Incredible Health - Healthcare Recruitment Platform

Founded in 2017, Incredible Health is a recruitment platform that connects hospitals with specialized nurses.

Feb 22, 2022

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Snapshot

Founded in 2017, California-headquartered Incredible Health is an online recruitment platform that helps nurses find their next full-time role. It also assists employers in hiring permanent, specialized nurses in 20 days or less. The company has partnered with over 500 hospitals across 21 states to offer its proprietary matching software in an attempt to fix the nurse shortage in the US.

In 2019, Incredible Health raised $15M in a Series A funding round led by Andreessen Horowitz bringing its total funding to $17.3M.

About Incredible Health: Website, Linkedin

Business Overview & Products

Incredible Health’s platform connects nurses with hospitals. Nurses can sign up on the platform and are then matched with hospitals that have openings.

Besides their matching service, it also has other products and services including:

Free accredited nursing CEUs
Personal talent advocates for nurses
A community that allows nurses to build a network and stay connected

The company operates across 21 states of the US: California, Maryland, Colorado, Nevada, Connecticut, New Jersey, Delaware, New York, Florida, Ohio, Georgia, Pennsylvania, Illinois, South Carolina, Iowa, Texas, Louisiana, Virginia, Maine, Washington, Massachusetts.

How It Works

Incredible Health provides a more efficient process for connecting nurses with roles.

For Nurses, the company allows them to complete a single application rather than the individual applications they previously needed to fill for each role. Each nurse gets a profile that includes a pre-set catalog of 45 specialties and 250 skills specific to the field such as ICU or OR expertise, job preference, experience, education, licensing, and goals. This information is then used to screen and match the nurses with appropriate job opportunities.

The platform’s matching algorithm shows hospitals suitable candidates that match their criteria. The company checks for malpractice history and licenses to ensure selected candidates are top-notch. The hospitals then send interview requests and auto-schedule phone screens from Incredible Health’s app. The platform’s software successfully auto-schedules 70% of interviews within 36 hours of an accepted interview request and also allows recruiters to check nurse availability, so the interview processes take place faster.

Upon being selected, nurses have the option to accept or decline requests and compare top offers from favored hospitals that match their criteria. Nurses can also add pre-collected references to their profiles to speed hiring managers' decision-making. Due to the coronavirus pandemic, the platform has also introduced remote interviewing for safely distanced pre-hiring interactions and an in-app chat feature. The platform allows hospitals to compare their own hiring funnel and operations anonymously to competing hospitals locally, regionally, and nationally. They can customize their branding to appeal to nurses and communicate what makes their organization a great place to work.

Business Model & Pricing

Incredible Health generates revenue by charging hospitals a flat fee price, regardless of level, location, or experience, which it claims is a cheaper and more scalable option than traditional recruiting agencies. Pricing details are not publicly available online.

Traction

Incredible Health reported tremendous growth following their Series A. Although specific numbers around revenue or traction haven’t been reported, in 2021, the company claimed a 1000% increase in revenue, a 500% increase in nurse job placements, 100% customer retention, and net revenue retention of 200% as existing customers doubled their hiring and spending on the platform.

More than 500 hospitals nationwide use the platform to hire nursing staff, up from 150 in 2019. These include leading health systems like Johns Hopkins Health System, HCA Healthcare, Stanford Health Care, Kaiser Permanente, Providence St. Joseph, Jefferson Health, Houston Methodist, Cedars-Sinai Medical Center, and many others. Over 60%+ of the US News & World Report’s Best hospitals are counted as customers.

Founder(s) & Team

Iman Abuzeid: Co-Founder and CEO at Incredible Health. Iman, a Wharton graduate comes from a family of doctors, but her heart always lay in entrepreneurship. This is why despite attending medical school, she opted for an MBA and then left for Silicon Valley to gain more insight on health care startups. Prior to launching Incredible Health, she co-founded Lift League, a communication app for health and wellness professionals.

Rome Portlock: Co-Founder and CTO at Incredible Health. Rome, an MIT graduate has worked at reputable companies like Amazon, Eventbrite, Linden Lab, and AliveCor. After gaining ample experience, he decided to co-found Lift League with Iman Abuzeid and later the duo collaborated to launch Incredible Health.

History and Evolution

In 2017, Abuzeid and Portlock founded Incredible Health after noticing a significant gap in the healthcare industry. Even though healthcare was the largest employment sector in the US, the existing recruitment tools being used were from the 1980s and ’90s. Moreover, when the founders interviewed their family members who were doctors and nurses, they found out how difficult it was for them. The hiring process was complicated for doctors and it took extremely long for the nurses to find a new job. Hence, there was an obvious gap between the health workers’ demand and supply. That is how the founders came up with the idea of Incredible Health – a hiring marketplace between hospitals and nurses. They raised a $2.3m seed round led by Obvious Ventures to go after this opportunity.

In 2019, Incredible Health raised $17M in a Series A funding round led by Jeff Jordan and Andreessen Horowitz, which also included NFX, Obvious Ventures, Precursor Ventures, and Gingerbread Capital. By that year the platform was being used by more than 150 hospitals throughout California. In 2020, the platform launched first-of-its-kind free continuing education courses for nurses in the US. It planned to give away more than $240M worth of continuing education courses to address the nursing shortage within the country.

In 2021, Incredible Health launched Retention Suite, the only suite of tools designed to support hospitals in retaining permanent nursing talent during the Great Resignation. The Retention Suite is a set of hiring tools that help nurses make more informed decisions about their employment. Since hospitals reach out to nurses with job offers, it enables nurses to field multiple interview requests and complete thorough job searches.

Additional Learnings

Incredible Health’s biggest competitive advantage is that they allow employers to approach nurses instead of the other way around. In this way, nurses do not have to individually fill every employer’s application, saving them both time and effort. Moreover, the platform has automated the screening and pre-vetting process of nurses which saves employers from verifying licenses and certifications using their own resources.

The company also feels strongly about diversity gaps in the healthcare industry and works extensively to eliminate them through its platform. For instance, 30% of nurses in the US identify as minorities, to ensure there’s no discrimination while recruitment, Incredible Health randomly sorts the list of nurses displayed in front of hospitals and also uses avatars instead of profile pictures. Moreover, nurses are also provided features like salary estimate calculators and talent advocates who support candidates throughout their hiring process and help them better prepare for their future roles.

Market Snapshot:

In 2020, more than $21B were invested in the health tech industry of the USA which was a significant jump from the $1B investment in 2010. However, this surge wasn’t entirely due to the pandemic as even before the Covid-19 pandemic, consumers’ adoption of digital health had been steadily increasing. For instance, 42% of Americans reported usage of digital health tracking in 2019.

In 2021, the digital health market in the USA was valued at $80.2B. This dominant market growth is due to high healthcare spending, adoption of healthcare IT and high technology, funding in EM, and government initiatives.

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