McLean, Virginia health tech company ShiftMed just nabbed an eye-popping raise from a team of healthcare investors.
The app development company, which developed a management app for healthcare workers, raised $200 million in a round led by Panoramic Ventures with additional participation from Blue Heron Capital and Audacious Capital. According to ShiftMed, the funds will be used to expand its national footprint, which currently includes its platform hosting 350,000 nurses and aides in 110 markets across the country.
“This new round of funding will be used to expand ShiftMed’s presence into the enterprise health system space, allowing its technology to be used to fill open shifts in more healthcare facilities than ever before,” CEO Todd Walrath told Technical.ly.
This round follows another prominent raise the company completed a few years ago. In October of 2021, the company raised $45 million in a round also led by Panoramic Ventures and Healthworx, the innovation arm of CareFirst. Blue Heron Capital, Motley Fool Ventures and 3TS Capital Partners also took part in the investment.
ShiftMed said that its app assists the ever-growing market for travel nursing, which the company states grew to $13 billion in 2022. That’s up from $8 billion in 2020. On the company’s app, which employs cloud-based software, users can connect to said nurses and in-home providers. ShiftMed said this increases retention and decreases reliance on travel agencies while providing access to local staff.
“We’ve had a steadily increasing gap between demand and supply for credentialed workers for 10 years now and it will continue to worsen,” Walrath said. “This funding round came on the heels of investors and stakeholders realizing that the fire that exists within healthcare is in labor and staffing.”
Walrath said that ShiftMed currently works with 1,500 healthcare partners across the country, which includes in-home and outpatient providers. With the help of these funds, Walrath said he intends to add even more health systems and acute care facilities to increase the presence of ShiftMed and its network.
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