Technology is an essential part of the solution for the complex labor challenges facing the healthcare industry today, according to IntelyCare. Now, the Quincy, Massachusetts-based, tech-enabled nurse staffing platform has $115 million to expand into additional markets and help more providers shore up the labor gap.
IntelyCare announced its Series C financing round raise last week. The infusion of cash makes it a newly minted unicorn, increasing IntelyCare’s valuation to $1.1 billion, according to the company. Investment firm and asset manager Janus Henderson Investors led the funding round. Other investors included Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners and Kaiser Permanente Ventures.
IntelyCare uses advanced data science to both empower nurses with greater control over their work schedules and help healthcare organizations meet staffing needs by offering flexibility that workers demand today, the company said. Addressing staffing shortages is a key focus in healthcare to improve the quality of care for patients and reduce burnout among healthcare workers.
David Coppins, CEO and co-founder IntelyCare, said that the company plans to continue its geographic expansion. The company is currently operating in 28 states. He said it will be in 36 states by the end of the year, and will essentially cover the entire country next year.
“In addition, we’re using capital to continue to expand our data science and behavioral science groups,” Coppins added. “Those have proven to be most effective at helping us achieve the highest fill rate in the industry and the greatest satisfaction among our nurses.”
Increasingly, AI is being viewed as a critical component to tackle the healthcare staffing crisis, whether through automating tasks, providing decision support or helping with staffing. Other nursing agencies, like Cross Country Healthcare, are also working to be part of the solution.
As many nurses and other healthcare workers are leaving the profession, IntelyCare said it is doubling down on its nurse-centric approach. The company’s platform promises nurses the work-life balance of gig work while at the same time offering stable W2 employment with benefits, including healthcare, retirement and education. With the Series C funding, IntelyCare will be able to offer more employment and professional development opportunities, including continuing education, the company said.
IntelyCare raised $45 million in a Series B round in February 2020. Since then, its annual revenue has grown by more than 850%, according to the company. The number of nursing professionals working with the company more than doubled in 2021 and client demand for its nursing staff tripled from the previous year, the company said.
Coppins attributes some of IntelyCare’s success to the company’s focus on addressing concerns about working conditions—issues that have been overlooked for too long, he said.
“The work model for nurses has been marginalized or hasn’t been addressed in any kind of serious way,” he said. “We can offer nurses a way to work that works for them.”
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