IntelyCare Raises $115 Million in Series C Funding Led by Janus Henderson Investors
IntelyCare’s advanced technology platform addresses the nation’s growing healthcare challenges by placing caregivers in increasingly distributed care environments
QUINCY, Mass., April 6, 2022–(BUSINESS WIRE)–IntelyCare, the leading technology-enabled recruitment platform for nurses in the United States, announced today that it has closed a Series C funding round led by Janus Henderson Investors, a leading global investment firm, at 115 Millions of dollars has secured and asset manager. The financing, which values IntelyCare at $1.1 billion, also includes investments from prominent new and existing investors including Longitude Capital, Leeds Illuminate, Endeavor Vision, Revelation Partners and Kaiser Permanente Ventures. Technology is critical to addressing the complex employment law challenges faced by the healthcare industry, and this investment validates IntelyCare’s approach to using advanced data science to enable both nurses greater control over their work lives and healthcare organizations, their Meet labor needs by providing the flexibility that today’s workforce demands.
According to a recent survey of 1,500 caregivers conducted by IntelyCare Research Group and Reputation Leaders, those who use gig work apps like IntelyCare are significantly more likely to feel confident and successful in their careers. For healthcare organizations, the IntelyCare platform enables critical open shifts to be filled immediately so they can maintain federally required staffing levels, provide the quality of care patients deserve and reduce internal staff burnout.
“In 2016 we began working on a platform to disrupt an industry that was slow to innovate. We knew that a technology solution could be life-changing for both sides of the market and we are seeing that vision being realized as we now have over 30,000 nurses working with IntelyCare in over 1,600 facilities across the country,” said David Coppins , CEO and Co-Founder of IntelyCare, “We will use this investment to continue redefining the future of work for our nation’s nurses.”
Since Series B in February 2020, IntelyCare’s annual sales have increased by more than 850%. The number of IntelyCare nurses, known as IntelyPros, has more than doubled in 2021, while customer demand for IntelyPros has nearly tripled over the previous year. IntelyCare plans to build on this momentum by using the new funding to expand its footprint into new states and to invest heavily in its AI-based platform and data science technology.
Commitment to a care-centered approach
As there continues to be an exodus of nurses in post-acute care, IntelyCare is increasing its nurse-centric approach to retain more in the profession. IntelyCare’s platform offers nurses the work-life balance of gig work while addressing the instabilities of traditional agency work through W2 employment, which offers healthcare, retirement, education and other benefits. With this new funding, IntelyCare will continue to enhance the IntelyPro experience by offering more employment and professional development opportunities, including continuing education.
Supporting healthcare organizations in the gig economy
Without adequate staffing, healthcare organizations are unable to sustain the collection needed to receive adequate funding from CMS. While using staffing agencies to fill bottlenecks was often seen as a prohibitive cost, IntelyCare’s platform has helped its clients save on acquisition and retention costs and better plan revenue cycles to avoid spikes in costs as demand increases. With its platform, IntelyCare’s clients have been able to better manage the census and meet federal government standards for staffing consistency and turnover.
“Nursing wages have predictably increased during the pandemic due to unprecedented demand and labor shortages due to increasingly difficult working conditions,” said John Shagoury, IntelyCare’s president and chief operating officer. “Nevertheless, thanks to our technology, IntelyCare was able to effectively meet the needs of both our nurses and our customers. By coupling data and behavioral science with advanced machine learning, our platform produces optimal pay rates and shift adjustments, attracting more nurses and staffing more shifts for our clients.”
With caregiver shortages expected to surpass 1 million this year, technologies like IntelyCare’s are essential to protect the health of the nation. The post-acute space will grow tremendously as providers strive to increase hospital throughput to reduce costs and achieve better patient outcomes. Post-acute care will be increasingly distributed in the future, especially in the home setting, requiring technology to efficiently bring care providers and patients together.
“As an early investor in IntelyCare, we saw the potential of how this technology could transform healthcare labor markets,” said Bernard Vogel, Managing Partner at Endeavor Vision. “This new round of funding comes as that vision becomes a reality. As care facilities become increasingly distributed, it is clear that healthcare organizations will depend on technology to flexibly meet their staffing needs.”
William Blair & Company acted as sole placement agent and financial advisor and ICR Westwicke acted as financial advisor to the company.
IntelyCare is the leading technology-enabled recruitment platform for caregivers in the United States. Via its AI-based platform, IntelyCare schedules nurses and matches them with open tasks. In this way, IntelyCare offers nurses and care assistants unprecedented flexibility in their working lives, while empowering healthcare organizations to take complete control of how they manage full-time, part-time and day care staff.
To learn more about how IntelyCare is redefining healthcare staffing, visit www.IntelyCare.com.
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Joe Casados, Bospar PR