Stepful, a company that provides healthcare training services, has secured $31.5 million in the Series B funding round with the help of Oak HC/FT. Such a substantial investment will enable Stepful to grow and offer solutions to the severe lack of healthcare workers in the United States.
The US healthcare system is currently facing an acute shortage of allied health workers, nurses, and other staff. This shortage not only adds expenses to the health care system but also results in massive turnover of employees.
The use of conventional training techniques that include face-to-face training sessions, a fixed number of trainees, and costly training programs presents a major challenge in fulfilling this demand.
Stepful Innovative Approach
Stepful has a distinctive approach by utilizing advanced technological solutions to ensure that the training programs are faster and more inclusive. The live sessions are interactive, supplemented by individual coaching and flexible learning formats that may benefit working learners from underrepresented backgrounds.
Proven Success
There has been significant growth at Stepful as it has anticipated enrollment of more the 30,0000 students by 2024, up from 50 students enrolled in 2021. This success is attributed to student outcomes, where the company was able to achieve an 87% NHA CCMA exam pass rate coupled with a 75% completion rate.
Moreover, Stepful has over 8,000+ healthcare partners that allow gaining the hands-on clinical experience necessary to enter the working environment.
Increasing its influence and collaborations
The new funding it received will allow Stepful to diversify its B2B product suite greatly. Employer screening and analytics tools will enhance Stepful’s partnership with healthcare systems by offering a complete workforce solution.
The outlined strategic plan will directly connect employers with a well-trained workforce, enhance this increasing domain of patient care, and arrest the alarming shortfall of the workforce within the healthcare industry.
