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ModMed is a technology company.
ModMed provides specialty-specific, cloud-based electronic health record (EHR) systems and practice management solutions designed for medical practices. The company builds a comprehensive platform that integrates clinical workflow, patient engagement, and revenue cycle management. Its technical approach emphasizes artificial intelligence, exemplified by tools like ModMed Scribe, which aims to streamline documentation and enhance efficiency for physicians.
The company was founded in 2010 by Daniel Cane and Dr. Michael Sherling. Cane, previously a co-founder of Blackboard, Inc., joined forces with Sherling, a practicing physician, to address the lack of intuitive, specialty-focused software in the healthcare industry. Their insight centered on the need for a system tailored to the unique demands of specific medical fields, moving beyond generic EHR platforms.
ModMed's products cater to a diverse range of specialty physicians, including dermatologists, gastroenterologists, ophthalmologists, and orthopedists, among others. The company’s long-term vision is to empower medical practices to grow and scale by delivering superior patient experiences through an intelligent, specialty-specific cloud platform. It aims to transform healthcare by placing doctors and patients at the center of care, fostering an AI-powered practice environment.
ModMed has raised $339.0M across 7 funding rounds.
ModMed has raised $339.0M in total across 7 funding rounds.
ModMed has raised $339.0M in total across 7 funding rounds.
ModMed's investors include Andrew Park, Summit Partners, Pentland Group, Sands Capital, Jesse Lane.
ModMed (formerly Modernizing Medicine) is a healthcare technology company founded in 2010 that builds cloud-based, specialty-specific software solutions, including its flagship Electronic Medical Assistant® (EMA™) electronic health record (EHR) system, practice management, revenue cycle management, patient engagement, and AI-powered tools like ModMed Scribe 2.0 for clinical documentation.[1][2][3] It serves over 40,000 providers across more than 700 practices in specialties such as dermatology, gastroenterology, orthopedics, urology, allergy, OBGYN, ophthalmology, ENT, pain management, plastic surgery, and podiatry, solving key problems like inefficient workflows, documentation burdens, and operational scaling by automating repetitive tasks and integrating clinical and administrative functions.[1][2][3][4] With reported revenue around $275M and strong growth momentum—evidenced by 700 practices using its solutions for 10+ years, recent AI advancements, and backing from Warburg Pincus—ModMed drives practice efficiency and patient outcomes through doctor-designed, AI-enhanced SaaS platforms.[1][4][5]
ModMed was founded in 2010 by Daniel Cane, a serial entrepreneur and former CEO/co-founder of Blackboard Inc., and Dr. Michael Sherling, a practicing dermatologist who serves as Chief Medical and Strategy Officer.[1][2] The idea emerged from Sherling's frustration with generic EHR systems that didn't meet specialty needs, leading the duo to create EMA™, starting with dermatology and expanding to other fields by employing practicing doctors to tailor the software.[1][2][3] Early traction came from its cloud-based innovation, with pivotal moments including multiple funding rounds totaling $332.7M (including a $231M round), acquisitions like gMed, and rebranding to ModMed to reflect its evolution into a comprehensive AI-powered practice platform; today, it employs over 4,000 people globally with headquarters in Boca Raton, Florida.[2][5]
ModMed rides the wave of AI-driven healthcare transformation, capitalizing on post-pandemic demands for telehealth, automation, and data analytics amid clinician burnout and rising operational costs.[1][3] Its timing aligns with regulatory pushes for interoperable EHRs and value-based care, where specialty-focused SaaS outperforms one-size-fits-all solutions from giants like Epic or Cerner.[2] Market forces like aging populations, specialty practice consolidation, and AI adoption (e.g., ambient scribing) favor ModMed, as it leverages clinical outcomes data for intelligent workflows, influencing the ecosystem by enabling smaller practices to scale competitively and setting standards for doctor-led health tech innovation.[1][4]
ModMed is poised for accelerated growth through AI expansion—like evolving Scribe 2.0 and native AI across billing and analytics—potentially capturing more market share in the $50B+ EHR space amid trends in personalized medicine and automation.[1][3] Regulatory tailwinds (e.g., AI oversight easing) and partnerships could drive acquisitions or IPO paths, evolving its influence from niche EHR leader to full-stack practice OS. As healthcare digitizes, ModMed's doctor-first model positions it to empower providers against big-tech encroachment, sustaining its trajectory of scaling practices nationwide.[2][5]
ModMed has raised $339.0M across 7 funding rounds. Most recently, it raised $231.0M Modernizing Medicine - Other Equity in May 2017.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 10, 2017 | $231.0M Modernizing Medicine - Other Equity | Andrew Park | |
| Sep 1, 2015 | $38.0M Series E | Summit Partners, Pentland Group, Sands Capital | |
| Nov 11, 2014 | $15.0M Modernizing Medicine - Other Equity | Pentland Group, Summit Partners | |
| Nov 1, 2014 | $15.0M Series D | Summit Partners | |
| Aug 20, 2013 | $14.0M Modernizing Medicine - Other Equity | Jesse Lane | |
| Aug 1, 2013 | $14.0M Series C | Summit Partners | |
| Dec 5, 2012 | $12.0M Modernizing Medicine - Other Equity | Pentland Group |