Healthcare startup company ShiftMed announced today that it raised $45 million in a business funding round led by Panoramic Ventures and Healthworx.
Helping Meet Rising Nursing Demand
Returning business investors, including Blue Heron Capital, Motley Fool Ventures, and 3TS Capital Partners, also participated in the business funding round. The startup company said it plans to use the new funding to invest in the development of its top-notch products and expand its national footprint.
"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. We are excited to accelerate our mission of building a global community of engaged health care professionals," said Todd Walrath, CEO of ShiftMed.
Founded in 2015, ShiftMed has developed one of the largest workforce management platforms for healthcare workers. The company is the top-ranked mobile app for professionals looking for nursing jobs with flexible work schedules, helping meet nursing demand, and making it easier for hospitals to hire staff.
This year, the startup company has hired more than 10,000 nurses who collectively spent more than 1 million hours caring for patients. Today, ShiftMed provides services in 56 markets across the US. Additionally, its app has been downloaded by more than 100,000 users so far. The startup company claims it is serving over 700 business healthcare partners across the US to provide them with top-quality software solutions for work management.
Paul Iaffaldano, a general partner at Panoramic Ventures, said a number of healthcare companies utilized ShiftMed’s platform to treat over 200,000 patients in Q3. The venture capital (VC) business believes ShiftMed will play a significant role in the healthcare ecosystem thanks to its “end-to-end products for healthcare professionals.”
According to Iaffaldano, these products “are extremely compelling, and we are eager to help them with their geographic expansion.” Panoramic Ventures is a VC business that provides funding for startup companies across the Southeast and Midwest, focusing on diverse entrepreneurs and founders of university startup companies.
The second major business investor in this funding round, Healthworx, is the investment arm of CareFirst Holdings, one of the largest healthcare insurers in the Mid-Atlantic region. The VC business creates, co-creates, and supports startup companies that are innovating the healthcare space.
ShiftMed recently published a new study, “Annual State of Nursing Report,” which showed that almost 50% of US nurses said that they are considering leaving their jobs over the next two years.
The report revealed that over 75% of respondents stated that the desire to help others is no longer a reason strong enough to become a nurse. Three key reasons why nurses don’t consider pursuing a nursing career anymore include safety concerns (36%), the belief that nurses are not treated well (34%), and fear of burnout (31%).
ShiftMed, a healthcare startup company behind one of the largest work management platforms for healthcare professionals, announced today that it secured $45 million in funding from Panoramic Ventures and Healthworx. The startup company intends to use the raised business funding to expand its national footprint and invest in product development.