OnShift Closes $3 Million Series B Early Stage Capital Investment
Cleveland, OH--OnShift, Inc., a provider of cloud-based staff scheduling and shift management software for the healthcare field, has closed $3 million in financing that it will use to expand sales and marketing efforts and to add development staff. The financing was led by West Capital Advisors LLC and included participation from existing investors Early Stage Partners, Draper Triangle Ventures, and Glengary LLC.
OnShift CEO Mark Woodka said that the company had been able to obtain additional financing on favorable terms due to a 400% revenue increase in 2011, coincident with a growth in customers from 170 to 500. Accelerating customer adoption is being driven by the quality and ease-of-use of OnShift's solution, as recent cuts in Medicare and Medicaid reimbursements have drawn attention to the need for healthcare providers to manage labor costs--their largest expense--which maintaining high quality care. OnShift's solution typically results in a return-on-investment within weeks of adoption. Higher efficiencies through automated scheduling free up nurses and other staff to focus on delivering high quality care.Read more...
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