An efficient method for the extraction of hemodynamic response in near-infrared spectroscopy (NIRS) systems is proposed to increase the spatial and temporal resolution without hardware overhead. The performance improvement is attributed to high-signal-to-noise-ratio (SNR) receivers, a modulation scheme, and a multi input multi output (MIMO) based data extraction algorithm. The proposed systems shows a 72% increment in the figure of merit (FOM) compared to conventional designs. Experimental results support the validity of the proposed system.