This is the Incredible Health pitch deck to raise a $15m series-a round in 2020.
About
Hospitals and health systems use Incredible Health to hire permanent, high-quality clinical workers at scale and in less than 30 days.
Even before the coronavirus pandemic started straining the US healthcare system, a nationwide shortage of nurses meant that hospitals were having a tough time finding and hiring the right people.
Iman Abuzeid and Rome Portlock both saw the problem firsthand, from different angles. Abuzeid is a doctor herself and had discussed the understaffing of nurses with friends and family members who were in the medical world, too.
Portlock, meanwhile, comes from a family of nurses. They would tell him about how stressful it was to try to get a job at a different hospital and how long it would take, even though they were experienced and qualified.
“This doesn’t make any sense, because both sides are complaining: the employers and the nurses,” Abuzeid told Business Insider in an interview this week. “We just figured that there has to be a better way.”
So, Abuzeid and Portlock, who previously worked together at mobile health startup AliveCor, set out to create one. In 2017, they launched a San Francisco-based startup called Incredible Health that offers a recruiting service designed specifically to match nurses seeking new jobs with hospitals hoping to fill holes in their staff.
Traditionally, hospitals have either used recruiting agencies to find nurses or posted jobs on job boards such as LinkedIn or Indeed, Abuzeid said. While recruiting agencies can allow hospitals to target qualified candidates, they’re often slow and expensive. While conventional job boards can help healthcare providers find candidates more quickly, they often don’t have many tools to help hospitals sort through candidates, making it a tedious, manual process.
That’s where Incredible Health comes in.
Incredible Health Uses Automation to Sort Candidates
Incredible Health aims to provide services that are both targeted and quick. Nurses create a profile in its system that includes their experience, qualifications, and where they want to work. The system then uses that information and criteria from the hospitals to automatically screen nursing candidates, showing only those that are the best fit for each one. The hospitals can then contact only those they’re most interested in hiring.
Abuzeid says that while it typically takes hospitals two to three months to hire full-time nurses, Incredible Health’s service can help them do it in less than 30 days. And the process is better for the nurses too, she said, since they can easily choose which hospital interviews to accept and which to decline. On average, nurses hired through Incredible Health see their salaries increase by 17% and their commute times drop by 15%, according to Abuzeid.
“[Nurses have] a ton of control over the process, which is dramatically different from their current job-search experience,” she said.
So far, 200 hospitals in California, Texas, Florida and Illinois have signed up, including Stanford Health Care, Cedars-Sinai Medical Center, and Hospital Corporation of America, while “tens of thousands” of nurses have created Incredible Health profiles. The service is free for nurses while hospitals can either pay for a monthly subscription or on a per-hire basis.
The company is gradually expanding to offer its service to hospitals in new states and Abuzeid says that it plans to provide more services for nurses, too. On Thursday, the company announced that its site would offer free continuing education classes to help them meet their state requirements.
The company recently got the backing to start realizing some of those goals. In the fall, it raised $15 million in a Series A funding round led by Andreessen Horowitz. It’s using the money to help fuel its geographic expansion and product development and to expand its team. Since the funding round, the company has grown from 7 employees to 43 and expects to have 60 or 70 by the end of the year.
“The ultimate vision of this company is to help healthcare professionals live better lives,” said Abuzeid.
Funding Rounds
| Announced Date | Transaction Name | Number of Investors | Money Raised | Lead Investors |
| Sep 12, 2019 | Series A – Incredible Health | 1 | $15M | Andreessen Horowitz |
| Jul 11, 2017 | Seed Round – Incredible Health | 8 | — | Obvious Ventures |
| Nov 30, 2016 | Pre Seed Round – Incredible Health | 1 | $2.3M | NFX |
Pitch Deck Review Summary
Slide by Slide Review
The cover is fine. I love the fact that they use a light blue color for this 1st slide. Same as the nurses’ uniform color I guess. It shows at least they give a shite. Good slide.
Okay. They are giving the investors a summary of their company in this slide, including the Golden Gate Bridge image (they operate in Califonia, so it makes sense I guess). This type of information is valuable for investors.
However, the text size is a little bit smaller for my liking. Why try to stack text on one side of the slide?
They use the other half of the slide for the Golden Gate Bridge. Don’t get me wrong. I love the Golden Gate Bridge image. But they could have made the text much larger and more highlighted.
3rd slide. Nothing big here. At least they are trying to showcase their Vision and Mission to investors.
Good. Now we are getting to the business end of their deck. Here they clearly show the problem in the US Healthcare industry. One million shortage of nurses and the average hiring time is 82 days. Well, that is a bit concerning.
A perfect solution, given that they can figure out a way to run this successfully. They build a platform where candidates can hire nurses. Usually, this works the other way around. But this solution makes healthcare professionals’ lives much easier. Now nurses don’t need to run everywhere to get hired.
6th slide. This slide also is part of the solution. They claim that they can bring down the hiring period to 30 days. That’s 2.5 more faster than the average time. Also, the NPS score is impressive and that kind of data can make a big difference when you are pitching for a series A funding round.
Lazy slide. But I do like what they showing here. Over 150 hospitals in California that they associate with. But why not go one step further and add a small logo for each hospital name? This is not necessary. But it will give the slide some much-needed color. Compared to previous slides of their deck, this is a downgrade.
Why did this slide in at 8th place? It should come before the 150+ hospital….. slide. Investors love this type of information.
Their registered nurses maintain 68% of 1st job offer acceptance percentage. That’s impressive. And I love the idea of showing nurses from 3 races. What they are saying is they are open to anyone. Good.
Well, I don’t get it. Why ruin a nearly-perfect deck with a useless slide? They talk about the hiring speed on the 6th slide. So why do this again? Maybe this is a promotional slide for the Top Gun movie. LOL.
Adding a social media feedback slide is an excellent idea. But I do have to complain about the text size and visibility again. Hard to read some of the stuff in there. Not impossible, but hard!
Strong finish with standalone feedback. This is why they raised 15M for series A funding with a relatively small pitch deck that has 11 slides.
Final Verdict
Incredible Health pitch deck is short and sweet. With their no-nonsense attitude toward this deck, they found great success. To this date, Incredible Health running strong and serving both healthcare professionals and hospitals in the US.
Deck Collection
See the rest of the collection here:
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