In an era when medical facilities are struggling with staff retention and a nursing shortage exacerbated by a global health crisis, now more than ever the demand for healthcare workers is exceeding the supply. With many workers seeking greater autonomy in their fields and the opportunity to go where the money takes them, it seems that it was only a matter of time before the healthcare industry and the gig economy would collide. CareRev, a cloud-based platform that provides local per diem healthcare clinicians to hospitals on demand, is poised to transform the traditional healthcare workforce model with the use of a mobile app.
Will Patterson, CEO of CareRev, is a former trauma nurse who was looking for opportunities to work extra shifts to pay down his student debt when he founded the company 2015. “CareRev was born when I realized I could call a ride, order groceries and get delivery through a mobile app, but nothing so simple existed for scheduling per diem shifts that were key to managing my career and paying off school loans.” Just six years later in 2021, CareRev boasts a client list that consists of over 30 hospitals and health systems in six states. More than 11,000 clinicians spanning wide a variety of roles are using the app to find temporary work.
The national turnover rate for bedside nurses is currently at 17%, resulting in a loss to hospitals of up to $6.9 million annually. CareRev’s platform provides facilities access to local, experienced clinicians who can be on site within a few hours of accepting a posted position. Traditional methods of securing short-term contracts or per diem coverage rely on staffing agencies, which entails a costly, resource-intensive process that prolongs the time between hire and hitting the floor. CareRev, however, vets qualified, local healthcare professionals and streamlines the on-boarding process to help reduce the amount of time and money spent on filling positions, particularly offsetting the high costs of travel contracts. With a healthcare system that spent $6.1 billion on travel nurses last year and anticipates an increase of at least 10% in the year to come, CareRev’s model couldn’t have come at a better time.
Having recently secured a whopping $50 million in a recent funding round led by Transformation Capital, CareRev’s next steps in expanding operations will involve further integrating artificial intelligence and machine learning technology as well as doubling its team of 110 employees, including the hiring of engineers and salespeople.