ShiftKey raises $300M for health staffing tools - Axios Media

Health-care staffing exertion institution ShiftKey raised $300 cardinal successful a circular that tips the company's valuation implicit $2 billion, CEO Tom Ellis tells Axios exclusively.

Why it matters: A labour shortage plagued the U.S. earlier the pandemic and COVID led to grounds levels of burnout and quitting among nurses and clinicians. ShiftKey's solutions is offering flexible scheduling.

Deal details: Majority capitalist Lorient Capital sponsored the investment, completed done a continuation conveyance led by the Ares Management Secondaries funds and Pantheon.

• Additional backers included Clearlake Capital and Health Velocity Capital.
• Goldman Sachs and Aviditi Advisors were advisers and placement agents to Lorient Capital, and McDermott Will & Emery and Gibson Dunn were ineligible advisors.
• With the funds, ShiftKey is focused connected scaling and experimenting with expanding its attack to different wellness attraction subsectors and industries.

Context: With health-care staffing shortages increasing truthful dire they're affecting patients' quality to get timely care, investors are turning to providers of tech-driven staffing marketplaces and different job-matching tools.

• Incredible Health, a vocation marketplace for wellness attraction workers, past August raised $80 million successful Series B backing astatine a valuation of $1.65 billion.
• Doximity, a nonrecreational societal web for physicians, successful 2021 went nationalist astatine a $7 billion+ valuation.

Yes, but: Ellis says galore ShiftKey competitors inactive relation similar accepted staffing agencies, meaning they simply inquire for workers' availability and plug them into unfastened shifts.

• He says ShiftKey by opposition offers the "freedom of buying for precisely what you want, wherever you privation it."

How it works: Dallas, Texas-based ShiftKey links licensed wellness attraction workers with openings astatine clinics and hospitals. Those workers see registered nurses, certified aesculapian assistants and others, each of whom motion up straight with the company's website oregon app.

• ShiftKey's API is susceptible of automatically approving astir 50% of the workers who motion up, says Ellis. The different 50% indispensable beryllium approved manually.

State of play: ShiftKey has worked with astir 5,000 wellness attraction facilities, and each week sees wellness attraction workers from astir 3,000 of those facilities motion up for shifts.

What's next: Ellis says he's reasoning astir ShiftKey's aboriginal successful different subsectors of wellness attraction and successful industries extracurricular of wellness attraction arsenic well.

• "We’ve dipped our toes a small into dentistry and into immoderate therapies and next, who knows?"
• "Health attraction is their beachhead but we spot the exertion arsenic portable crossed different industries," says Lorient Capital managing spouse David Berman.

The backstory: The institution got its commencement aft Ellis walked into a friend's bureau and overheard a telephone telephone successful which helium was attempting to capable nursing shifts implicit the phone.

• "It was literally, 'Can you instrumentality this 10 AM? What astir this 11 AM?' and I said, 'let's determination this online,'" Ellis says.

What they're saying: Steven Wardell, a integer wellness advisor with Wardell Advisors, tells Axios helium sees imaginable successful tech-driven wellness attraction staffing tools for 2 reasons:

• Automated tools tin reappraisal wellness attraction workers' credentials faster and much easy than manual processes.
• "Younger nurses besides astir apt deliberation this is however staffing should and volition beryllium run. They’re connected their phones a lot," helium says. "They don’t deliberation they’re going to get their displacement by talking to idiosyncratic oregon visiting somewhere."