Skilled Nursing Staffing Platform IntelyCare Wraps $115M Funding Round

IntelyCare raised $115 million in its latest Series C funding round, with plans to expand its footprint in the long-term care space.

The most recent funding values the software provider at $1.1 billion, according to a news release announcing the funding raise.

IntelyCare’s announcement comes at a time when the skilled nursing industry, and the post-acute care space more broadly, continues to battle a staffing crisis.

The nursing home industry has lost 241,000 workers since the start of the pandemic, or 15.2% of its total workforce.

Quincy, Mass.-based IntelyCare provides an application-based platform to match nurses and certified nursing assistants (CNAs) with shifts that nursing homes and other post-acute care providers need to fill. 

With its latest cash infusion, IntelyCare plans to expand its footprint into new markets and invest “heavily” in its AI-based platform and data science technology. 

The Series C funding round, which included Kaiser Permanente subsidiary Kaiser Permanente Ventures, Longitude Capital, Leeds Illuminate, Endeavour Vision and Revelation Partners, was led by Janus Henderson Investors, a global investment firm and asset manager.

More than 90% of IntelyCare’s client base are skilled nursing operators, long-term care providers and assisted living communities, IntelyCare CFO Chris Sands told Skilled Nursing News.

The company currently has a presence in more than 1,600 senior living, long-term care and health care locations across the country.

Matthew McGinty, chief revenue officer at IntelyCare, said during a panel at the eCap Health Care Summit in February that one of the biggest missteps SNFs are making in dealing with labor challenges stems from the mistake of trying to solve a problem that has existed for 80 years.

Nursing homes need to dive deeper into where staff are going, he said.

IntelyCare’s data shows that 92% of the staff in their network want to work in home health care, according to McGinty. Almost 75% to 80% of the staff don’t want to work full-time.

Sands said that while the staffing friction caused by unprecedented demand and the exodus of health care workers has started to normalize, he believes the adoption of gig work in the industry is here to stay.

“Healthcare workers have seen the future, and they like it,” Sands said.

The new funding follows IntelyCare’s Series B funding round back in February 2020 when it raised $45 million. IntelyCare raised $10.8 million in its Series A funding round back in 2018.

Since then, IntelyCare’s annual revenue has grown by more than 850%, the company said.

Nurses using IntelyCare’s platform more than doubled in 2021 while client demand for the platform almost tripled from the previous year.