New healthcare technology startup launched by serial entrepreneur Kevin Ryan and a team of entrepreneurial doctors addresses critical doctor shortage
Nomad Health, an online marketplace connecting doctors with freelance clinical work, has completed a $4 million Series A financing. First Round Capital and RRE Ventures led the investment round with participation from .406 Ventures. The Series A financing will support a nationwide product rollout that will help address the country’s doctor shortage crisis.
“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,” said First Round Capital partner Chris Fralic, who will be joining the company’s board. “Nomad has built a critical and necessary tool for the future of healthcare.”
Nomad is the first job marketplace where doctors and the institutions that hire them can connect and transact directly. It replaces an inefficient system of brokers with a streamlined, 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.
“We have just scratched the surface of a rapidly growing need for doctors,” said Nomad Health Chairman and Co-founder Kevin Ryan. “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.”
Nomad Health’s Co-Founder and CEO, Alexi Nazem, has first-hand experience with the broken healthcare system. A Harvard and Yale-trained physician, Nazem says “There is an urgent need to fix the way clinicians are hired. Nomad’s mission is simple: get great doctors to the bedside, where they are needed most. We are tossing out today’s inefficient and outdated processes and replacing them with world-class tech so that doctors, hospitals, and clinics can focus on doing what they do best, caring for patients.”