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MODERNIZING MEDICINE TO GO ON HIRING BLITZ, BREAK INTO TELEMEDICINE: CEO

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Daniel Cane says Modernizing Medicine has entered into a revenue-sharing deal with IBM.

The co-founder of a Boca Raton medical technology startup said Tuesday his company is about to embark on a hiring blitz, adding at least 100 new employees to his 430-person firm.

Daniel Cane, co-founder and CEO of five-year-old Modernizing Medicine, told the South Florida Business Journal that he’s bullish on his firm’s ability to tap into the South Florida tech talent pool, even as others have criticized the availability of human resources locally to fill positions in forward technology companies.

“We plan on hiring a whole lot more in South Florida,” Cane said, pooh-poohing the idea that might be a tall order in a market not exactly known for minting new developers.

“We still have this aura of South Florida not being able to find and develop technology talent, and that just isn’t true,” he said. “One of our summer interns wrote an entire Apple Watch suite of applications that we’re going to deploy to thousands of our customers, and he’s an undergraduate at FAU.”

“I hear it over and over that it’s a tough market to build a technology company here,” he added. “But I look around and I see Citrix and Ultimate Software. We have great technology companies.”

Cane can afford to be bullish on South Florida. His firm announced Monday it had received a $38 million infusion of capital from investors including Pentland Group Summit Partners and Sands Capital Ventures. The deal is the largest publicly announced VC round in South Florida this year. Consulting firm PricewaterhouseCoopers estimates there were $85.6 million in venture capital investment in Southeast Florida during the first quarter of 2015 and $153.7 in the second quarter.

Modernizing Medicine, which provides practice-specific electronic medical record software to medical specialists, plans to use the capital raise to strengthen its current offerings and develop two more software solutions. One new product will be enterprise software customized to help doctors who perform analysis on the biopsies they perform. Most doctors hand off that task to medical technicians, but a minority who prepare and read their own slides in medical labs do not have tools to properly annotate results into medical records.

A second product to be developed is an app that will tap into the much-hyped market for telemedicine, basically allowing patients and doctors to have a consultation over a video-chat. Cane said that with 35 percent of American dermatologists as clients of Modernizing Medicine’s electronic records solution, his company was uniquely positioned to roll out a telemedicine app in that market.

“We have a pretty big advantage by being in [electronic medical records],” Cane said.

South Florida Business Journal
Eleazar David Meléndez, Reporter