IBM invests in EHR system to advance Watson
IBM has invested in Modernizing Medicine, a provider of cloud-based, specialty-specific EMR systems and other technologies that capture structured data, track outcomes and deliver clinical decision support.
The investment aims to accelerate adoption of Watson cognitive computing in healthcare, according to a release. This is the latest direct investment that IBM has made through its $100 million fund to seed Watson innovations. The investment caps $20 million in Series D funding secured by Modernizing Medicine, raising its overall funding total to $49 million.
Over 5,000 healthcare providers in the U.S., including approximately 30 percent of dermatologists, use Modernizing Medicine’s platform. According to the recent 2015 Black Book Market Research report, the company’s EMA Dermatology solution ranked first overall in the dermatology space for the second consecutive year.
“Modernizing Medicine is a great example of the breakthrough innovation we have seen from our partners who are building a new class of cognitive computing solutions powered by Watson,” said Stephen Gold, vice president, IBM Watson.
“Today’s announcement is an exciting milestone in our journey to deliver specialty-specific solutions to healthcare providers, including an entirely new class of cognitive-infused patient care apps powered by Watson,” said Daniel Cane, co-founder and CEO of Modernizing Medicine.
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 has been collaborating with leading hospitals and research organizations including Memorial Sloan Kettering Cancer Center, University of Texas MD Anderson Cancer Center, Cleveland Clinic, Mayo Clinic and New York Genome Center, to advance Watson’s healthcare capabilities and transform how medicine is taught and practiced.
To encourage greater innovation in this area, IBM is pursuing direct investments in organizations such as Modernizing Medicine that are developing new cognitive apps and systems powered by Watson. IBM’s previous investments in the healthcare space include Pathway Genomics, a clinical laboratory that offers genetic testing services, and Welltok, an industry leader in health optimization solutions.
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.