terms of market share in the dermatology space and has attractive expansion opportunities in ophthalmology, gastroenterology, plastic surgery, rheumatology and orthopedics. ModMed seeks to provide to these markets EMR solutions to conduct ambulatory surgery, process their large flows of pathology samples, and collect and analyze detailed data.
SAAS Platform Capabilities: By virtue of its cloud-based platform, ModMed can collect data in a centralized and structured format. Data collection unlocks a host of innovative features, including adaptive learning, enhanced coding functions, intra- and cross-practice data comparisons, post-market clinical trials, and collaboration with large pharmaceutical companies.
Healthcare Digitalization: HCIT benefits from the ongoing digitalization of the highly fragmented healthcare space. While most of the previous generation solutions were built on legacy on-premise systems technology that are difficult to update and customize, ModMed’s cloud-based solutions seek to be more efficiently updated and customized to the specific workflows within each medical specialty.
Application Attractiveness: The software is typically operated on a tablet and features highly intuitive, proprietary visualizations that enable physicians to spend less time constructing notes and billing and more time dedicated to patient care.
Company Reputation: The management team has fostered a highly innovative culture and has been recognized by Forbes as one of America’s 100 Most Promising Companies and one of the 10 Companies Revolutionizing Entrepreneurship.