Nursing Staffing Platform Incredible health got a big boost on Thursday to help it fight health care workforce shortages – the company closed an $80 million Series B funding round led by Base10 Partners.
The round brings Incredible Health’s total funding to date to $97 million and increases its valuation to $1.65 billion.
Founded in 2017, the company “puts nurses in the driver’s seat,” Iman Abuzeid, CEO and co-founder of Incredible Health, said in an interview. Hospitals apply directly to nurses, not the other way around.
On the platform, hospitals match permanent nurse hires in an average of less than 14 days, compared to the industry average of 82 days, according to Abuzeid. She said an interview request is sent from a healthcare employer to a nurse every 30 seconds.
Abuzeid also claimed that Incredible Health is the only platform that uses automation to help verify nurses’ credentials and hiring preferences. The company’s algorithms recognize more than 70 specialties and 250 skills, including intensive care unit and operating room-specific skills.
The San Francisco-based startup charges employers to use its platform, but nurses use it for free. About 10,000 nurses join Incredible Health every week, Abuzeid stated.
She added that 600 hospitals use Incredible Health for staff, including Kaiser Permanente, Stanford Health Care, HCA Healthcare, Providence, Johns Hopkins Medicine, Cedars-Sinai Medical Center AND NYU Langone Health. Each hospital location using the platform saves at least $2 million annually in costs for travel nurses, overtime and human resources, according to Abuzeid.
While Incredible Health competes indirectly with job 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 an employer. She also said Incredible Health has an advantage over traditional nurse recruiting agencies that don’t use automation software for scale and speed.
The company also differentiates itself from other venture-backed healthcare staffing companies such as Nomad Health AND IntelyCarebecause it is focused on filling permanent positions instead of temporary staff, Abuzeid said.
The company’s funding comes at a critical time – more than 100,00 registered nurses left the workforce in 2021, the worst exodus the profession had seen in more than four decades. Although this staffing deficit is dire, Abuzeid argues that “the processes, tools and technology for hiring permanent nurses have not changed in 20 years.” That’s what Incredible Health aims to change, she said.
Incredible Health will use the funds it has raised to improve its screening and matching algorithms and expand its services to reach 90% of the country’s nursing workforce, Abuzeid said. The company will also use some of the funding to strengthen the professional resources it offers to nurses, including educational scholarships, upskilling courses and relocation support. Abuzeid added that these features make Incredible Health not only a place for nurses to find work, but also a place for them to manage their careers.
Moving forward, Abuzeid said Incredible Health has plans to expand its staffing capabilities beyond nursing to other types of health care workers facing critical staffing shortages, such as home health aides and lab technicians. The company also aims to expand its customer base beyond hospitals to surgery centers and urgent care facilities.
Photo: asiseei, Getty Images,