For the past three years, the Montreal company MEDFAR has practically doubled in size every year. It will be able to continue its momentum with a contribution of funds of 30 million from Investissement Québec which will be announced on Tuesday.
“We had phenomenal growth in Canada, we are now in the United States and Latin America,” says Elias Farah, CEO of MEDFAR Clinical Solutions. The next two years, we will be very focused on North America. We will use the funds to acquire land more quickly. »
Originally, when it was founded by two aeronautical engineers in 2010, MEDFAR offered online electronic medical record (EMR) software that was approved by Quebec in 2013. The pandemic forced innovation and we gradually added a series of functions, in particular teleconsultations, the exchange of information and making appointments within a secure platform, MYLE (for “Make Your Life Easy”).
“We worked hard to evolve from a simple electronic medical record tool to an integrated care solution,” summarizes Mr. Farah. What we tried to do was integrate all care providers into the portal, simplify interactions, provide dashboards, eliminate the bureaucratic burden for professionals. »
From 70 employees in 2020, we have now grown to more than 350. Some 55% of front-line clinics in Quebec and 15,000 professionals in Canada use the platform, which manages approximately 20 million patient appointments each year.
Half a billion patients
The sum of 30 million from Investissement Québec for a series C round is the largest received by MEDFAR. The last round of major financing, led by Walter Capital Partners, raised 25 million.
“It confirms that MEDFAR is there for growth, for the long term,” said the CEO.
“Investissement Québec is strongly committed to supporting the development of promising companies like MEDFAR,” said Guy LeBlanc, CEO of Investissement Québec, in a press release. The innovative technological solutions that the company has developed have significant spinoffs in the health sector and help to increase the efficiency and productivity of the medical environment, in addition to improving patient services. »
Elias Farah is thinking big for his business. By 2030, the goal is to reach 5,000 employees for 500,000 doctors, in turn taking care of 500 million patients.
Mr. Farah gives a refreshing story about the state of the health care system in Quebec. “Health problems exist all over the world, they have issues that resemble what is experienced here. And it’s a company with a solution born in Quebec that can help them. »
In the shorter term, on April 27, he mysteriously promises an announcement that will constitute “a breakthrough”, “a solution that will allow all Quebecers to have access to front-line care, which will really unclog access” .