Emergency medical recruitment platform ShiftMed receives $200 million in funding

ShiftMed, a mobile platform that serves as a link between healthcare providers and workers, announced on Monday that it has raised $200 million in funding.

The significant amount of funding came less than two years after raising $45 million in 2021.

“There is a constant demand for workforce solutions, especially in healthcare,” ShiftMed CEO Todd Walrath told Home Health Care News in an email. “We have had a steadily growing gap between the supply and demand for skilled workers for 10 years, and it will continue to widen. This funding round follows investors and stakeholders who have realized that the fire that exists in healthcare is about work and people.”

The funding was led by Panoramic Ventures with contributions from Blue Heron Capital and Audacious Capital.

It will be used to expand ShiftMed’s national presence across all segments of the healthcare market, and to diversify and expand emergency lines, healthcare systems, and home services.

Since its launch, McLean, Virginia-based ShiftMed has grown 8-fold in just two years. Today, the company employs more than 350,000 healthcare professionals in more than 110 US markets.

The company boasts more than 1,500 partners, including home care agencies, skilled nursing care (SNF) facilities, hospitals, and nursing service providers.

ShiftMed hires homecare workers — and other healthcare professionals — directly and contracts with healthcare providers across the continuum to meet their needs.

Homecare workers can access the platform to select any shift that is convenient for them. On the other hand, healthcare facilities are using the technology to increase their access to qualified providers to fill open shifts without the use of costly field nurses or overtime work, Walrath said.

The use of field nurses and other remote assistants has become a popular way to fill workforce gaps during the pandemic. However, this method is costly for health plans and providers.

The travel nursing sector has grown from $8 billion in 2020 to over $13 billion in 2022, according to ShiftMed.

Walrath said in a statement that ShiftMed is trying to change the work structure for providers and healthcare systems, allowing them to rely less on traveling nurses, giving them control, predictability and hopefully the ability to lower costs and increase retention.

The company can cut operating costs by 30-40% compared to alternative recruiting options, he said.

In September, ShiftMed partnered with Uber’s (NYSE:UBER) medical arm, Uber Health, to provide ShiftMed workers with on-demand ride access through a sharing platform.

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