Flexwise Health Completes Merger with Prescience Health
The combined organization will provide health systems with a comprehensive platform to address the increasing challenges in meeting clinical workforce demands.
NASHVILLE, TN - June 25, 2020 - Flexwise Health, an on-demand clinical staffing platform for hospitals, and Prescience Health, a staffing optimization software company that uses data science to predict patient demand and align nurses, today announced that they have completed their merger to form one company. The combined company will operate as Flexwise Health and will deliver the first modern enterprise float pool management platform to help hospitals leverage data science and optimize nurse coverage, automate float pool deployment, and access on-demand nurses.
"Hospitals and regional health systems are facing unprecedented challenges in managing their clinical staffing needs while controlling expenses,” said Kevin Godsey, CEO of Flexwise Health. “With this merger, our goal is to provide an integrated solution that will help facilities reduce premium labor costs without compromising patient care by implementing innovative enterprise float pool capabilities powered by data science."
"The sudden deterioration of the economy due to COVID-19 has made the outlook for most hospitals uncertain,” said Hiro Kawashima, CEO of Prescience Health. “It is critical to control operational costs and our combined solution will enable hospitals to make data-driven staffing decisions, prevent staffing level variation, and ultimately ensure that patients receive optimal clinical coverage." Kawashima will stay on as Chief Product Officer of the new company.
This merger will deliver a long sought-after solution for hospitals and will enable effective enterprise float pool management and target reductions of costly third-party staff. Flexwise’s platform is used by hospitals to access on-demand nurses to supplement core staff. Prescience's platform, StaffRight, uses advanced algorithms to predict patient demand up to 18 months out and align nurse staffing.
"The combination of Flexwise and Prescience creates an innovative technology-enabled company that addresses a key pressure point for health systems related to workforce management, a long-standing challenge that has been exacerbated in the current environment,” said James Olsen, Founder & Managing Partner, Concord Health Partners. “This merger will provide health systems with a streamlined platform to address the persistent shortage of clinicians by providing both actionable insights and a real-time supply of candidates, improving operational efficiency and enabling delivery of high-quality care."
Reed Smith LLP served as legal counsel to Flexwise Health.
About Flexwise Health
Flexwise is a technology-enabled business support services company with an on-demand staffing platform that provides healthcare organizations with direct access to fully-vetted healthcare professionals available on a flexible basis. Flexwise’s platform demonstrates meaningful labor cost savings for hospitals and health systems.
About Prescience Health
Prescience helps hospitals predict patient demand and align clinical staff. Prescience uses advanced algorithms to enhance scheduling predictability and integrates with staffing and scheduling systems and EMRs to optimize clinical coverage.
About Concord Health Partners
Concord Health Partners is a healthcare-focused investment firm with a strategic approach that aligns interests between investors and portfolio companies. Concord is primarily focused on investing in companies that have the potential to enhance the value of care through technologies and solutions that lower costs, improve quality and/or expand access to care. The firm, in partnership with the American Hospital Association, sponsors and manages the AHA Innovation Development Fund, a venture capital fund formed to help hospitals and health systems continue to transform health care and deliver cutting-edge care.
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