CareRev Offers Gig Work for Medical Professionals

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

CareRev Offers Gig Work for Medical Professionals
Photo by Hush Naidoo on Unsplash

The gig economy has reached health care.

Hospitals were overrun with patients in critical need during the pandemic, causing nurse-to-patient ratio policies to drop and forcing nurses to attend to more patients.

CareRev hopes to balance that ratio out by providing hospitals with staff during high-traffic hours or for graveyard shifts. Hospitals post shifts on the platform, and clinicians who are vetted by CareRev can hire them in a matter of hours.

The Venice-based company announced Monday it raised $50 million, backed by health care IT giant Transformational Capital. CareRev works with 30 different health care organizations and has over 11,000 nurses, medical assistants and lab technicians on the platform.

"Health care systems have a really hard time knowing how many people they're going to have in the ER and different ICU units. And so they try to guess what the demand is going to be or use some sort of staffing prediction model," said CEO and trauma nurse Will Patterson.

But the process can often create scenarios where hospitals are understaffed when an emergency hits the local community, or overstaffed, which creates a financial burden for hospitals. Hospitals, which lost money due to cancelled elective surgeries during the pandemic, had to tighten their belts.

"It put us front and center to help them create a more flexible labor workforce, where they could be more efficient with their operation," Patterson said. "and if they're more efficient about scheduling staffing, they're going to save money."

Per diem nursing, which is equivalent to temp agency work, is not a new concept. It has often been used to fill gaps left by employees when they go on vacation or have an emergency that prevents them from showing up to work. Per diem nurses don't get employee benefits such as medical benefits or vacation days, but the flexibility allows nurses to create their own schedules.

Companies including Santa Monica-based Medely and Walnut-based Clipboard Health have also entered the market to provide efficient, tech-enabled platforms by which nurses can connect with hospitals. CareRev says its platform lets health care organizations to use the platform internally as well, so that on-staff nurses can pick up extra shifts before gig nurses do.

Patterson was a trauma nurse who worked in different health care systems in New Mexico, Santa Barbara, San Diego and San Francisco. He said he wanted to pick up extra shifts at hospitals where he wasn't employed but it was tough because it involved processing paperwork and going through orientation. It would have forced him to take days off his other job.

"I couldn't easily pick up shifts anywhere and I really wanted to pay the student debt down. So I was actually thinking, it would be easier to be a bartender," Patterson said.

The company, which also doubles as a way for health care systems to internally manage shifts and new arrival paperwork, automates parts of the onboarding process by allowing staff to upload credentials and vaccines into the system. It uses machine learning to approve paperwork so new staff can quickly begin shadowing and training in person.

"We're just cutting down the amount of time it takes for someone to get to that day where they show up in person," Patterson said.The new funding will go toward adding more AI and machine learning to the platform, the company said.

The new funding will go toward adding more AI and machine learning to the platform in order to better predict peak hours at the hospital.

This story has been updated.

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LA Venture: Emilio Diez Barroso On Why Everyone Isn’t Cut Out To Be A Founder

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
LA Venture: Emilio Diez Barroso On Why Everyone Isn’t Cut Out To Be A Founder
Photo: provided by LAV

On this episode of the LA Venture podcast, Bold Capital Partner Emilio Diez Barroso talks about his entrepreneurial journey, what led him to become an investor and shares the qualities he looks for when investing in companies.

Bold Capital is a Series A fund that primarily focuses its investments in deep tech and biotech companies. But, like other funds, they make excuses to invest in other companies every now and then.

“We're always interested in things that have the potential to truly transform how things are done and uplift humanity,” he said.

In his experience with investing in early stage startups, Diez Barroso said “humility and vulnerability are assets and qualities in the journey, and you don’t feel like you have to have it all together with your investors.”

Which is why he looks for people who have “this capacity to take full responsibility for how they show up and they have a vision and they have the willingness to go and execute it.”

In addition to his work at Bold Capital, Diez Barroso also runs two family offices which provide him with a surplus of knowledge in the investment space.

“I wear two very different hats,” he said, “and I invest very differently when I'm investing for myself, when I'm investing for my family, and when I'm investing for LP’s.”

But before becoming an investor, Diez Barroso got his entrepreneurial start when he arrived in Los Angeles. He admits that he failed plenty of times because unlike in Mexico, where Diez Barroso grew up, he didn’t have the same access to the contacts or resources of his family business.

“I would say yes to every opportunity that came my way,” he said, “I had started or partnered with someone and co-founded and most of them I had no idea what I was doing, so most of them really failed and a few got lucky enough to succeed.”

After learning how these startups worked and investing his own capital into several companies, he soon realized he was a much better investor than an operator.

“I think we're not all cut out for the journey,” he said, “and I don't think we should all be cut out for that journey. I think that it takes a very different character to start something from scratch.”

Throughout his own journey, Diez Barroso acknowledged that he struggled with his own identity and need to feel like the smartest person in the room. Once he better understood his own motivations, Diez Barroso was able to see that he was chasing the next reward, the next carrot.

“It's fun to close the deal and it's fun to grow the business,” Diez Barroso said. “But what I hadn't been in contact with is how much of my fuel was derived from trying to outrun the idea of not feeling good enough.”

Of course, he’s not alone. “I see a lot of entrepreneurs, activists all across fields and I can tell the difference when they're running from this fuel that is sort of very quick burning because there is an anxiety that oftentimes makes us narrow minded,” Diez Barroso said. “We are so attached to what we think should happen that we leave very little space for the possibilities.”

dot.LA Reporter Decerry Donato contributed to this post.

Click the link above to hear the full episode, and subscribe to LA Venture on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.

This podcast is produced by L.A. Venture. The views and opinions expressed in the show are those of the speakers and do not necessarily reflect those of dot.LA or its newsroom.

Xos Receives Multi-Million Dollar Order for Armored EVs

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Xos Receives Multi-Million Dollar Order for Armored EVs
The United States transportation sector is rapidly adopting electric vehicle technologies at every level. From aircrafts, to tractor trailers, to sedans and bicycles, no means of locomotion is off limits…even armored trucks.
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