Virginia-based ShiftMed, which connects nurses with available shifts at healthcare facilities, scored $200 million in a funding round led by Panoramic Ventures, with participation from Audacious Capital and Blue Heron Capital.
ShiftMed links nurses with healthcare facilities looking for additional staff through its workplace-management platform. The nurses are considered W-2 employees of ShiftMed. They can choose when and where they work, and are offered Uber Health rides if transportation assistance is needed.
WHAT IT’S FOR
The new investment will help the company expand its offerings nationally and across other segments of the healthcare market.
“Healthcare providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise,” Todd Walrath, CEO of ShiftMed, said in a statement. “ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources.”
MARKET SNAPSHOT
Staffing shortages have become a significant problem for the healthcare industry since the pandemic hit, and studies have shown the lack of staff could negatively affect patient outcomes.
Several companies looking to improve nurse availability have garnered substantial funding over the past few years. In 2021, ShiftMed received $45 million in funding.
Last month, Dallas-based ShiftKey, a startup that allows nurses, certified nursing assistants and other healthcare workers to search for and bid on per diem shifts in their area, raised $300 million.
Nurse staffing marketplace Incredible Health, which uses a proprietary algorithm to match nurses and hospitals for hiring purposes, raised $80 million in Series B funding in August, about three years after scoring $15 million in Series A funding.
Other companies in the space include healthcare staffing marketplace Clipboard Health, nurse staffing platform IntelyCare and Nomad Health, which offers an online job portal for temporary healthcare workers.