ShiftMed, one of the largest W-2 healthcare workforce management marketplaces, has raised $200 million in a round led by healthcare investors Panoramic Ventures, with Blue Heron Capital and Audacious Capital also participating.
ShiftMed will use the funds to expand its national footprint across all segments of the healthcare market.
“Healthcare providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise,” said Todd Walrath, CEO of ShiftMed. “ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources.”
ShiftMed is a next-generation workforce management platform that connects hospitals, assisted living providers and skilled nursing facilities to the highest quantity and quality of licensed nurses.
As the #1 nursing jobs mobile app on the App Store with over 350,000 nursing professionals, ShiftMed serves more than 1500 enterprise healthcare partners across the country by offering software tools and direct access to labor for shift scheduling.
Historically, traditional staffing providers have focused on the travel nursing segment due to the high margins in a market dominated by a few large players. Travel nursing rates continue to outstrip national healthcare providers’ budgets, which is unsustainable. The industry has grown from $8 billion in 2020 to more than $13 billion in 2022. Travel nurse providers are draining hospital budgets while demoralizing in-house teams who are paid less.
ShiftMed gives the customer access to a local marketplace with over 350,000 credentialed W-2 healthcare workers as well as an automated workforce management platform that allows acute, post-acute, and in-home providers to manage their resources dynamically.
Health systems can offer a modern, unified solution to their workforce by utilizing mobile and cloud-based software that provides workforce optimization. This increases retention creates part-time work opportunities and reduces reliance on travel agencies. ShiftMed also provides access to additional local staff, lowering operating costs by 30-40% when compared to alternative travel staffing options.