QUINCY, Mass.--(BUSINESS WIRE)--IntelyCare, a leading intelligent workforce management solution for post-acute facilities, today announced it has completed the largest venture round in the nursing technology space, raising $45M in new equity and debt financing to solve the nationwide workforce shortage. The Series B round was led by new investor Endeavour Vision and includes Kaiser Permanente Ventures and Generator Ventures.
“As an investor in innovative medical and digital health technologies, we look for companies with disruptive solutions to the challenges facing today’s healthcare system,” said Rob Barmann, Senior Investment Director, Endeavour Vision. “IntelyCare’s rapid and significant growth demonstrates the value it is bringing to the nursing sector. With a unique technology and an experienced team, the company is well-positioned to develop further, and we are proud to support it in its next phase of growth.”
This new investment will support IntelyCare’s innovative efforts to apply gig economics and advanced data science technology to optimize existing talent and close the widening gap between supply and demand. The funding round builds on the company’s unprecedented momentum, which saw IntelyCare doubling its revenue and number of facilities from 2018 to 2019.
“With rising rates of chronic conditions and an aging population, there is a critical need for new technologies to support the post-acute care workforce,” said Sam Brasch, Senior Managing Director and Vice President, Kaiser Permanente Ventures. “IntelyCare’s approach augments available nurses to help overcome these complex challenges, reduce burnout and attrition, and drive greater patient care.”
Fueling Future Expansion
This new funding round comes on the heels of record company successes, demonstrating market appetite for the company’s solution. IntelyCare is one of the fastest-growing health tech startups in the Boston area:
- Revenue doubled over two consecutive years from 2017-2019
- Customer base (number of facilities) doubled from 2018-2019
More than 2 million shift hours filled since 2017
- More than 1 million shift hours filled in the last nine months alone
- Shift fill rates three times higher than the staffing industry average (of 25%)
“Since founding IntelyCare in 2016, the demand for our intelligent staffing solution has skyrocketed due to shifting industry dynamics and an intensifying discrepancy between availability and need,” said David Coppins, Co-Founder and Chief Executive Officer, IntelyCare. “Our company has grown exponentially in target regions with a severe need for nurses, and we’re poised to increase our market presence by more than 140 percent in the coming year. We see this as just the beginning; it’s an exciting time for IntelyCare, our nurses, and our customers as we revolutionize the traditional healthcare staffing model.”
IntelyCare offers a platform and mobile app that empowers nurses with access to flexible, on-demand opportunities and intelligently matches them to open shifts that facilities need filled—reducing burnout and turnover. The solution is powered by advanced machine learning algorithms that optimize matching and pricing, creating shifts before facilities know their own need and resulting in the highest shift-fill rate in the industry. It also employs the principles of gig economics to add more than 20 percent capacity to the available workforce. This virtual workforce expansion lowers costs to facilities by reducing turnover and compliance penalties, and ensures facilities have the support needed to care for the patient population.
“Due to high patient-to-nurse ratios and frequent mandatory overtime, nurses experience greater burnout and dissatisfaction while patients have an increased risk of re-hospitalization and higher mortality risk,” said Chris Caulfield RN, NP-C, Co-Founder and Chief Nursing Officer, IntelyCare. “Out of all healthcare settings, post-acute care facilities experience these situations the most frequently and have the highest rates of nurse burnout, which is why we decided to develop our technology specifically for this care setting.”
IntelyCare offers a digital workforce augmentation platform that combines a gig-model application with advanced data science to optimize staff resources and close the widening gap between workforce supply and demand. IntelyCare is revolutionizing the antiquated healthcare staffing market, filling nursing shifts at three times the industry average and giving post-acute facilities the tools to predict and manage staffing needs. The company’s engaging mobile app empowers nursing professionals with access to flexible, on-demand work opportunities, reducing burnout and attrition while increasing productivity. For more information, visit www.IntelyCare.com.