Modernizing Medicine, the developer of a cloud-based, specialty-specific electronic medical records (EMR) system built by practicing physicians, announced that it has signed a definitive agreement to acquire Weston, Florida-based gMed, another developer of health IT services.
The acquisition is expected to increase Modernizing Medicine’s gastroenterology market share with the addition of gMed’s electronic health record (EHR) system, endoscopy report writer, practice management solution, patient portal, data analytics tool and revenue cycle management.
Fully scalable through the cloud or using an on-site server, gMed’s products are all Meaningful Use Certified and ICD-10 compliant. Modernizing Medicine’s acquisition of gMed is subject to certain customary conditions to closing and pending fulfillment of such conditions, the company anticipates closing the transaction in the third quarter of this year.
Joe Rubinsztain, MD, CEO and founder of gMed, will hold the title of President of gMed and become a part of the Modernizing Medicine senior management team following the closing.
Available as a native iPad application and from almost any Web-enabled Mac or PC, Electronic Medical Assistant (EMA) platform is designed to adapt to a medical provider’s individual style of practice.
The ICD-10 ready EMR system is available for the dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, urology and plastic surgery markets and is used by over 6,000 providers in the United States and its territories.
The Modernizing Medicine family of companies also provides specialty-specific billing and inventory management.
Daniel Cane and Modernizing Medicine co-founder and Chief Medical Officer Michael Sherling, have grown the company from inception with four rounds of financing, the most recent round occurring in November and December 2014 with a $16.5 million investment by Summit Partners, Pentland Group and previous investors.
Since founding the company in 2010, Cane has led his team to raise a total of over $45.5 million in funding and to hire over 200 employees.
In December 2014, the company acquired Aesyntix Health, which enabled Modernizing Medicine to provide revenue cycle management, inventory management and a medical group purchasing organization to its customers.
Cane and Dr. Sherling have also developed an application within EMA, schEMA powered by IBM Watson.
The app has been created as part of Modernizing Medicine’s participation in the IBM Watson Ecosystem program designed to help organizations develop a new generation of apps infused with Watson’s cognitive computing intelligence.