Healthcare jobs startup Nomad Health raises $12 million to scale its marketplace nationwide
The healthcare staffing is an $15 billion industry in the United States alone. With baby boomers getting older, the staffing industry growth is expected to accelerate over the years. The biggest challenge is that the current healthcare is broken, not sustainable and ripe for disruption. It has become ever more complex, mountains of paperwork and cumbersome processes have come between us and our patients. At the same time, the need for clinicians has grown rapidly, leaving every facility, from the largest hospitals to the smallest clinics, scrambling to find qualified staff. One startup is about to change that. Nomad Health is the first online marketplace that enables clinicians and the institutions that hire them to find each other and transact directly, without a broker. Nomad Health eliminates the chaotic and inelegant healthcare staffing system of yesterday and replaces it with a simple, modern platform that just works.
Today the company announced it has raised $12 million in its Series B financing. Nomad Health will use the proceeds to fortify the technology that drives the marketplace, expand into more states on its way to being nationwide, and hire more employees to further the company’s vision of digitizing healthcare human resources. The round was led by Polaris Partners with participation from US HealthVest, AgBiome, Editas Medicine, Quartet Health and US HealthVest. Polaris Managing Partner Brian Chee will be joining Nomad Health’s Board of Directors. The Series B includes additional investment from existing investors First Round Capital, RRE Ventures, and .406 Ventures.
Founded in 2015 by a team of doctors and serial entrepreneur Kevin Ryan,, Nomad Health brings substantial cost savings, dynamic pricing, and a streamlined process to both sides of the market. Nomad is simple, modern healthcare staffing. Nomad Health has built the first online marketplace where clinicians and medical employers can directly connect for freelance healthcare jobs, including locum tenens, travel nursing, and telehealth. It has been hailed as one of 21 companies driving the digital health revolution in 2017 by Fortune Magazine, Nomad eliminates third-party recruitment brokers from the hiring process and drives substantial efficiency for both sides of the marketplace.
Hiring in healthcare is remarkably complex, especially given growing clinician shortages. Nomad’s powerful marketplace is addressing this challenge by making it simple, fast, and efficient for clinicians and medical employers to find jobs and get hired. By digitizing the entire hiring process for doctors and nurses – including job matching, applications, insurance, and payments – both sides of the marketplace save substantial time. Plus, medical employers can save up to 40% on recruitment fees. More than 30,000 clinicians and 1,500 healthcare facilities have already joined Nomad and the network continues to expand rapidly.
“With Nomad we set out to solve the severe clinician shortages in this country,” said Dr. Alexi Nazem, co-founder and CEO of Nomad Health. “Over the last year and a half, we have built a seamless digital experience that makes it simple and cost-effective for healthcare institutions to hire great clinicians in 12 states. Our goal has always been to bring this technology to bear across the country, and with this new infusion of capital, we can expand to all 50 states and hire new staff to propel our growth.”
Driven by the aging Baby Boom generation and a rise in chronic disease, there is an expected shortfall of over 100,000 doctors in the United States by 2030, according to the Association of American Medical Colleges. Similarly, there is an impending shortage of 1.2 million nurses by 2022, according to the Bureau of Labor Statistics. Nomad is uniquely positioned to help address these shortages by offering a much more efficient and cost-effective mechanism to find and hire freelance healthcare professionals.
“Nomad Health is leading a revolution to change the very nature of healthcare human resources,” said Brian Chee, Managing Partner at Polaris Partners. “Nomad Health’s business can have a transformative, societal impact on the entire healthcare industry, and we are thrilled to join the effort to solve healthcare staffing shortages with cutting edge workforce technology solutions.”