M7 Health Secures $10M to Revolutionize Nurse Staffing and Scheduling

In a significant development for the healthcare workforce management sector, M7 Health has successfully raised $10 million in Series A funding. The startup, founded by registered nurse Ilana Borkenstein and her Harvard Business School classmate Eric Gruskin in 2022, aims to modernize nurse staffing and scheduling through an innovative platform designed "by nurses, for nurses."

Addressing a Critical Healthcare Challenge

M7 Health's platform tackles one of the most pressing issues in healthcare today: the complex task of nurse scheduling. Borkenstein, drawing from her experience at Memorial Sloan Kettering Cancer Center, recognized the need to streamline the often cumbersome process of balancing hospital operations with nurses' personal needs.

"My assistant nurse manager was amazing, but she sat in her office during most of her shifts in front of two screens," Borkenstein recalled. "She was really trying to solve this Tetris problem that is scheduling."

The startup's solution aims to replicate and scale the thoughtful approach of Borkenstein's former manager, which led to high retention rates in her unit. M7 Health's platform offers an end-to-end solution for nurse scheduling, staffing, and communication, designed to create balanced, transparent, and personalized schedules while reducing administrative burden.

Impressive Early Adoption and Results

Since its launch, M7 Health has made significant strides in the healthcare industry:

• The platform is currently used by 13,000 healthcare professionals across more than 60 hospitals.
• Agreements are in place to double its footprint by year-end.
• Users report a 50% reduction in time spent on scheduling by nurses.
• There has been a 40%+ reduction in overtime and the elimination of contract nursing labor at hospitals using the platform.
• The company boasts a 90%+ staff engagement rate with its technology.

"Customers have told us they've never seen engagement like this with a technology platform among the nursing workforce outside of the electronic medical record," Borkenstein stated.

Addressing Modern Workforce Challenges

M7 Health's platform is particularly timely given the evolving landscape of the nursing workforce. The COVID-19 pandemic has led to a more complex mix of full-time, part-time, per diem, contract, and travel nurses, each with different cost structures and scheduling needs.

Borkenstein explained, "Not only do they all cost the health system something different for that hour worked, but nurse leaders now have new variables they have to take into consideration, and no tools to help them do it."

The platform aims to create transparency between the needs of individual nurses and hospital administrators, aligning incentives to benefit both parties. This approach could be crucial in addressing the high turnover rates in nursing staff, with the average hospital having turned over more than 100% of its nursing staff in the past five years.

As the healthcare industry continues to evolve, M7 Health's innovative approach to workforce management may prove to be a vital tool in creating more sustainable and satisfying work environments for nurses while improving operational efficiency for hospitals.