McLean, Va.-based healthcare staffing firm ShiftMed has raised $47 million from unnamed investors, a month after it announced the acquisition of CareerStaff Unlimited, according to a listing on Crunchbase. The startup, whose investors include Baltimore-based Audacious Capital, has so far $298.2 million since its founding in 2019.
In April, ShiftMed agreed to buy Irving, Texas-based CareerStaff, which offers access to a network of over 1,000 staffing companies nationwide, from Genesis HealthCare, a national post-acute care provider based in Kenneth Square, Pa. The acquisition comes amid U.S. Bureau of Labor Statistics’ prediction of an annual shortage of 203,200 registered nurses through 2031.
‘End-to-end Offering’
“The integration of CareerStaff with ShiftMed allows us to fulfill 100% of our clients’ on-demand needs through one workforce platform,” ShiftMed founder and CEO Todd Walrath said at the time of the acquisition. “By merging ShiftMed’s acclaimed mobile-first suite of products with CareerStaff’s top-tier MSP [managed services programs] solution, we’re establishing the industry’s first end-to-end digital MSP.”
Earlier this year, Modern Healthcare named Walrath in its list of “Innovators for 2024.” A 20-year veteran in digital media and interactive marketing, Walrath previously founded two startups — LEADS.com, which was acquired by Web.com, SeniorLiving,Net, which was acquired by RealPage. Along with ShiftMed, he also runs HomeCare, which addresses healthcare needs of seniors. Walrath earned a BS degree in business administration from Bucknell University, and an MBA from Duke.
‘Intelligent Routing’
ShiftMed claims an edge via its “intelligent routing,” which potentially reduces agency costs by distributing orders among the internal workforce and identifying the most cost-effective external agencies. After the acquisition of CareerStaff, the combined company will have more than 600 employees.
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MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
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Under a seven-year agreement, CareerStaff will continue to serve Genesis after its acquisition, while ShiftMed will additionally provide Genesis services at over 200 skilled nursing and 1,200 Powerback rehabilitation locations.
“With this acquisition, we’re expanding ShiftMed’s product offerings to cover a wider range of staffing solutions. This means that we can provide more options to our customers, from flexible staffing arrangements to complete workforce management solutions,” Walrath said.
In 2024, ShiftMed ranked 10th in the Mid-Atlantic region in Inc. magazine’s list of the country’s top privately held firms. Last year, the company was on U.S. News and World Report’s list of Best Workforce Management Software in healthcare.
