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IntelyCare Raises $10.8M to Cure Nationwide Nursing Shortage With Intelligent Workforce ManagementIntelyCare today announced a $10.8 million investment to expand development and adoption of its intelligent workforce management solution for post-acute healthcare facilities. The Series A round was led by Leerink Revelation Partners with participation from Longmeadow Capital, previous investor LRVHealth and Bill Mantzoukas, an entrepreneur who has owned and operated a series of skilled nursing facilities. This investment brings IntelyCare's total funding to $14 million. Through unparalleled matching technology powered by artificial intelligence (AI), IntelyCare removes the tedious and manual process of scheduling shifts at post-acute healthcare facilities. This is a challenge that facilities nationwide struggle with amid a growing shortage of nursing professionals and increasing demand for care driven by aging Baby Boomers. In fact, the U.S. Bureau of Labor Statistics predicts there will be nearly 1.2 million registered nurse vacancies by 2022, with nurses in home care, long-term care, outpatient and rehabilitation work settings needed most. "The staffing shortage is a real challenge, and better allocation of nursing professionals - which can be done by giving them more freedom and flexibility to work where and when they want - needs to be part of the solution," said David Coppins, co-founder and CEO of IntelyCare. "As a company that brings nursing professionals and healthcare facilities together to align their mutual interests, IntelyCare is a true partner for both sides that can ease administrative burdens, create a better work-life balance and, ultimately, improve patient care." With mandated staffing levels and a lack of nurses needed for required shifts, filling a schedule is a daily struggle for healthcare facilities. Administrators and schedulers constantly plead with employees to take extra hours and fill empt shifts, and then enlist multiple staffing agencies to fill the remaining gaps in coverage. "Already overworked nurses are asked to cover multiple weekends per month or pull double-shifts, even at a moment's notice, and that takes a toll," said Chris Caulfield, RN, IntelyCare's co-founder and Chief Nursing Officer. "I've seen industry-standard practices constantly lead to burnout and high turnover, especially in post-acute settings, and knew there was better way." Freedom and Flexibility, On Demand IntelyCare enables a healthcare facility to optimize its existing nursing staff and augment it when needed. The company's deep understanding of nurse and facility needs at a local level - driven by its intelligent matching and pricing engine - provides a seamless solution to staffing challenges with minimal manual involvement. Shifts can be filled in as little as 6 hours in advance, and predictive analytics help forecast potential openings weeks in advance, making it easier to immediately fill shifts once they're officially posted. Healthcare facilities pay a flat rate to help them simplify planning and budgeting, and the wages that nurses earn are dynamically priced based on the ease or difficulty of filling a shift - a key component to IntelyCare's industry-leading fill rates. IntelyCare considers dozens of data elements and more than 600,000 observations - such as past behavior, time or day of shift, medical specialties and certifications, geography, pay rates and familiarity with a facility - to present nurses with the shifts they're most likely to accept. IntelyCare gives nursing professionals freedom and flexibility to pick up extra shifts and augment their income when it's convenient for them, without the prerequisites that staffing firms mandate, such as the number of days or weekends worked per month. They can quickly view a list of open shifts - tailored to their needs, preferences and abilities - on an easy-to-use mobile app. On average, nurses who use IntelyCare open the app on their phone five times per day. Additional features and benefits that IntelyCare provides include:
"The temporary staffing market in healthcare is a $17 billion business according to Staffing Industry Analyst, and the biggest problem is that it's just a temporary solution that puts a Band-Aid on a bigger issue. Instead of filling shifts on a transactional basis, IntelyCare presents a permanent solution and one that will be integral to the administration of healthcare facilities in the future," said Scott Halsted, managing partner at Leerink Revelation Partners. "IntelyCare's intelligent matching engine can scale where traditional staffing agencies cannot, and by bringing the nursing profession into the gig economy, will play a critical role in curing the staffing shortage on the horizon." As part of this funding round, Halsted has joined IntelyCare's board of directors. He now sits alongside current board members including David Coppins, IntelyCare's CEO and co-founder who previously served as president of Virgin Pulse (News - Alert) and was co-founder and president of Upromise; Ike Nnah, IntelyCare's CTO and co-founder who has a decade of experience driving healthcare IT; and Keith Figlioli, general partner at LRVHealth who has nearly two decades of experience investing in and operating digital health companies. About IntelyCare IntelyCare is the intelligent workforce management solution for post-acute healthcare facilities. Its unparalleled matching technology understands the needs of healthcare facilities and nursing professionals at a hyper-local level to improve care by automatically optimizing and augmenting staff. The company is headquartered outside of Boston, Mass. and backed by strategic investors including LRVHealth, Leerink Revelation Partners, Longmeadow Capital and healthcare entrepreneur Bill Mantzoukas. For more information, visit www.IntelyCare.com or follow IntelyCare on Twitter (News - Alert) at https://twitter.com/intelycare. View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005061/en/ |
