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CareRev connects healthcare professionals with flexible, local shifts
Steven Loeb speaks with Will Patterson, Founder and CEO at CareRev, a company that connects healthcare professionals with flexible, local shifts. It allows hospitals, outpatient clinics, and skilled nursing facilities to post open shifts, and qualified healthcare professionals to discover and book shifts from its app.
The company has raised $51.3 million in venture funding.
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.
Highlights from the interview:
- Patterson is a nurse, where he encountered the inability of the healthcare system to match the supply of professionals with the demand of their patients in real-time. Because staffs are on a fixed schedule, it's hard to get people in when there's an increase in demand. This decreases the level of care for the patient and it exposes the hospital to additional risk.
- At the same time, healthcare professionals want flexibility to work when they want and not always take on a full-time position. This creates a disconnect between the local supply of labor and demand of the healthcare system. That's why Patterson created a labor marketplace with technology to solve it.
- Allowing healthcare professionals to work the way they want keeps them in the field instead of them quitting outright and working elsewhere, which is a benefit to the healthcare system and to society. They can stay in the industry and work in a flexible manner.
- CareRev is using prediction AI and machine learning to reduce friction and better match supply and demand in real-time, so it's easier to get people last minute when necessary, so the healthcare systems can get people to the patients right when they need them, where the patient is.
- There are 75,000 new nurses entering the field every year, and a problem is how to train and upskill them. A newer use case CareRev has been working on bringing people in locally to train these new nurses.
- The goal is to provide $30 million in savings for large healthcare systems. Because they now have a flexible, local labor pool, it's able to reduce the fragmentation, and they're able to reduce their reliance on travel nurses.
- The company has a shift rating mechanism for nurses to tell the platform how they feel after they work a shift with a smiley face or a frowny face. Going forward, the company wants to go deeper into asking specific questions to improve data collection.
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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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