Gale Healthcare Solutions Secures $60 Million Growth Equity Investment from FTV Capital to Remedy National Nursing Shortage
Investment will expand technology-enabled healthcare services and payments platform that supports 39,000+ nursing professionals, more than 10 million hours of patient care and 16,000 percent revenue growth in the last five years.
Gale Healthcare Solutions, a leading technology-enabled healthcare services and payments platform that provides per diem, contract, and travel temporary staffing services in post-acute and acute healthcare settings, along with daily pay for healthcare staff, today announced a $60 million growth equity investment. The investment comes from FTV Capital, a sector-focused growth equity investment firm. Gale Healthcare will use the funding to continue its rapid expansion in the $24.7 billion healthcare temporary staffing market and make further investments in its industry-leading technology and payments platform. As demand for healthcare continues to surge, the United States faces a massive and growing national nursing shortage. By 2030, the Bureau of Labor Statistics projects nearly 4.5 million nurses and nursing assistants will be needed to meet rising demand, driven by an aging population and growth in the number of people with chronic conditions. Meanwhile, the Covid-19 pandemic has only exacerbated the nursing shortage as stress and burnout lead nurses to leave the workforce. A recent survey by the American Health Care Association and National Center for Assisted Living found that 99 percent of nursing homes in the U.S. face a staffing shortage.
“We launched Gale Healthcare to connect more available nurses with work opportunities in their area, with the added benefit of same day pay,” said Tony Braswell, President and Founder. “This model has been enormously successful in enabling more shifts to get filled at facilities across the country. With backing from FTV Capital, we have the resources and support we need to expand our technology and services further, for the benefit of nurses, healthcare facility managers, and the patients and residents who depend on us for care.”
“Gale Healthcare has emerged as a dominant player in a massive, highly fragmented market that continues to grow due to the structural and persistent imbalance between supply and demand for nurse labor,” said Richard Liu, partner at FTV Capital. “With its differentiated technology and payments offering, a large and loyal network of nurses, and proven management, Gale Healthcare is well-positioned to continue its exponential growth. We are thrilled to partner with Tony and the team as they lead the healthcare industry forward.” Since launching five years ago, Gale Healthcare has achieved exponential growth. What began as a small team managing a workforce of 300 nurses in the Tampa Bay Area has grown to a company of more than 500 professionals supporting more than 39,000 clinicians across 38 states. Together, these nurses have delivered more than 10 million hours of patient and resident care, driving a 16,000 percent increase in revenue. To leverage its complete network of 200,000 clinicians, in the last year, Gale Healthcare has expanded its per diem staffing services to also include travel nurses and permanent placements, and broadened its healthcare client base from nursing homes and assisted living facilities to hospitals and ambulatory surgical centers. Gale Healthcare services also include licensing its software to healthcare staffing firms looking to grow through a more efficient and scalable technology-enabled approach.
Led by a management team with more than 100 years of collective healthcare staffing and technology experience, Gale Healthcare was launched in 2016 to overcome the pervasive challenges with traditional healthcare staffing practices. Recognizing the power of on-demand apps and the rise of the gig economy, Braswell led a team to develop technology that automates the process of connecting fully-credentialed nursing professionals to healthcare facilities with unmet staffing needs.
Gale Healthcare’s platform empowers nurses with the flexibility to work when and where they want with the convenience of receiving same-day pay, an industry-first innovation. This unique combination of an on-demand app that connects nurses to work options and its ability to provide pay right after they finish working has proven to be a highly effective approach to increasing work rates and helping healthcare clients secure the staff they need by accessing a larger pool of nurses to fill open shifts.
In the past year alone, Gale Healthcare increased the size of its nurse workforce by 137 percent and the number of people receiving care by 127 percent. Every six minutes, another healthcare professional applies to work with Gale Healthcare.
With this investment from FTV Capital, Liu will join Gale Healthcare’s board of directors.
About Gale Healthcare Solutions Gale Healthcare Solutions offers a technology-based marketplace to address the national nursing shortage. Since its 2016 launch, Gale Healthcare has been a leader in bringing healthcare facilities on demand workforce solutions for recruiting, credentialing, scheduling, time and attendance, communications, and pay. The mobile and web-based Gale app connects nursing professionals directly to healthcare facilities in need of clinical staff, and provides caregivers with daily pay. Based in Tampa, Gale Healthcare serves healthcare organizations through per diem, travel, and permanent placement contracts in acute and post-acute healthcare settings across 38 states, and through software licensing agreements with healthcare staffing firms.
About FTV Capital FTV Capital is a growth equity investment firm that has raised nearly $4 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades.
Founded in 1998, FTV Capital has invested in more than 125 portfolio companies, including 6 Degrees Health, Docupace, Derivative Path, EBANX, LoanPro and Vagaro, and successfully exited/partially exited companies including Enfusion, InvestCloud (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Sunlight Financial, VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut.