On March 19, 2015, the International Business Machine
Corporation (IBM) announced
its undisclosed investment with Modernizing Medicine that caps at $20 million
Modernizing Medicine is a fast
growing South Florida based company with about 180 employees and $17.5 million
Recently recognized on Red
Herring’s Top 100 North America list as a top private company expected to be
successful in the near future, Modernizing
is the creator of a cloud-based, electronic medical record
(EMR) system called the electronic medical assistant system (EMA).
Powered by Watson, this patient care
application is used by more
5,000 physicians and encompasses various medical specialties: dermatology,
ophthalmology, orthopedics, otolaryngology, gastroenterology, rheumatology,
urology and plastic and cosmetic surgery markets.
The EMA system enables physicians to treat
patients efficiently and allows for the improvement of healthcare by analyzing
massive amounts of published medical data, tracking outcomes, and providing
clinical decision support.
IBM’s investment aims
to help Modernizing Medicine accelerate its market expansion, and to help
promote and grow the IBM Watson unit. Daniel
Cane, the co-founder of Modernizing Medicine, believes that the partnership
with IBM is an “exciting milestone” that provides Modernizing Medicine the
ability to deliver and enhance specific solutions to healthcare providers.
The IBM Watson
unit was launched in January 2014 with the purpose of bringing cloud-delivered
cognitive applications to the surface. This
technology is unique in that it not only stores data and understands complex
questions, but it also self-develops knowledge and value through interactions. The Watson unit has successfully been put into
practice in other industries. For
example, IBM has partnered with WellPoint, the University of MD Anderson Cancer
Center, Cleveland Clinic Lerner College of Medicine, amongst others. In regards to the partnership with Modernizing
Medicine, Vice president of IBM Watson, Stephen Gold commented:
“Modernizing Medicine is a great example of the breakthrough
innovation we have seen from our partners who are building a new class of cognitive
computing solutions powered by Watson. . . . IBM’s investment will help speed
the introduction of their schEMA app and demonstrates how Watson can be used by
medical professionals to improve how they practice evidence-based medicine.”
The EMA system is available
for use in the United States through mobile devices, iPads, and even through
Macs or PCs. To this day, Modernizing
Medicine has raised
$49 million dollars with an expectancy of $50 million in revenue for 2015.
Cindy Medina is a currently 2L at DePaul University College
of Law. She would like to focus her career on Health Law after graduation.