Modernizing Medicine secures $20M Series D with participation from IBM

schEMA - Powered By IBM Watson

IBM is investing in Modernizing Medicine, a provider of cloud-based, specialty-specific electronic medical records (EMR) systems and other technologies that capture structured data, track outcomes and deliver clinical decision support. The company counts more than 5,000 healthcare providers in the U.S., including approximately 30% of dermatologists.

Big Blue has helped Modernizing Medicine’s Series D round reach the $20 million mark, bringing the total money raised by the company to $49 million. The fresh capital will help Modernizing Medicine accelerate market expansion in eight medical specialties, as well as enhance and expand its suite of solutions. This includes further development of schEMA, which is accessed through EMA and which leverages the cognitive computing power of Watson to give physicians rapid clinical decision support at the point of care. For instance, schEMA allows dermatologists to ask questions in natural language about possible symptoms and treatments, and within seconds receive an informed, evidence-based response. This is made possible by Watson’s ability to quickly query and identify relevant information contained in thousands of medical journals, research studies and other documents.

schEMA allows dermatologists to ask questions in natural language about possible symptoms and treatments, and within seconds receive an informed, evidence-based response.“IBM’s investment will help speed the introduction of their schEMA app and demonstrates how Watson can be used by medical professionals to improve how they practice evidence-based medicine,” said Stephen Gold, vice president at IBM Watson.

Developed by practicing physicians, EMA is an ICD-10 ready, cloud-based native iPad application built using structured data technology plus specialty-specific medical knowledge and workflows. The system is designed to accommodate the accelerated movement towards new quality-of-care reporting and outcome-based reimbursement.

IBM’s previous healthcare investments include Pathway Genomics, a clinical laboratory that offers genetic testing services; and Welltok, an industry leader in health optimization solutions.