OpenLoop and CareRev have announced new funding for their healthcare labor platforms.
OpenLoop, a virtual health company based in Des Moines, Iowa, announced their seed round financing of $3 million. The round was led by an angel group of physicians and was joined by Techstars, Next Level Ventures, Panoramic Ventures, and ISA Ventures, along with all existing investors, including Chairman Dr. Richard Ferguson, PhD. This financing enables OpenLoop to expedite the development of their marketplace technology and grow their team of experts.
“We’re excited to partner with OpenLoop as they work to improve community health by drastically streamlining how clinicians and healthcare organizations connect around locum tenens and telehealth hiring,” says Mark Buffington, Managing Partner at Panoramic Ventures.
According to a September 2019 study conducted by the Association of American Medical Colleges (AAMC), 35% of respondents said they had issues finding a clinician over the three prior years. That gap in access to care only continues to widen. More recent data from the AAMC anticipates that the US could experience a shortage of up to 139,000 primary and specialty care physicians by 2033; a staggering number that Telehealth adoption could alleviate.
How It Works
According to their site, they pair candidates with a real live clinician advocate who will help you find your match. Your advocate is a real person who gets to understand your career interests and passions. They’ll take the time to pair you with companies who value the same. Candidates must apply to join the network and it appears that you get paid by OpenLoop itself.
Scaling Sustainable Digital Health Solutions
OpenLoop, which first launched in March of 2020, grew their fractional clinician workforce to over 5,500 clinicians in the first ten months of operation. These medical professionals utilize the OpenLoop network to find Telehealth shifts with companies implementing and scaling virtual healthcare services. OpenLoop’s clients include Vermeer Corporation, a Fortune 500 manufacturer; Cano Health; and several telemedicine brands increasing their patient visit capacity nationally.
“Telehealth has tremendous potential, and we think OpenLoop fits quite nicely in that big opportunity. We are very excited to back Jon, Christian, and the entire OpenLoop team,” says Scott Hoekman, Co-Founder and Partner at Next Level Ventures.
OpenLoop was founded by Midwest natives, Dr. Jon Lensing and Christian Williams, with the mission to enable healing anywhere by servicing all 42,000 zip codes nationwide. Growing up in rural Iowa, Lensing’s father was the area’s only OBGYN. His passion for accessibility to care was sparked at an early age as he witnessed patients driving five hours each way to visit the hospital out of necessity.
OpenLoop was created from that same motivation to bridge the care gap and bring healthcare into the home. OpenLoop’s investment in applicant tracking and credentialing accelerates the delivery of patient care by connecting certified clinicians and insurance partners with Telehealth companies and rural healthcare facilities.
For more information, visit: https://openloophealth.com.
CareRev, a labor marketplace platform that connects hospitals and health systems with local healthcare professionals on demand, today announced the closing of a $50 million series A financing round led by Transformation Capital, a growth equity fund solely focused on innovative healthcare IT and services companies.
Los Angeles-based CareRev offers a cloud-based platform in which hospitals and other healthcare facilities post shifts when they need clinical support, and local, vetted healthcare professionals claim the shifts through their mobile app — eliminating the need for a traditional agency.
Unlike other healthcare labor marketplace platforms, CareRev offers health systems the technology to create their own hybrid marketplaces in which internal employees are given the option to claim shifts before they’re broadcasted to local, external CareRev professionals.