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The company offers nurses flexibility and security by letting them pick the most convenient shifts
The pandemic really took a major toll on healthcare workers, who saw their burnout rate hit 60% by the end of 2021, resulting in just under 334,000 healthcare providers dropping out of the workforce. That included 15,000 internal medicine doctors, over 13,000 family practice physicians, nearly 11,000 child psychologists and chiropractors, over 8,500 psychiatrists, and over 8,000 optometrists. In Q4 of 2021 alone, 117,000 physicians quit or retired, as did over 53,000 nurse practitioners.
This is a big problem, especially as more people are going to need care now more than ever, given the rapid aging of the U.S. population.
That's where healthcare workforce management marketplace ShiftMed comes in: the company looks to solve the nursing shortage by offering flexibility and security to nurses, which travel nursing and traditional shifts don't.
"ShiftMed provides benefits to both nurses and to health systems and care facilities. On the nursing side, nurses are able to access the platform to pick up any shifts that are convenient for them," Todd Walrath, CEO of ShiftMed, told VatorNews.
"On the other side, healthcare facilities utilize the technology to increase their access to qualified providers to fill open shifts without using expensive travel nurses or required overtime."
The company's approach has definitely caught on with investors as ShiftMed announced a $200 million round of funding on Monday led by Panoramic Ventures, with participation from Blue Heron Capital and Audacious Capital, bringing its total funding to $250 million.
The company plans to put the funding from this round toward diversifying and further growing its acute health system and in-home service lines to expand access to qualified nurses at a lower cost.
Through the ShiftMed platform, nurses are able to pick up shifts that fit into their schedules, and are W-2 to provide them with protections and benefits, such as minimum wage, overtime, and family and medical leave. They’re also entitled to participate in benefits like health and dental insurance, which are often better than what they can afford on their own.
"ShiftMed’s platform creates a balance between full-time and flexible labor in the nursing workforce and improves the health system’s access to higher quantities of qualified nurses," said Walrath.
The company currently has more than 350,000 credentialed nurses using its services. It works with more than 1,500 enterprise healthcare partners ranging from health system acute and outpatient settings to post-acute and in-home providers.
Healthcare facilities that use ShiftMed see cost of labor that is 30% to 40% cheaper than traditional travel nursing rates, providing them with a more cost-effective and reliable way to fill their open shifts.
There are a number of companies trying to help healthcare workers find jobs, a number of which have raised big rounds of funding recently, including Intelycare, connectRN, Clipboard Health, Wheel, CareRev, Incredible Health, and Nomad Health.
"ShiftMed differentiates itself by providing a platform which W-2’s its healthcare providers, which is beneficial not only to the nurses, but to the health systems as well. Other solutions which utilize the 1099 approach don’t consider the liability and hidden costs associated with gig workers," Walrath explained.
"ShiftMed’s unique approach saves health systems money and reduces risk."
(Image source: shiftmed.com)
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