IntelyCare Secures $115 Million Series C Financing Led by Janus Henderson Investors
IntelyCare, the leading tech-enabled nurse staffing platform for healthcare organizations in the United States, announced it has secured $115 million in a Series C financing round led by Janus Henderson Investors, a leading global investment firm and asset manager. The funding, valuing IntelyCare at $1.1 billion, also includes investments by prominent new and existing investors, including Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners, and Kaiser Permanente Ventures. Technology is essential to addressing the complex labor challenges facing the healthcare industry and this investment validates IntelyCare’s approach of using advanced data science to both empower nurses with greater control of their work lives and healthcare organizations to meet their labor needs by offering the flexibility that today’s workforce demands.
According to a recent survey of 1,500 nursing professionals conducted by the IntelyCare Research Group and Reputation Leaders, those who use gig work apps, like IntelyCare, are significantly more likely to feel secure and that they are thriving in their careers. For healthcare organizations, the IntelyCare platform allows them to instantly fill critical open shifts so they can maintain federally required staffing levels, deliver the quality of care patients deserve, and reduce the burnout of their internal staff.
“In 2016 we began working on a platform to disrupt an industry that was slow to innovate. We knew that a technology solution could change lives for both sides of the market and we’re seeing that vision come to fruition as we now have over 30,000 nursing professionals working with IntelyCare at over 1,600 facilities across the country,” said IntelyCare CEO and co-founder David Coppins. “We’ll use this investment to continue redefining the future of work for our nation’s nurses.”
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Since its Series B in February of 2020, IntelyCare’s annual revenue has grown by more than 850%. IntelyCare’s nursing professionals, known as IntelyPros, more than doubled in 2021, while client demand for IntelyPros almost tripled from the previous year. IntelyCare plans to build on this momentum by using the new funding to expand its footprint to new states and invest heavily in its AI-based platform and data science technology.
Committing to a Nurse-Centric Approach
As the post-acute care space continues to see an exodus of nursing professionals, IntelyCare is doubling down on its nurse-centric approach to keep more in the profession. IntelyCare’s platform affords nurses the work-life balance of gig work while simultaneously addressing the instabilities of traditional agency work through W2 employment that offers healthcare, retirement, education, and other benefits. With this new funding, IntelyCare will further enhance the IntelyPro experience by offering more employment and professional development opportunities, including continuing education.
Helping Healthcare Organizations in the Gig Economy
Without adequate staffing levels, healthcare organizations are unable to maintain the census required to receive adequate funding from CMS. While using staffing agencies to offset shortages has often been viewed as a prohibitive cost, IntelyCare’s platform has helped its clients save on acquisition and retention expenses and better plan revenue cycles to avoid cost bursts when demand goes up. With its platform, IntelyCare’s clients have been able to better maintain census and comply with the federal government’s standards on staffing consistency and turnover.
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“Nursing wages have predictably increased during the pandemic due to unprecedented demand and labor shortages driven by increasingly challenging working conditions,” said John Shagoury, President and Chief Operating Officer, IntelyCare. “Despite this, IntelyCare has been able to effectively meet the needs of both our nurses and clients because of our technology. By coupling data and behavioral science with advanced machine learning, our platform produces optimal pay rates and shift matching, attracting more nurses and filling more shifts for our clients.”
With nurse 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 is poised to grow tremendously as providers strive to increase hospital throughput to reduce costs and drive better patient outcomes. Post-acute care will be increasingly distributed in the future, most notably in the home setting, which will require technology to efficiently bring together care providers and patients.
“As an early investor in IntelyCare, we saw the potential for how this technology could transform healthcare labor markets,” said Bernard Vogel, Managing Partner at Endeavour Vision. “This new funding round comes as that vision is becoming a reality. As care settings become increasingly distributed, it is clear that healthcare organizations will rely on technology to flexibly meet their staffing needs.”
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