ModMed, a healthcare technology company, promotes Joe Harpaz to co-CEO position to support its expansion and focus on artificial intelligence technology. Learn how this leadership change will enhance ModMed's operations and drive innovation in the healthcare sector.
ModMed Appoints Co-CEO to Drive Healthcare Technology Expansion
( Credit to: Bizjournals )
ModMed, a healthcare technology company based in Boca Raton, recently announced a change in its leadership structure. After 14 years of being the sole CEO, co-founder Dan Cane has promoted Joe Harpaz, the company's President and COO, to the position of co-CEO. This decision comes as ModMed expands its operations and focuses more on artificial intelligence technology.
( Credit to: Bizjournals )
Cane explained that managing multiple responsibilities as a single CEO can be overwhelming. By appointing a co-CEO, the workload can be divided and conquered more effectively. While having two chief executives may not be a common practice, it has been successfully implemented by companies like Netflix, Oracle, and Salesforce.
Harpaz, who had already been closely collaborating with Cane as the COO, expressed that trust, partnership, and complementary skill sets are essential for a co-CEO structure to work. Despite the prevailing belief that having multiple leaders at the top may lead to conflicts or confusion, research indicates that companies with co-CEOs often generate more value for shareholders. Harvard Business Review found that businesses with dual chief executives had an average annual shareholder return of 9.5%, compared to the 6.9% average.
Onx Homes Launches Manufacturing Facility for Prefabricated Housing Components
In other news, Onx Homes, a startup specializing in prefabricated housing components, has officially launched its manufacturing facility in Pompano Beach. The 150,000-square-foot factory, with an investment of $50 million, will support the production of prefabricated walls for homes. This new facility is expected to create 70 jobs, including logistics roles and on-site assembly workers.
Onx's unique approach to homebuilding involves manufacturing prefabricated parts for single-family houses and townhouses, which are then assembled on-site. This end-to-end control allows the company to complete a home in less than 30 days, at a cost approximately 25% lower than industry standards. The proximity of Pompano Beach to seaports in Broward County makes it an ideal location for Onx's facility, as it allows for easy access to materials from international suppliers.
Since its founding in 2021, Onx has already delivered over 500 homes to customers in Florida. With backing from $120 million in investor capital, the company plans to expand its homebuilding model to other states, including Texas, California, Arizona, and Nevada.
Florida Researchers Receive $914 Million in Grants and Contracts from NIH
In the realm of healthcare research, the National Institutes of Health (NIH) awarded a total of $914 million in grants and contracts to Florida researchers in 2023. These funds directly supported 14,688 jobs and generated $2.7 billion in economic activity. The University of Miami Miller School of Medicine received the highest funding among research institutions in South Florida, with 315 grants totaling $177 million.
Overall, these developments in the healthcare technology and housing sectors reflect the ongoing growth and innovation taking place in South Florida. ModMed's adoption of a co-CEO model and Onx's streamlined approach to homebuilding demonstrate the value of collaborative leadership and efficient construction methods. Additionally, the significant funding provided by the NIH highlights the importance of research and development in advancing healthcare outcomes and stimulating economic growth in the region.
