MCLEAN, Virginia—ShiftMed, one of the largest W-2 health care workforce management marketplaces, has raised $200 million in investment to expand its national footprint.
"Health care providers continue to struggle with access to credentialed workers as patient needs and volume continues to rise," said Todd Walrath, CEO of ShiftMed. "ShiftMed is positioned to provide health systems with a regulatory compliant W-2 solution that leverages local and part-time resources."
ShiftMed provides access to a local marketplace with more than 350,000 credentialed W-2 healthcare workers and an automated workforce management platform that allows acute, post-acute, and in-home providers to manage their resources dynamically. By using mobile and cloud-based software that provide workforce optimization, health care providers are able to offer the modern, unified solution to their workforce that increases retention, creates part-time work opportunities and decreases reliance on travel nurse agencies. ShiftMed also provides access to additional local staff, reducing operating costs by 30-40% compared to travel staffing alternatives.
"By diminishing reliance on travel nurses, ensuring a compliant W-2 workforce, and providing tools to increase retention, we see a path for large health systems to change the labor framework to give them control and predictability," added Walrath
The investment was led by health care investors Panoramic Ventures, with participation from Blue Heron Capital and Audacious Capital.