Endeavour Vision, Kaiser Permanente Ventures, and Generator Ventures Join Existing Investors in Round, Leveraging Gig Economics to Close Projected 1 Million Nurse Shortfall by 2030; Builds on Company’s Exceptional Momentum
QUINCY, MA – February 20, 2020 – IntelyCare, a leading intelligent workforce management solution for post-acute facilities, today announced it has completed the largest venture round in the nursing technology space, raising $45M in new equity and debt financing to solve the nationwide workforce shortage. The Series B round was led by new investor Endeavour Vision and includes Kaiser Permanente Ventures and Generator Ventures.
“As an investor in innovative medical and digital health technologies, we look for companies with disruptive solutions to the challenges facing today’s healthcare system,” said Rob Barmann, Senior Investment Director, at Endeavour Vision. “IntelyCare’s rapid and significant growth demonstrates the value it is bringing to the nursing sector. With a unique technology and an experienced team, the company is well-positioned to develop further, and we are proud to support it in its next phase of growth.”
This new investment will support IntelyCare’s innovative efforts to apply gig economics and advanced data science technology to optimize existing talent and close the widening gap between supply and demand. The funding round builds on the company’s unprecedented momentum, which saw IntelyCare doubling its revenue and number of facilities from 2018 to 2019.
“With rising rates of chronic conditions and an aging population, there is a critical need for new technologies to support the post-acute care workforce,” said Sam Brasch, Senior Managing Director and Vice President, Kaiser Permanente Ventures. “IntelyCare’s approach augments available nurses to help overcome these complex challenges, reduce burnout and attrition, and drive greater patient care.”
Fueling Future Expansion
This new funding round comes on the heels of record company successes, demonstrating market appetite for the company’s solution. IntelyCare is one of the fastest-growing health tech startups in the Boston area:
- Revenue doubled over two consecutive years from 2017-2019
- Customer base (number of facilities) doubled from 2018-2019
- More than 2 million shift hours filled since 2017
- More than 1 million shift hours filled in the last nine months alone
- Shift fill rates three times higher than the staffing industry average (of 25%)
“Since founding IntelyCare in 2016, the demand for our intelligent staffing solution has skyrocketed due to shifting industry dynamics and an intensifying discrepancy between availability and need,” said David Coppins, Co-Founder and Chief Executive Officer, IntelyCare. “Our company has grown exponentially in target regions with a severe need for nurses, and we’re poised to increase our market presence by more than 140 percent in the coming year. We see this as just the beginning; it’s an exciting time for IntelyCare, our nurses, and our customers as we revolutionize the traditional healthcare staffing model.”
IntelyCare offers a platform and mobile app that empowers nurses with access to flexible, on-demand opportunities and intelligently matches them to open shifts that facilities need filled—reducing burnout and turnover. The solution is powered by advanced machine learning algorithms that optimize matching and pricing, creating shifts before facilities know their own need and resulting in the highest shift-fill rate in the industry. It also employs the principles of gig economics to add more than 20 percent capacity to the available workforce. This virtual workforce expansion lowers costs to facilities by reducing turnover and compliance penalties, and ensures facilities have the support needed to care for the patient population.
“Due to high patient-to-nurse ratios and frequent mandatory overtime, nurses experience greater burnout and dissatisfaction while patients have an increased risk of re-hospitalization and higher mortality risk,” said Chris Caulfield RN, NP-C, Co-Founder and Chief Nursing Officer, IntelyCare. “Out of all healthcare settings, post-acute care facilities experience these situations the most frequently and have the highest rates of nurse burnout, which is why we decided to develop our technology specifically for this care setting.”
IntelyCare offers a digital workforce augmentation platform that combines a gig-model application with advanced data science to optimize staff resources and close the widening gap between workforce supply and demand. IntelyCare is revolutionizing the antiquated healthcare staffing market, filling nursing shifts at three times the industry average and giving post-acute facilities the tools to predict and manage staffing needs. The company’s engaging mobile app empowers nursing professionals with access to flexible, on-demand work opportunities, reducing burnout and attrition while increasing productivity. For more information, visit www.IntelyCare.com.
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QUINCY, MAY 1, 2019 – IntelyCare today announced that John Shagoury has been appointed President & Chief Operating Officer, a newly created position at IntelyCare, an expansion to their executive team. Shagoury joined the company in early February 2019.
Shagoury will assume the responsibility of accelerating growth and market expansion, evolving the company’s offerings, and driving operational excellence as they continue to scale their business and continually enhance their workforce management solution.
“I am extremely excited to join this dynamic team as we continue to bring technology-enabled innovations to an increasingly frustrated marketplace,” said Shagoury. “IntelyCare modernizes the traditionally inefficient and manual process of scheduling shifts at post-acute healthcare facilities; their expertise in post-acute staffing, coupled with their unique approach to workforce management optimization, presents an opportunity to truly reinvent the market.”
Shagoury has a distinctive tenure of executive management, sales and marketing experience in the software and healthcare spaces; prior to this appointment, he served as Chief Executive Officer of Eliza Corporation, a market leading analytics and member engagement services platform serving health insurance organizations. Prior to Eliza he served as President of the Healthcare Division at Nuance Communications, Inc. Prior roles include President of Dragon Systems, President of Kubi Software and President of Corporate Software & Technologies.
“I believe John will bring an integral new dimension to our team,” said David Coppins, IntelyCare’s Co-founder and Chief Executive Officer. “He has extensive experience in healthcare and a demonstrated track record of success growing strong teams and capitalizing on a business’s best qualities.”
In addition to Shagoury, IntelyCare is pleased to announce that Dr. Ben Tengelsen has recently agreed to join IntelyCare to lead their advanced data science organization. Tengelsen, an accomplished data scientist and a recipient of a Carnegie Mellon PhD in Economics, joined IntelyCare from Wayfair, where he pioneered new pricing and preference matching methods to intelligently steer customers to a desired outcome. He will be leading a team focused on elevating post-acute workforce data, for the first time, to the point of truly designing and optimizing the most effective and cost efficient skilled nursing workforces through a robust and comprehensive set of matching capabilities and dynamic market variables.
“Ben’s unique understanding of big data provides IntelyCare with the ability to mine our deep data sets at a hyper-local level to apply dynamic changes to our machine learning matching algorithms” said David Coppins. “Ben’s expertise will help our skilled nursing facility clients receive the perfect clinician match at the time they need it the most while also helping IntelyCare to achieve greater market penetration and a happier nursing workforce.”
IntelyCare recently completed their Series A in November 2018, raising $10.8M.
IntelyCare is an intelligent workforce management solution for post-acute healthcare facilities. Its unparalleled matching technology understands the needs of healthcare facilities and nursing professionals at a hyper-local level to improve care by automatically optimizing and augmenting staff. The company is headquartered outside of Boston, Mass. and backed by strategic investors including LRVHealth, Leerink Revelation Partners, Longmeadow Capital, and healthcare entrepreneur Bill Mantzoukas. For more information on our industry-changing solution, please visit our homepage.
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Every year, around the time of Florence Nightingale’s birthday, the American Nurses Association recognizes and honors nurses across the country by celebrating National Nurses Week. This year’s theme was Inspire, Innovate, and Influence. As an employer of nurses and nursing assistants, IntelyCare was pleased to celebrate National Nurses Week and those on our team who inspire, innovate, and influence each and every day.
To establish our commitment to our team, IntelyCare was thrilled to introduce our first annual Intelygence Scholarship. This $1,000 award was designed to recognize an IntelyPro who is furthering their education in the field of nursing. After reviewing dozens of applications, we are pleased to announce the inaugural winner for this award:
The 2018 scholarship goes to Pennsylvania CNA, Claudeen Nkemakolam! Here are some excerpts from Claudeen’s submission:
“Being able to care for people in such a personal way is enormously gratifying—the way everyone should feel about their job. My job gives me an opportunity to make a positive impact in the lives of others: helping individuals heal and feel better. My job provides a natural environment for me to showcase my attributes as a compassionate and caring person. My job allows me to grow and develop personally; It teaches me patience, tolerance and empathy.”
“It is not only important to find a job that you love to do, but, it is also important to find a good company to work for. IntelyCare is a great company! The app makes it so convenient to choose shifts. I love the flexibility the company offers. As an employee, I am given complete control of my work schedule. Also, I can keep track of my pay in real time. They value their employees.”
“The financial burden of going back to school is never an easy one, with rising cost of tuition and books. The money from this scholarship will be well spent. It will go towards tuition, books, and other school related expenses. I plan to use my skills and talent as a nurse in the highest capacity. Not only will I strive to become a model nurse, but I also dream of starting a non-profit organization.”
We are thrilled for the opportunity to recognize this fabulous IntelyPro!! Please join me in congratulating Claudeen on being our company’s first winner of this scholarship. Way to go Claudeen!!
Chris Caulfield RN, NP-C
Chief Nursing Officer and Co-Founder, IntelyCare