We have seen that technology has come into existence everywhere around us right now, and there is not a single place where we can say that it has not been upgraded to digital form. This applies to the medical sector as well, and this is not just limited to developed countries. Developing countries are taking the help of technology to raise their population out of poverty. Also, it is worth noting that the healthcare industry still has many challenges worldwide, one of which is the shortage of nurses. You might have seen the data that there are just 9 nurses per 1000 patients on average, and this data was updated in 2021, two years ago, so the shortage must have increased even more.
To counter this shortage, ShiftMed has launched a marketplace that focuses on nurses and aids and has managed to raise a funding round of $200M. The company claims itself as “the No. 1 ranked mobile app for professionals searching for flexible nursing jobs.” ShiftMed says that many nurses quit the healthcare industry after the pandemic due to burnout felt in the last 2 years. The company says that they understand the struggle these nurses are going through and want them to take a break. When they decided to come back, they can use ShiftMed to search for different opportunities along with additional perks such as guaranteed shifts and instant pay among others.
Panoramic Ventures, one of the investors in ShiftMed, said, “Healthcare providers need solutions that streamline workforce management, bring labor costs back into balance and improve patient outcomes with better care. We see ShiftMed’s growth as validation for the market need.” It is seen that technology companies are deploying their strategies in the field of healthcare and making a difference because the sector was stressed out and did not have the technology as much as needed for a long time.
ShiftMed did not respond to questions about its current valuation or revenue numbers. Still, it mentioned that the company’s revenue grew by 8x in the last two years and that more than 100k users have downloaded its app and hired 10,000 nurses so far.