ShiftMed raises $200M to drive expansion of leading digital health care labor marketplace  

February 6, 2023 – ShiftMed, one of the largest W-2 healthcare workforce management marketplaces, has raised $200 million led by healthcare investors, Panoramic Ventures with participation from Blue Heron Capital and Audacious Capital. Funds will be used to expand ShiftMed’s national footprint across all segments of the healthcare market. 

Historically, traditional staffing providers have focused on the travel nursing segment due to the high margins where several large players control the market. Travel nursing rates continue to exceed the budgets of national healthcare providers, which is unsustainable. The sector has grown from $8B in 2020 to more than $13B in 2022. Travel nurse providers are bleeding hospital system budgets while demoralizing in-house teams paid at lower rates. 

ShiftMed provides access to a local marketplace with more than 350,000 credentialed W-2 healthcare workers and an automated workforce management platform that uniquely enables acute, post-acute, and in-home providers to manage their resources dynamically. By using mobile and cloud-based software that provide workforce optimization, health systems are able to offer the modern, unified solution to their workforce that increases retention, creates part-time work opportunities, and decreases reliance on travel agencies. ShiftMed also provides access to additional local staff, reducing operating costs by 30-40% compared to travel staffing alternatives. 

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