Invent Health with Dr. Archana Dubey and Bambi Francisco Roizen; Episode 16Read more...
Nomad Health is an online marketplace for healthcare jobs
Steven Loeb and Bambi Francisco Roizen speaks with Dr. Alexi Nazem, co-founder and CEO of Nomad Health, an online marketplace for healthcare jobs. The company works with both clinicians and healthcare facilities to match employees and employers looking for freelance work.
The company recently announced a $63 million round of funding, led by Adams Street Partners led, along with Icon Ventures, Polaris Partners, RRE Ventures, .406 Ventures, First Round Capital, and Silicon Valley Bank, bringing its total raised over $100 million.
Our overall goal with these podcasts is to understand how technology is radically changing healthcare: the way we screen, treat and measure progress and outcomes. How we’re empowering the consumer. Whether we’re creating productivity that drives economic costs down? And how tech advancements change the role of the doctor.
- There's a looming issue with a shortage of doctors and nurses, and the issue is structural: the demand for healthcare services is greater than the suppliers. There's also the fact that American population is aging, especially the Baby Boomers, who consume a lot more healthcare services: people over 65 use 3x as much, and people over 70 use 4x as much. At the same time, the number of doctors and nurses being trained is growing, but its not keeping pace.
- COVID has highlighted and accelerated the issue, due to increased stress and a higher volume of work. There's also the issue of isolation protocols, meaning clinicians are not getting to engage with patients and they have to wear full PPE. Nazem believes the burnout crisis will be a hangover for many years after the pandemic subsides.
- The healthcare staffing space is currently manual and people powered. What Nomad does is use an online marketplace to put more power into the hands of the clinicians and the hospitals, while also automating the process. That include the sourcing and qualifying of candidates and credentialing, allowing the company to charge less than a traditional agency, so it can offer higher pay, while lowering costs for facilities.
- Nomad is solving a different problem than a company like Doximity, as its a full service product, where it does everything from sourcing to staffing, as well qualification, credentially, background checking, drug testing, payrolling, insuring, and providing assignment support.
- The company works exclusively with travel nurses, who work short term, almost always on a 13 week assignment. The nurses go from gig to gig, traveling around the country taking different jobs. They are a good fit for Nomad because it's a large market and there's a lot of opportunity, plus there's also a lot more standardization in travel nursing than in other short term clinical coverage roles; there's more variability when it comes to doctors, for example. Travel nurses are also a very sophisticated user, who know what they want and they're interested in doing it on their own.
- Over the last 18 months, Nomad has seen 7x growth in its core APIs, including applicants and placements. Over 100,000 nurses have signed up on the platform. Nomad's customers are hospitals, and it's working with over 1,000 healthcare facilities around the country.
Thanks to our sponsors: Carrot, whose Pivot program helps people quit smoking and encourages smokers to start the journey. Also, Advsr; a boutique M&A advisory firm. They wrote the book on startup M&A called "Magic Box Paradigm: A framework for startup acquisitions." Go to Amazon.com to get your copy. Also thanks to Stratpoint, an outsourced engineering firm and Scrubbed, an online bookkeeping firm. If you need affordable and quality engineering and bookkeeping, check them out. We highly recommend them!
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