Prolucent Health®, a leading provider of enterprise-wide healthcare workforce optimization software and services, today announced it has raised $11.5 million in new funding. The round was co-led by SpringTide Ventures and Health Velocity Capital with participation from UnityPoint Health Ventures. With this funding round, SpringTide Ventures co-founder and Managing Partner Austin Walters and Health Velocity Capital Principal Grant Blevins join Prolucent Health's Board of Directors.
Prolucent Health will use the new capital to further expand its sales, marketing, and client services teams and broaden product capabilities. The company has developed end-to-end solutions for managing healthcare's workforce needs using technology, artificial intelligence, and advanced analytics to modernize and improve the recruitment, utilization, and cost of healthcare labor. Powered by its talent engagement platform Liquid Compass®, Prolucent Health aligns the interests of both healthcare employers and workers through an AI-driven, dynamic market for the demand and supply of labor.
"With an intensifying labor shortage further fueled by COVID-related issues and worsening due to the changing needs of workers, there is an urgent need for cost-effective and sustainable workforce solutions hat streamline how hospitals and health systems connect with, access, and manage the talent they need," stated Bruce Springer, co-founder and CEO of Prolucent Health. "Our investors share our vision for building more transparent, intelligent healthcare workforce solutions that reduce overall labor costs for health systems. Their proven track record of investment success will be invaluable in advancing Prolucent's mission."
While shortages exist across many front-line healthcare jobs, the industry is facing unprecedented labor challenges in nursing. According to the "2021 NSI National Health Care Retention & RN Staffing Report," hospitals are experiencing very high nurse turnover and vacancy rates, requiring hospitals to use more expensive contract nurses to fill labor gaps and find new models for engaging, recruiting, and retaining nursing talent. In 2020, the turnover rate for staff nurses increased by 2.8% and now stands at 18.7%. The report estimates that for every 20 travel nurses eliminated, a hospital can save $3,084,000 on average.
For healthcare employers, Prolucent provides technology and services that help drive greater applicant volume and conversion rates for direct talent acquisition; manage contingent labor for higher quality and lower costs; manage and expand the utilization of internal flexible labor pools; and provide real time access to data for actionable decision-making, labor utilization trends, and costs.
For the healthcare worker, Prolucent provides the largest integrated jobs marketplace for accessing available healthcare jobs, tools to better manage their careers, and ease of applying for new opportunities. Annually, Prolucent promotes more than four million open positions from 30,000 healthcare employers across the U.S. Currently, more than 500,000 clinicians are registered on the Liquid Compass platform.
"Now more than ever, the healthcare labor management market is ripe for innovation, and in need of talent solutions that leverage artificial intelligence and analytics to help inform critical decision making," stated SpringTide Ventures co-founder and Managing Partner Austin Walters. "We are eager to partner with Bruce and the Prolucent team and believe their vision of transforming workforce management with intelligent automation will drive considerable economic value in healthcare."
Grant Blevins, Principal with Health Velocity Capital, stated, "Over the last six months, we at Health Velocity Capital have heard from most of our strategic health system investors that labor management is one of their key priorities. Prolucent Health has developed a comprehensive solution that healthcare HR and clinical hiring managers have sought out in the market. The company provides the only technology-enabled product that integrates into the existing workflow and manages full-time, part-time, and contingent labor pools; enables hiring managers to determine the optimal needs at the appropriate cost; and drastically improves their ability to fill those roles in a timely manner. We are thrilled to support Prolucent on its critical mission to reduce labor costs in healthcare."
About Prolucent Health, Inc.
Prolucent empowers modern workforce management, streamlining the way healthcare meets total workforce needs with end-to-end solutions that provide cost effective and sustainable answers to healthcare's workforce challenges. For additional information, please visit www.prolucent.com.
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