Since we launched CareRev in 2015, we have been focused on creating a way for healthcare systems to access independent, qualified local professionals on demand to meet changing patient demand. We have brought on 22,000 expert healthcare professionals and over 600 health systems and facilities to our platform and have expanded into dozens of new markets over the past year – Massachusetts, Washington, Oregon, Hawaii, New Jersey, to name just a few. Top health systems such as Providence, Advocate Aurora, SSM Health, Froedtert Health, and many others, have continued to incorporate CareRev as a key element of their workforce management strategy.
We have accomplished so much even in just the past year, as we, like so many others, continue to face a mounting set of challenges within the context of increasingly difficult economic conditions.
Three-year strategic priorities
Over the past few weeks, CareRev’s senior leadership team has landed on a set of strategic priorities that we will be focused on for the next three years: building self-service tools that healthcare system operators love; growing adoption through empowering facilities and professionals; and creating a new, local workforce with a seamless way to access talent.
To execute these priorities, we must double down on our technology platform and help health systems take back control of their financial health. A critical way to do this is technology. The industry cannot continue to rely on inefficient, manual processes and external vendors, or they will continue to lose millions of dollars every year while destroying the nursing workforce. The proof is in the data: according to the American Association of Critical-Care Nurses, 67% of nurses are planning to leave the field within the next three years. The traditional healthcare staffing model will not work anymore.
This is where we come in. CareRev is building the technology platform that enables a new workforce paradigm: independent healthcare professionals have the freedom they need, and health systems now have the ability to meet patient demand at scale.
To achieve our three-year strategic priorities, I am saddened to share that we will be parting ways with a number of our colleagues. This is by far the hardest decision that I have had to make as CEO and founder of CareRev. I take full responsibility, making this decision with deep humility and appreciation. We are taking measures to ensure each employee is cared for through generous severance packages. Each person impacted by this decision played a key role in helping us fulfill our mission, and I will be forever grateful.
While we are making difficult decisions today, we are also setting ourselves up to be stronger in the future. We will be doubling down on our technology platform, focused on developing the most robust self-service platform for both professionals and health systems.
To execute on this vision, we have appointed Steve Thompson, a veteran product leader who has led teams at Salesforce, Tableau, Accolade and Concur, as Vice President of Product. Steve will continue to develop our customer-first product vision, creating a roadmap that will alleviate health systems’ pain points and help them unlock the value of the platform.
Last year, we received foundational investment from ShawSpring, Tribe Capital, Transformation Capital, High Sage, and MBX through a $50 million Series B fundraising round, and in November, we also secured $70 million in committed debt financing from JPMorgan Chase.
Even with the strong position we are in, today is a difficult day for all of us at CareRev. I am deeply proud of every single person at our company, both those who are staying with us and those who are leaving, for their efforts to get us where we are today. We are a capable, more diverse and resilient company because of each person’s contributions.
Looking ahead, we see a bright future for CareRev and are confident that these changes and our focus on the technology platform will make us even stronger.