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Incredible Health rakes in $80M to combat the nursing shortage

Nurse staffing platform Unimaginable Well being bought a giant increase on Thursday to assist it combat healthcare’s workforce scarcity — the corporate closed an $80 million Collection B funding spherical led by Base10 Companions.

The spherical brings Unimaginable Well being’s whole funding thus far to $97 million and raises its valuation to $1.65 billion. 

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Based in 2017, the corporate “places nurses within the driver’s seat,” Iman Abuzeid, Unimaginable Well being’s CEO and co-founder, stated in an interview. Hospitals apply on to nurses, quite than the opposite approach round. 

On the platform, hospitals get matched with everlasting nurse hires in a mean of lower than 14 days, in comparison with the trade common of 82 days, based on Abuzeid. She stated an interview request is distributed from a healthcare employer to a nurse each 30 seconds.

Abuzeid additionally claimed that Unimaginable Well being is the one platform that makes use of automation to assist display screen nurses’ credentials and employment preferences. The corporate’s algorithms acknowledge greater than 70 specialties and 250 abilities, together with particular intensive care unit and working room abilities.

The San Francisco-based startup costs employers for using its platform, however nurses use it at no cost. About 10,000 nurses be part of Unimaginable Well being each week, Abuzeid declared. 

She added that 600 hospitals use Unimaginable Well being for staffing, together with Kaiser Permanente, Stanford Well being Care, HCA Healthcare, Windfall, Johns Hopkins Drugs, Cedars-Sinai Medical Heart and NYU Langone Well being. Every hospital location that makes use of the platform saves a minimum of $2 million per 12 months in prices for journey nurses, time beyond regulation and human assets, based on Abuzeid.

Whereas Unimaginable Well being not directly competes with job boards equivalent to Certainly and LinkedIn, Abuzeid claims her firm is the one healthcare job matching platform that considers nurses’ credentials and preferences earlier than matching them with an employer. She additionally stated that Unimaginable Well being has a bonus over conventional nurse recruitment businesses that don’t use automation software program for scale and velocity.

The corporate additionally differentiates itself from different venture-backed healthcare staffing corporations, equivalent to Nomad Well being and IntelyCare, as a result of it’s targeted on filling everlasting positions as an alternative of non permanent staffing, Abuzeid stated.

The corporate’s funding comes at a important time — greater than 100,00 registered nurses left the workforce in 2021, the worst exodus the occupation had seen in additional than 4 a long time. Despite the fact that this worker deficit is dire, Abuzeid argues “the processes, instruments and know-how for hiring everlasting nurses haven’t modified in 20 years.” That’s what Unimaginable Well being goals to vary, she stated.

Unimaginable Well being will use the funds it raised to reinforce its screening and matching algorithms and increase its companies to succeed in 90% of the nation’s nurse workforce, Abuzeid stated. The corporate can even make the most of a few of the funds to strengthen the skilled assets it provides to nurses, together with academic scholarships, abilities development programs and relocation help. Abuzeid added that these options make Unimaginable Well being not only a place for nurses to search out jobs, but additionally a spot for them to handle their careers.

Going ahead, Abuzeid stated Unimaginable Well being has plans to increase its staffing capabilities past nursing to different forms of healthcare staff going through important staffing shortages, equivalent to dwelling well being aids and laboratory technicians. The corporate additionally goals to widen its buyer base past hospitals to surgical facilities and pressing care amenities.

Picture: asiseei, Getty Photographs,

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