Staffing and workforce management company ShiftMed has acquired workforce solutions managed-service provider CareerStaff Unlimited in a deal with post-acute-care provider Genesis HealthCare.
As part of the seven-year agreement, ShiftMed will provide services to 200 skilled nursing and 1,200 Powerback Rehabilitation centers for Genesis.
CareerStaff’s per diem and MSP platform enables healthcare providers to hire staff, thus consolidating over 1,000 staffing companies nationwide into a singleVMS platform. The company manages scheduling, credentialing, shift confirmation and invoice reconciliation for nursing.
ShiftMed offers workforce management solutions such as ShiftMed Flex and ShiftMed On Demand.
The ShiftMed Flex mobile app allows internal staff to fill scheduling gaps, while ShiftMed On Demand helps systems reduce reliance on travel nursing by filling open shifts with local nurses and expanding local nursing float pools.
“The integration of CareerStaff with ShiftMed allows us to fulfill 100% of our clients’ On Demand needs through one workforce platform. By merging ShiftMed’s acclaimed mobile-first suite of products with CareerStaff’s top-tier MSP solution, we’re establishing the industry’s first end-to-end digital MSP,” Todd Walrath, CEO of ShiftMed, said in a statement.
THE LARGER TREND
In 2021, ShiftMed raised $45 million in funding, led by Panoramic Ventures and Healthworx, the investment arm of CareFirst Holding. Investors Blue Heron Capital, Motley Fool Ventures and 3TS Capital Partners also participated in the round.
The Virginia-based company closed a $200 million funding round in February of 2023. The investment was led by Panoramic Ventures, with additional funds from Audacious Capital and Blue Heron Capital. The company planned to expand its national offerings with the investment.
Additionally, the company launched ShiftAdvisor in January, which uses AI for nursing scheduling and staffing efficiencies. Platform users receive AI scheduling suggestions through the platform that are tailored to an individual’s day, shift, pay and location preferences.
Several other nursing staffing platforms have seen large investments in recent years.
Nurse-staffing marketplace Incredible Health bagged $80 million in Series B funding in 2022 in a round led by Base10 Partners. Additional investment came from Andreessen Horowitz, Rethink Impact, Stardust Equity, 444 Capital Fund and Obvious Ventures. The round brought the startup’s valuation to $1.65 billion.
Fellow healthcare-staffing startup ShiftKey raised $300 million last year with investment from Lorient Capital, Ares Management Secondaries and Pantheon. ShiftKey’s platform allows nurses to search for local per diem shifts and bid for them.
