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FOR IMMEDIATE RELEASE
October 2, 2002
Contact: Christina Stoever, KPS|3, 775.686.7403, Christina@kps3.com
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modeMD Launching Sophisticated
Software Solution Revolutionizing Medical Practice
Nevada Ventures, Sierra Angels, UNR Applied Research Grant Fund Nevada-Based Company
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Reno, NV – With funding from Nevada Ventures,
Sierra Angels and the University of Nevada, Reno, U.S. doctors have a new
tool – envisioned, funded and created in Nevada – to enhance medical care
and improve financial practice management, right from the palm of their hands.
A web-enabled charge capture system for the medical
industry, modeMD allows physicians to use a personal digital assistant (PDA)
to record crucial information during patient visits, improving the quality
of care by eliminating tedious paperwork and maximizing time spent with the
patient. The innovative system also alleviates common billing challenges
for both practice managers and doctors, by capturing critical data with the
touch of a screen.
The company, founded by Philip
Goodman, MD, a Reno-based practicing physician for over 19 years, was incubated
at the University of Nevada, Reno School of Medicine where Goodman is Professor
and Director of the Medical Informatics Division. The successful incubation
program was co-funded by the Applied Research Initiative, a Nevada State grant
program established to encourage commercialization of University sponsored
research.
"We’ve all heard the saying,
‘necessity is the mother of invention,' and the case of modeMD is no different,"
said Dr. Goodman, founder of the company and creator of the product. "As
a physician, I look for ways to make more time for my patients, to give them
better service. By replacing the paper-based face sheets with an electronic
system, we can improve the flow of communications to benefit both the patient
and the practice as a whole."
Physicians practicing at Northern Nevada Medical
Center, Saint Mary's and Washoe Medical Centers, all located in northern Nevada,
have been beta testing the modeMD product and reacting enthusiastically.
"Doctors are already seeing the benefits of using modeMD," said Bob Goff,
head of the Sierra Angels funding organization. "They're spending more time
with patients both in the hospital and in the office, as key data is efficiently
being captured and transferred to colleagues and practice staff. By analyzing
the current marketplace, our investors recognized the patient care and financial
benefit of modeMD immediately."
Market reports indicate some 30% of doctors' claims
are filed with errors, and nearly 15% are lost, resulting in lost billings
per doctor ranging from $35,000 to $100,000 per year – or an astounding $25
billion per year for the industry as a whole.
Roy Graham, president and CEO of modeMD added,
"This is a local Nevada company, incubated by our own University and now funded
by the leading venture capital firm and major angel investor group in the
state. The investment in modeMD represents the first time all three groups
have jointly funded an organization, demonstrating a powerful endorsement
of the market opportunity and the strong modeMD management team."
Robb Smith, Managing Partner at Nevada Ventures,
said, "modeMD typifies the entrepreneurial spirit in Nevada. In light of sour
economic news throughout the nation, modeMD represents the style of growth
company that Nevadans should be investing in to keep our state competitive.
Nevada Ventures investigated the handheld healthcare industry carefully and
we believe modeMD will be a serious long-term player."
Dr. John Lilley, University of Nevada Reno President,
said, "modeMD represents the perfect example of how an innovative project
from a nationally recognized professor at UNR can turn into a commercial venture
attracting private equity financing. This is the purpose of the Applied Research
Initiative program and I am delighted that modeMD is moving so rapidly to
market success."
About modeMD
Focused on delivering services to doctors that
saves time, improves quality of life and enhances billings
and profits, modeMD products help to improve the overall quality of medical
care. Using a PDA application, the modeMD service enables doctors to record
patient diagnostic and treatment at point-of-care, and then transmit this
information accurately, securely and rapidly to their practice office through
the modeMD Datacenter. The integrated service also allows a doctor to electronically
transfer key patient information to a cross-covering doctor saving both physicians
time and ensuring accuracy of patient care information. For more information
please visit www.modeMD.com.
For more information on modeMD, please contact
Christina Stoever at 775.686.7403 or visit
www.modeMD.com.
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Funding Press Release