IntelyCare uses AI to align nurses with facilities to address the looming shortage of care
Interview with Steven Loeb and Bambi Francisco David Coppins, Co-Founder and Chief Executive Officer of IntelyCare, an intelligent workforce management solution for post-acute healthcare facilities. The company recently raised a $ 45 million Series B funding round to $ 55.5 million.
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Highlights from the interview:
- There are 6 million nurses; While the opportunities to work in permanent positions have been pretty good, if they want to work and take on extra shifts it has been a terrible experience.
- IntelyCare solves this problem by allowing qualified care facility partners to publish that their 20,000 nurses have shifts available to go into the app each day to check what is available for them to work. You can choose how much, how often, when and where to work. You can also choose the wage rate.
- According to the US Bureau of Labor Statistics, the nation will need 1.1 million new RNs by 2022 to avoid a caregiver shortage. Coppins believes the number is worse because hundreds of thousands of nurses and assistants left the workforce during the COVID with no intention of returning.
- IntelyCare expands the capacity of nurses by at least 15%, expanding the workforce, not by adding new jobs, but by more intelligent coordination and resource allocation.
- The nurses are IntelyCare employees. The company gives them the flexibility to be a gig worker, wherever they can work whether they want to or not, while paying their wage taxes, employee compensation, and liability insurance at the same time. They also have advantages and a 401k. Nurses are also paid better if they work better a day and earn 20% more with IntelyCare.
- An integral part of the IntelyCare solution is the use of artificial intelligence to optimally coordinate nurses and jobs. A typical agency fulfills 20% of its needs so it can only serve four shifts out of 20. With IntelyCare you can fill 15 of these 20. It does this through dynamic pricing based on how easy or difficult it is to fill each layer. The algorithms can also detect when certain layers are harder to fill and add a lightning bonus for those layers to help fill them. IntelyCare’s AI can even perform predictive shift builds.
- IntelyCare’s customers are the facilities so the company doesn’t charge insurance or payers. The facilities bill their patients and the company provides them with staff that they can have in their facility. The company charges per-use charges using the agency’s existing hourly charge model to have an RN in the facility.
- IntelyCare doesn’t require its nurses to get a COVID vaccination, but that likely depends on what the facilities require. While facilities are concerned about requiring it and their staff work in places where they don’t, Coppins believes this is the place for many of them.
- IntelyCare costs less for the facilities than the agencies, which typically charge additional fees. The company lowers maintenance costs simply by adding up all fees. By using IntelyCare, facilities only have to pay for the shifts they need to staff, rather than long-term commitments and contracts.
- There’s a lot of momentum going on getting people out of skilled nursing or hospital and into the home much faster. Because of this, IntelyCare intends to leverage the workforce it has built, most of whom have already worked in the home health field, and expand into the home health field. The company has launched pilot programs with some of the largest home health companies.
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