NEW YORK and BOCA RATON, Fla., March 19, 2015 /PRNewswire/ — To accelerate the adoption of Watson cognitive computing in healthcare, IBM (NYSE: IBM) today announced an investment in Modernizing Medicine, a provider of cloud-based, specialty-specific electronic medical records (EMR) systems and other technologies that capture structured data, track outcomes and deliver clinical decision support.
This is the latest direct investment that IBM has made through its $100 million fund to seed Watson innovations. The investment caps $20 million in Series D funding secured by Modernizing Medicine, raising its overall funding total to $49 million. Modernizing Medicine is the creator of the Electronic Medical Assistant® (EMA™), a specialty-specific EMR system, and provider of comprehensive specialty-specific billing, revenue and inventory management solutions. Over 5,000 healthcare providers in the U.S., including approximately 30 percent of dermatologists, use Modernizing Medicine’s platform. According to the recent 2015 Black Book Market Research report, the company’s EMA Dermatology™ solution ranked first overall in the dermatology space for the second consecutive year.
The funding from IBM and other investors will help Modernizing Medicine accelerate market expansion in eight medical specialties, as well as enhance and expand its suite of solutions. This includes further development of schEMA, the company’s mobile app accessed through EMA that leverages the cognitive computing power ofWatson to give physicians rapid clinical decision support at the point of care. schEMA is able to analyze massive amounts of published, peer-reviewed medical data and healthcare research to help physicians practice enhanced evidence-based medicine.