Hallmark Health Care Solutions Secures Fresh Funding led by Summit Partners
October 18, 2023/ in MT Newswires Exclusive / by Irene Valera
(MT Newswires) -- Hallmark Health Care Solutions said Tuesday it secured "significant" new funding led by Summit Partners with participation from Hallmark's own management and current investor Enhanced Healthcare Partners.
The investment, which is aimed at accelerating the New York-based healthcare technology company's growth, will support its efforts in product innovation, Hallmark said without disclosing terms of the investment. With the latest funding, Hallmark said it can extend its workforce management solutions to healthcare organizations as well.
The company helps health systems, hospitals, physician groups and other healthcare organizations address labor-related challenges, according to Hallmark. Its software-as-a-service platform provides tools for talent sourcing and deployment that include provider compensation and contracting, or an end-to-end healthcare workforce management offering, the company said.
"There is a healthcare workforce crisis in this country - one that is impacting both quality and cost of care," Hallmark Health co-founder and Chief Executive Isaac Ullatil said. "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."
Hallmark's SaaS platform is used by over 85 healthcare organizations and more than 750 staffing agency partners across the United States, the company said.
"The company's solution is designed to drive efficiency, transparency and cost savings in one of the most problematic areas of healthcare spend," Summit Partners managing director Ross Stern said. Stern joined Hallmark Health's board of directors as part of the transaction.
In an e-mailed response to MT Newswires, Ullatil said the new funding "will enable us to deepen our commitment to product innovation and customer success -- critical ingredients for our continued success. Simultaneously, we will focus on growing our market share nationwide."
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