While profits are the ultimate goal, the adventure and excitement of starting a new business can be rewards in themselves. And while every successful business has to meet the demands of its clients and customers, perhaps the most satisfying type of venture is the one that actually saves people's lives.
An entrepreneur from Boca Raton has reportedly secured $29 million in funding for his technology company that will gather data that he says could revolutionize how doctors treat patients.
The company is called Modernizing Medicine, and it already has an iPad-based product that provides drug information to doctors. So far, though, there isn't enough collected data for the product to tell doctors which drugs are the most effective.
The new financing, provided from a growth equity fund, will be used to expand Modernizing Medicine into new medical practices and hire 30 more data and tech professionals.
Modernizing Medicine was started in 2010, and about 2,500 doctors already use the company's product.
According to the founder, the data gathered as a result of this most recent financing will be used to identify patterns of medical outcomes resulting from specific treatments, and the results of the company's research will be published for doctors to use.
Other types of data-collection processes already exist for the medical community, but those processes generally involve analyzing billing and claims data. Modernizing Medicine's method, according to the company founder, is different because it is based specifically on medical outcomes.
As far as patient privacy goes, the company seems to have that legal base covered. Patients' identities will not be revealed as data is collected.
Source: sun-sentinel.com, "Medical records entrepreneur plans to mine data for 'best' patient treatments," Marcia Heroux Pounds, Aug. 24, 2013
