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Modernizing Medicine announces $231 million equity investment from Warburg Pincus
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Modernizing Medicine Inc. recently announced Warburg Pincus has made a $231 million investment in the company to provide liquidity to existing shareholders. A global private equity firm, Warburg Pincus’s investment will also fund expansion and support future strategic endeavors of Modernizing Medicine.
“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improve outcomes,” Daniel Cane, chief executive officer and cofounder of Modernizing Medicine, said in a company press release. “Warburg Pincus brings deep experience in the health care technology sector and this investment can help further growth, bolster innovation and support our clients.”
Modernizing Medicine will also welcome Fred Hassan, managing director at Warburg Pincus, and Amr Kronfol, principal at Warburg Pincus, to its board of directors.
With the Warburg Pincus funding, Modernizing Medicine anticipates pursuing strategic initiatives that may include automation of prior authorization workflows, deployment of an e-commerce platform and investment in data exchange. According to the release, the company also plans to help practices move clinically relevant data throughout the evolving ecosystem of a patient’s health care experience and make improvements to health care access via telemedicine.
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