IntelyCare, a leading intelligent workforce management solution for post-acute facilities, has completed the largest venture round in the nursing technology space, raising $45M in new equity and debt financing to solve the nationwide workforce shortage.
The Series B round was led by new investor Endeavour Vision and includes Kaiser Permanente Ventures and Generator Ventures.
“With rising rates of chronic conditions and an aging population, there is a critical need for new technologies to support the post-acute care workforce,” said Sam Brasch, senior managing director and vice president of Kaiser Permanente Ventures. “IntelyCare’s approach augments available nurses to help overcome these complex challenges, reduce burnout and attrition, and drive greater patient care.”
The new investment will support IntelyCare’s efforts to apply gig economics and advanced data science technology to optimize existing talent and close the widening gap between supply and demand. The funding round follows a doubling of IntelyCare’s revenue and facility numbers between 2018 and 2019.
IntelyCare offers a platform and mobile app that empowers nurses with access to flexible, on-demand opportunities and intelligently matches them to open shifts that facilities need filled. It is powered by advanced machine learning algorithms that optimize matching and pricing. The technology creates shifts before facilities know their own needs and results in the highest shift-fill rate in the industry.
“Due to high patient-to-nurse ratios and frequent mandatory overtime, nurses experience greater burnout and dissatisfaction while patients have an increased risk of re-hospitalization and higher mortality risk,” said Chris Caulfield RN, co-founder and chief nursing officer for IntelyCare. “Out of all healthcare settings, post-acute care facilities experience these situations the most frequently and have the highest rates of nurse burnout, which is why we decided to develop our technology specifically for this care setting.”
