StageUnattributed | Alive
Last Raised$53.37M | 1 yr ago
About Modernizing Medicine
Modernizing Medicine offers cloud-based electronic health records and practice management systems designed for clinical, financial and operational aspects of dermatology, gastroenterology, ophthalmology, orthopedics, otolaryngology, pain management, plastic surgery, rheumatology, and urology practices. The company also offers products designed specifically for ambulatory surgery centers.
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ESPs containing Modernizing Medicine
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The electronic health records (EHR) — general market consists of technology vendors offering solutions to digitize and optimize healthcare across various settings. These solutions aim to improve patient safety, transitions of care, chronic care management, patient engagement strategies, and workflow automation. The market also addresses the problem of manual data management in healthcare instituti…
Modernizing Medicine named as Highflier among 5 other companies, including NextGen Healthcare, Netsmart Technologies, and Elation Health.
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Expert Collections containing Modernizing Medicine
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Modernizing Medicine is included in 6 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
Tech IPO Pipeline
The digital health collection includes vendors developing software, platforms, sensor & robotic hardware, health data infrastructure, and tech-enabled services in healthcare. The list excludes pureplay pharma/biopharma, sequencing instruments, gene editing, and assistive tech.
Companies developing, offering, or using electronic and telecommunication technologies to facilitate the delivery of health & wellness services from a distance. *Columns updated as regularly as possible; priority given to companies with the most and/or most recent funding.
Modernizing Medicine Patents
Modernizing Medicine has filed 16 patents.
The 3 most popular patent topics include:
- Health informatics
- Medical terminology
- Data management
Health informatics, Diagrams, Electronic health records, Medical terminology, Data management
Health informatics, Diagrams, Electronic health records, Medical terminology, Data management
Latest Modernizing Medicine News
Nov 16, 2022
To embed, copy and paste the code into your website or blog: <iframe frameborder="1" height="620" scrolling="auto" src="//www.jdsupra.com/post/contentViewerEmbed.aspx?fid=a10481ac-ef4e-41de-a591-a6d6b919c0f1" style="border: 2px solid #ccc; overflow-x:hidden !important; overflow:hidden;" width="100%"></iframe> The Justice Department continues to pile up healthcare enforcement actions — false claims, anti-kickback, and fraud. DOJ is on its way to a record year. In a recent enforcement action, Modernizing Medicine (“ModMed”), an electronic health record (“EHR”) vendor, agreed to pay $45 million for AKS and False Claims Act violations for receiving bribes in exchange for referrals and causing users to falsely report information about federal incentive payments. (The AKS statute prohibits any person from offering or paying, directly or indirectly, any remuneration, money or any other thing of value, to secure referrals of items or services covered by Medicare, Medicaid and other federally funded programs). ModMed violated the False Claims Act through three marketing programs: First, ModMed solicited and received kickbacks from Miraca Life Sciences (“Miraca”) in exchange for recommending and arranging for ModMed’s users to utilize Miraca’s pathology services. Between January 2010 and December 2013, ModMed facilitated EHR donations to ModMed customers by Miraca that did not comply with the requirements of the AKS because the donation decisions took into account the volume or value of the referrals of laboratory tests or other business between EHR donation recipients that were ModMed customers and Miraca and therefore did not meet the requirements of the AKS safe harbor exception applicable to EHR donations, 42 C.F.R. § 1001.952(y). ModMed customers submitted tainted claims for reimbursement to the federal health care programs for pathology services performed by Miraca from January 2010 to December 2013, and also submitted tainted claims for meaningful use incentive payments under the HHS EHR Incentive Programs (the “Meaningful Use Programs”) of the Centers for Medicare & Medicaid Services (CMS). Second, ModMed conspired with Miraca to improperly donate ModMed’s EHR to healthcare providers to increase lab orders to Miraca and add customers to ModMed’s user base. In September 2013, Miraca paid ModMed an initial fee and increased transaction fees to develop and include in its EHR software, certain enhanced interface features that ModMed agreed, for a period of time, not to offer to any other pathology laboratory. Third, ModMed paid kickbacks to its current health care provider customers and other influential sources in the healthcare industry to recommend ModMed’s EHR and refer potential customers to ModMed. As a result, the United States alleges that between January 2010 and July 2017, ModMed users submitted tainted claims for incentive payments under the Meaningful Use Programs. The electronic health record industry has been the focus of False Claims Act investigations and enforcement actions. DOJ’s focus recognizes EHRs are critical to informing physician decision making and ensuring that healthcare providers select EHR technologies free from improper influence. According to DOJ, ModMed improperly generated sales for itself and for Miraca, while causing health care providers to submit false claims for reimbursement for pathology services and for incentive payments for the adoption of ModMed’s EHR system. In January 2019, Miraca agreed to pay $63.5 million to resolve allegations it violated AKS and Stark Law by providing to referring physicians subsidies for EHR systems and free or discounted technology consulting services. The False Claims Act was initiated by a qui tam relator, who received a payment of $9 million out of the $45 million settlement.
Modernizing Medicine Frequently Asked Questions (FAQ)
When was Modernizing Medicine founded?
Modernizing Medicine was founded in 2010.
Where is Modernizing Medicine's headquarters?
Modernizing Medicine's headquarters is located at 4850 T-Rex Avenue, Boca Raton.
What is Modernizing Medicine's latest funding round?
Modernizing Medicine's latest funding round is Unattributed.
How much did Modernizing Medicine raise?
Modernizing Medicine raised a total of $393.79M.
Who are the investors of Modernizing Medicine?
Investors of Modernizing Medicine include Warburg Pincus, Summit Partners, Pentland Group, Sands Capital, Silicon Valley Bank and 3 more.
Who are Modernizing Medicine's competitors?
Competitors of Modernizing Medicine include athenahealth and 3 more.
Compare Modernizing Medicine to Competitors
eClinicalWorks is a privately-held provider in ambulatory clinical solutions. The company's technology extends the use of electronic health records beyond practice walls and creates community-wide records. The company has an established customer base of more than 100,000+ physicians and 600,000+ users across all 50 states.
Bridge Connector is a subscription-based service platform for healthcare providers. The technology creates a secure connection to access patients' electronic medical records and other data across different systems or locations.
Redox offers an application program interface technology designed to eradicate technical barriers in healthcare systems. It provides a modern application programming interface (API) for healthcare, allowing software to easily and securely interoperate with electronic health records (EHRs) in a health system infrastructure. The company was founded in 2014 and is based in Madison, Wisconsin.
iCareBilling is a medical billing company. The company offers medical billing services compatible with all EHRs and specialties across the United States. The company provides a variety of services, such as denial management, insurance credentialing, web design services, and more. The company was founded in 2020 and is based in Chicago, Illinois.
Zesty is a consumer healthcare platform allowing consumers to find, compare and book healthcare professionals near them in real time.
PointClickCare helps care providers to connect, collaborate, and share data within their network. PointClickCare provides diverse care teams across the care continuum with real‐time patient insights at any stage of a patient’s healthcare journey, enabling better decision-making and improved clinical outcomes at a lower cost.
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