ShiftMed, a healthcare workforce management mobile app that connects professionals searching for flexible nursing jobs with hospitals, raised $200 million in equity funding.
Panoramic Ventures led the investment round with participation from Blue Heron Capital and Audacious Capital.
The company intends to use the new funding to extend its national presence across all U.S. healthcare industry segments and to further develop its healthcare workforce management mobile application.
According to the company website, ShiftMed provides a mobile app for professionals searching for flexible nursing jobs, addressing nursing shortages and enabling hospitals to reach their optimal staffing levels. The app provides access to a local marketplace with more than 350,000 credentialed healthcare workers and an automated workforce management platform that uniquely enables acute, post-acute, and in-home providers to manage their resources dynamically. By using mobile and cloud-based software, health systems can offer a modern, unified solution to their workforce that increases retention, creates part-time work opportunities, and decreases reliance on travel agencies.
Commenting on the funding news, Todd Walrath, CEO of ShiftMed, said: “Healthcare providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise.” “ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources.”
“Healthcare Providers need solutions that streamline workforce management, bring labor costs back into balance and improve patient outcomes with better care. We see ShiftMed’s growth as validation for the market need. The team continues to execute against a multi-billion market opportunity,” said Paul Iaffaldano, General Partner of Panoramic Ventures.
Digital health startups providing healthcare workforce management solutions have raised more than $1 billion in funding to date, according to our funding database. More recently, Patchwork Health, a provider of cloud-based healthcare workforce management solutions, raised $24 million in Series B funding led by Perwyn with participation from Praetura Ventures and KHP Ventures.