ShiftMed, a leading healthcare staffing platform, announced it raised $45 million on Wednesday. The investment was led by Panoramic Ventures and Healthworx with additional participation from existing investors Blue Heron Capital, Motley Fool Ventures and 3TS Capital Partners.
ShiftMed connects hospitals, assisted living providers and nursing facilities to licensed nurses looking for open shifts.
The company has seen massive growth in the past 15 months due to the ongoing pandemic and increasing need for nurses. In fact, ShiftMed’s Annual State of Nursing Report published earlier this month found that 49 percent of nurses are likely to quit in the next two years, making the need for new hires all the more dire.
With ShiftMed, nurses can pick up shifts at healthcare facilities in need of additional support. The platform also has features like next-day pay and guaranteed shifts to help nurses take control of their schedules and finances.
On the facilities side, ShiftMed allows managers to not only post open shifts but also offers flexible pricing so users can gradually increase pay rates to attract workers without overspending. The company also offers 24/7 customer service.
“Now more than ever, credentialed caregivers are needed to support our hospital, post-acute, and in-home business segments. ShiftMed’s software platform allows our customers real-time access to the workers they need,” Todd Walrath, ShiftMed CEO and president, said in a statement.
This past year, ShiftMed’s app has been downloaded more than 100,000 times and the company has hired more than 10,000 nurses. According to the statement, ShiftMed helped healthcare providers care for more than 200,000 patients in Q3 of 2021 alone.
With the new funding, ShiftMed plans to further expand its national footprint and continue to build its suite of products. The company currently serves 56 markets in the U.S.