By: Marisa Herman Associate Editor
Boca Raton-based Modernizing Medicine has received a new $231 million investment from New York private equity firm Warburg Pincus.
The health technology company, which focuses on developing niche electronic medical records, said the money will go toward expanding the company.
CEO and co-founder Dan Cane said the money will allow the company to “pour little more jet fuel in the engine” when it comes to hiring more people and deploying more resources.
Headquartered in Research Park at Florida Atlantic University, the company has been around for seven years and has grown from 60 employees to 550 employees. It has already raised $90 million.
“It has been a great run,” Cane said. “But in almost every way we have been resource constrained.”
He said the company has plans to recruit locals for positions. He said the company recruits out of local colleges including FAU, Palm Beach State College, Lynn University and Nova Southeastern University.
“The majority of our spend is people,” he said. “South Florida has a wealth of resources to be able to recruit from.”
Cane said the focus of the company will remain on four specialities in health care: dermatology, gastroenterology, orthopedics and ophthalmology.
“We are an extremely focused company,” he said. “We don’t serve the mass market of health care.”
He said focusing on the specialities is what makes Modernizing Medicine unique.
“The plan is to be able to invest in a larger team and to invent and innovate some new products,” he said.
Modernizing Medicine was founded in 2010 by Cane and Dr. Michael Sherling.
The new funding will help the company pursue new initiatives including: automation of prior authorization workflows, deployment of an eCommerce platform and improving access to healthcare through telemedicine.
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, will serve on Modernizing Medicine’s Board of Directors.
“Health care is bigger than just the clinical experience,” Cane said. “It is exciting for us to keep growing.”