Nurse preparation platform incredibly healthy Received a big boost on Thursday to help it deal with a labor shortage in health care – the company closure $80 million in Series B funding by Base10 Partner.
The round brings Incredible Health’s total funding to date to $97 million and boosts its valuation to $1.65 billion.
Iman Abuzeid, CEO and co-founder of Incredible Health, said in an interview that the company was founded in 2017 to “put nurses in the driver’s seat.” Hospitals apply directly to nurses, not the other way around.
According to Abuzeid, hospitals find long-term nurses on average in less than 14 days on the platform, compared to the industry average of 82 days. Healthcare employers send nurses interview requests every 30 seconds, she said.
Abuzeid also claims Incredible Health is the only platform that uses automation to help screen nurse credentials and employment preferences. The company’s algorithms identify more than 70 specialties and 250 skills, including specific intensive care unit and operating room skills.
The San Francisco-based startup charges employers a fee to use its platform, but nurses use it for free. Abuzeid announced that about 10,000 nurses are joining Incredible Health each week.
She added that 600 hospitals use Incredible Health for staffing, including caesar forever, Stanford Healthcare, HCA Healthcare, Providence, Johns Hopkins Medicine, Cedars-Sinai Medical Center and NYU Langone Health CenterAccording to Abuzeid, each hospital location using the platform could save at least $2 million annually in travel nurse, overtime and human resources costs.
While Incredible Health competes indirectly with hiring boards like Indeed and LinkedIn, Abuzeid claims her company is the only healthcare job-matching platform that considers nurses’ credentials and preferences before matching them with employers. She also said Incredible Health has an advantage over traditional nurse recruiting agencies that don’t use automated software to achieve scale and speed.
The company also differentiates itself from other venture-backed healthcare personnel companies such as nomadic health and Smart Carebecause it focuses on filling permanent positions rather than temporary staff, Abuzeid said.
The company’s funding comes at a critical moment – more than 100,00 registered nurses leave the workforce 2021 is the industry’s worst exodus in four years. While this staff shortage is dire, Abu Zeid believes that “the processes, tools and techniques for hiring long-term nurses haven’t changed in 20 years.” That’s what Incredible Health wants to change, she said.
Incredible Health will use the funds it raised to enhance its screening and matching algorithms and expand its services to 90 percent of the country’s nurse workforce, Abuzeid said. The company will also use some of the funding to enhance its professional resources for nurses, including educational scholarships, skills development courses and relocation support. These features make Incredible Health not only a place for nurses to find jobs, but also a place for them to manage their careers, Abuzeid added.
Going forward, Abuzeid said Incredible Health plans to expand its staffing capabilities to other types of healthcare workers facing severe staffing shortages beyond nursing, such as home health aids and lab technicians. The company also aims to expand its customer base from hospitals to surgical centers and urgent care facilities.
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