ShiftMed Raises $200M for Digital Staffing Solutions with Skilled Nursing a Key Market 

Health care labor provider ShiftMed, which serves skilled nursing operators and other provider types, announced Monday that it has raised $200 million as investors eye growth for staffing solutions amid the industry’s ongoing labor crisis.

The funds will be used to expand ShiftMed’s “national footprint across all segments of the health care market,” the company said in a press release.

A year ago, ShiftMed announced a partnership with the National Association of Health Care Assistants (NAHCA) aimed at hiring and training certified nursing assistants. Senior Living Properties, a large Texas-based skilled nursing provider, was the first operator on board.

ShiftMed is operational in 110 markets and has the “most extensive, fastest-growing network of credentialed health care workers” ready to claim shifts at SNFs and in other settings, according to the company’s website.

One of the ways ShiftMed is driving efficiencies in staffing is by allowing providers to shift reliance away from travel nurses, a trend that has been associated with higher labor costs, the company stated in announcing its latest funding round. Retention of more permanent in-house nursing staff, on the contrary, is linked to cost savings and higher quality care.

“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,” said Todd Walrath, CEO of ShiftMed.

To that end, ShiftMed provides nursing homes with access to a local marketplace with more than 350,000 credentialed W-2 healthcare workers and an automated workforce management platform.

The company also touts that its digital tools improve part-time work opportunities.

ShiftMed’s labor solutions have reduced operating costs for providers by 30% to 40% compared to travel staffing alternatives, the company said.

One of the leading investors in ShiftMed’s latest initiative include Panoramic Ventures with participation from Blue Heron Capital and Audacious Capital. Officials for Panoramic Ventures noted that ShiftMed’s growth indicates the need for answers in addressing the labor crunch confronting the health care industry.

“Health care providers need solutions that streamline workforce management, bring labor costs back into balance and improve patient outcomes with better care,” Paul Iaffaldano, general partner with Panoramic Ventures, said in the press release. “We see ShiftMed’s growth as validation for the market need. The team continues to execute against a multi-billion market opportunity.”