Hallmark Health Care Solutions – a healthcare technology company specializing in workforce management solutions – recently announced a significant investment led by global growth equity investor Summit Partners, with participation from existing investor Enhanced Healthcare Partners and Hallmark management. This new funding round will accelerate Hallmark’s continued growth and further deepen the company’s commitment to product innovation and customer success.
Hallmark Health Care Solutions partners with health systems, hospitals, physician groups and several other healthcare organizations to overcome some of their biggest labor-related challenges. And the company’s SaaS-based platform combines tools addressing talent sourcing and deployment with provider compensation and contracting to create an end-to-end healthcare workforce management solution. With Hallmark, customers are able to unlock essential workforce data, improve access to talent, drive operational efficiency and achieve substantial cost savings.
U.S. hospital labor costs increased at a CAGR of 37% from 2019 to early 20221, and clinical labor shortages – which have long impacted the healthcare industry, are expected to persist. And McKinsey & Company projects a shortage of between 200,000 to 450,000 nurses by 2025, and the Association of American Medical Colleges estimates the need for as many as 100,000 additional physicians to support healthcare demand by 2030. Against this backdrop, Hallmark is continuing to experience significant growth. The company’s SaaS platform is the industry’s only vendor-neutral solution and today is used by more than 85 healthcare organizations and more than 750 staffing agency partners across the United States.
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“We believe this investment is a testament to the strength and tremendous future potential of our business. There is a healthcare workforce crisis in this country – one that is impacting both quality and cost of care. This new capital will enable Hallmark to further our commitment to our customers, helping the healthcare organizations with whom we partner save time and money, allowing them to focus on the lifesaving work they are called to do.”
— Isaac Ullatil, Co-Founder and CEO of Hallmark Health Care Solutions
“Hallmark is helping healthcare organizations address their most critical workforce related challenges. The Company’s solution is designed to drive efficiency, transparency and cost savings in one of the most problematic areas of healthcare spend. This deeply experienced team has built a scalable, modern SaaS platform with broad applicability and a compelling ROI for customers. We look forward to collaborating with the Hallmark team to help them achieve their long-term goals.”
— Ross Stern, a Managing Director of Summit Partners, who has joined Hallmark’s Board of Directors
“We’ve been fortunate to work with Isaac and team over the last three years during a period of strong growth and innovation at Hallmark. We’ve been consistently impressed with the team’s dedication to their customers and the true impact the company is making in an increasingly critical area of the healthcare ecosystem. We look forward to our continued partnership.”
— Matthew Thompson, General Partner at Enhanced Healthcare Partners
