Nurse Staffing Platform Incredible health received a big boost on Thursday to help it tackle the healthcare workforce shortage – the company firm an $80 million Series B funding round led by Base10 Partners.
The round brings Incredible Health’s total funding to date to $97 million and raises its valuation to $1.65 billion.
Founded in 2017, the company “puts nurses in the driver’s seat,” said Iman Abuzeid, CEO and co-founder of Incredible Health, in an interview. Hospitals go directly to nurses, rather than the other way around.
On the platform, hospitals are matched with permanent nurse hires in less than 14 days on average, compared to an industry average of 82 days, according to Abuzeid. She said an interview request is sent by a healthcare employer to a nurse every 30 seconds.
Abuzeid also claimed that Incredible Health is the only platform that uses automation to help filter nurses’ credentials and job preferences. The company’s algorithms recognize more than 70 specialties and 250 skills, including specific skills in the intensive care unit and in the operating room.
The San Francisco-based startup charges employers for using its platform, but nurses use it for free. About 10,000 nurses join Incredible Health each week, Abuzeid said.
She added that 600 hospitals use Incredible Health for staff, including Kaiser Permanente, Stanford Healthcare, Health HCA, Providence, Johns Hopkins Medicine, Cedars-Sinai Medical Center and NYU Langone Health. According to Abuzeid, each hospital site that uses the platform saves at least $2 million per year in traveling nurse costs, overtime and human resources.
While Incredible Health indirectly competes with job boards such as Indeed and LinkedIn, Abuzeid says his company is the only healthcare job search platform that considers references and credentials. preferences of nurses before connecting them with an employer. She also said Incredible Health has an advantage over traditional nursing recruitment agencies that don’t use automation software for scale and speed.
The company also differentiates itself from other venture capital-backed healthcare staffing firms, such as Nomadic Health and IntellyCareas it focuses on filling permanent positions rather than temporary staff, Abuzeid said.
Funding for the company comes at a critical time – more than 100,000 registered nurses left the labor market in 2021, the worst exodus the profession has seen in more than four decades. Even though this shortage of employees is glaring, Abuzeid maintains that “the processes, tools and technology for hiring permanent nurses have not changed in 20 years”. That’s what Incredible Health aims to change, she said.
Incredible Health will use the funds it has raised to improve its testing and matching algorithms and expand its services to reach 90% of the nation’s nursing workforce, Abuzeid said. The company will also use some of the funds to bolster the professional resources it offers nurses, including scholarships, skills development courses and relocation assistance. Abuzeid added that these features make Incredible Health not only a place where nurses can find jobs, but also a place where they can manage their careers.
Going forward, Abuzeid said Incredible Health plans to expand its staffing capabilities beyond nursing to other types of healthcare workers facing critical staffing shortages, such as aides. home and laboratory technicians. The company also aims to expand its customer base beyond hospitals to surgical centers and urgent care facilities.
Photo: asiseei, Getty Images,