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Modernizing Medicine Is Named One of 'America's Most Promising Companies' by FORBES
By: Marketwire .
Feb. 6, 2013 10:23 AM
BOCA RATON, FL -- (Marketwire) -- 02/06/13 -- Modernizing Medicine, the creator of the Electronic Medical Assistant (EMA), a cloud-based specialty-specific electronic medical records (EMR) application, announced today that it has been listed at No. 47 on FORBES' annual ranking of America's Most Promising Companies -- a list of one hundred privately held, high-growth companies with bright futures.
"We are honored to be recognized alongside so many innovators as one of America's Most Promising Companies," said Daniel Cane, Modernizing Medicine's President and CEO. "This has been an incredible year of growth for Modernizing Medicine and to receive this award from one of the world's leading business publications is confirmation that our transformative technology is making its mark on the healthcare industry."
FORBES' list of 'America's Most Promising Companies' features 100 privately held up-and-comers that are poised to grow and change the world with their compelling business models, strong management teams, notable customers, strategic partners and dynamic investors.
For the Most Promising list, FORBES strove for a holistic gauge of young, privately-held companies, trying to pin down their trajectories by looking at a slew of variables. Over the course of six months FORBES reviewed thousands of applications. The final assessment is based on growth (both in sales and hiring), quality of management team and investors, margins, market size and key partnerships. FORBES turned to CB Insights, a Manhattan-based data research firm that specializes in assessing private companies, to refine the search. Their MOSAIC software scans 45,000 sources to measure a company's health. A new distribution deal, for example, marks a positive signal, while the loss of an executive is a negative. MOSAIC gathers those myriad signals into a final score that FORBES uses as an initial guide in producing the list. After verifying sales numbers, speaking with each company and debating their merits and blemishes, FORBES produces a final ranking.
Modernizing Medicine's inclusion on FORBES' list comes at the close of an incredible year for the three-year old company. In 2012, Modernizing Medicine grew its customer base by over 1000%, bringing the total number of providers using EMA to over 2,000. Modernizing Medicine also more than doubled its staff, grew its product line with the addition of EMA Plastic Surgery and closed a $12 million dollar capital raise, with a combination of equity capital and a senior debt bank facility. The company was named the #1 Fastest Growing Company in South Florida by the South Florida Business Journal in its "Fast 50," the #1 "Top Mobile Startup in South Florida" by the South Florida Technology Alliance and was named one of the "2012 Florida Companies to Watch" by the Florida Economic Gardening Institute. Daniel Cane was also recognized as a great leader and innovator with '40 Under 40' awards from the South Florida Business Journal and Enterprise Florida, Inc.
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