Modernizing Medicine Secures $10MM Credit Facility from Silicon Valley Bank
Client News | August 28, 2015
BOCA RATON, Fla. — August 28, 2015 — Modernizing Medicine, Inc., the creator of the Electronic Medical Assistant® (EMA™), a cloud-based, specialty-specific electronic medical record (EMR) system, announced today that it has secured a long-term credit facility from Silicon Valley Bank (SVB). Modernizing Medicine will use the funds for working capital and growth initiatives.
"We appreciate Silicon Valley Bank's support of Modernizing Medicine's continued growth in creating award winning EMR systems encompassing structured data, cloud and mobile technologies, and delivering an expanding suite of solutions to our specialties," shares Dan Cane, CEO and co-founder of Modernizing Medicine.
"The opportunity to work with fast growing and innovative technology companies like Modernizing Medicine is what excites us at SVB," said Andy Kirk, Director of Structured Finance in the Southeast for Silicon Valley Bank. "We have confidence in Dan, Michael, Karen and Mark and the rest of the management team. Our relationship is intended to increase the company's probability of success as it develops and delivers solutions that are transforming healthcare."
About Modernizing Medicine
Modernizing Medicine® is transforming how healthcare information is created, consumed and utilized in order to increase efficiency and improve outcomes. Our flagship product, Electronic Medical Assistant® (EMA™), is a cloud-based, specialty-specific electronic medical records (EMR) system built by practicing physicians. Available as a native iPad application and from almost any web-enabled Mac or PC, EMA adapts to each provider's unique style of practice. This ICD-10 ready EMR system is available for the dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, urology and plastic surgery markets and used by over 6,000 providers in the United States and its territories. The Modernizing Medicine family of companies also provides specialty-specific billing and inventory management. Follow Modernizing Medicine on Twitter at www.modmed.com/twitter and on Facebook at www.modmed.com/facebook
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.