New York headquartered Nomad, an internet marketplace that enables clinicians and the medical facilities that hire them to find each other and transact directly has secured $4 million in Series A funding round. The round was initiated by First Round Capital and RRE Ventures along with the participation from .406 Ventures. The funding aims at a nationwide product rollout that will take into consideration the country’s doctor shortage crisis.
First Round Capital partner Chris Fralic, who will be joining the company’s board said, “We are thrilled to be backing Nomad Health as they introduce an innovative solution for hospitals and clinics across the U.S. that struggle to hire enough doctors. Nomad has built a critical and necessary tool for the future of healthcare.”
Founded in 2015, Nomad claims that it is marketplace for short term clinical work, Doctors can search for work by price, location, and more. The doctors and the institutions that hire them can connect and transact directly. Nomad eliminates the chaotic and inelegant healthcare staffing system of yesterday and replaces it with a cloud-based platform that is simple to use and substantially less expensive. Healthcare employers spend $15 billion on temporary clinical staffing every year, and Nomad believes it can cut those costs by up to 40 percent.
For instance, a doctor can search for jobs by location, pay rate, medical facility, and more. After that the doctor creates profile which is pulled by Nomad from public databases to speed up the process. The doctor directly interact with the medical facilities regarding inquiry, application and finalization of the contract details. Nomad takes care of malpractice insurance, licensing, & credentialing and even travel and lodging expenses.
Nomad Health Chairman and Co-founder Kevin Ryan stated:
“We have just scratched the surface of a rapidly growing need for doctors. Nomad is reimagining the way in which doctors find work and hospitals find talent. Much the same way we saw an opportunity for technology to modernize news at Business Insider, with Nomad we see a chance to use technology to improve another industry stuck in the past.”