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Investing in SnapNurse – Reshaping Healthcare Staffing Practices

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Published:

August 5th, 2022

Categories:

Themes

Author:

Alexander Antic


“We believe SnapNurse’s rapid growth is due both to their incredible technology and understanding of how to make the process easier for both healthcare professionals and facilities to get to the goal of taking care of patients.”
F. Francis Najafi, Pivotal Group CEO (2020).

Demand for travel nurses skyrocketed during the COVID-19 pandemic, exposing shortcomings in hospital staffing standards. By increasing their collaboration with staffing firms, hospitals gained insights that transformed conventional practices, propelling the Global Healthcare Staffing market to a projected size of USD 68.2 billion by 2024. Accordingly, the industry has shown extraordinary resilience throughout the COVID-19 pandemic and current market turmoil, significantly outperforming other verticals. Hence, participating in the industry’s fastest-growing company may provide an opportunity to stimulate the performance of both traditional and alternative investment portfolios. Let us introduce you to SnapNurse, the rising star in healthcare staffing.


Profound Changes in Healthcare Staffing Practices

The pandemic has underlined the utmost significance of healthcare workers. Scenes of people expressing gratitude around the world to those on the frontlines will linger forever in the collective consciousness. Two years later, however, burnout and stress are significantly affecting the nursing business – By 2025, according to a recent McKinsey report, there will be a deficit of 450,000 nurses available for direct patient care.



In response, demand for staffing services and workforce technology solutions has tremendously increased. For example, a recent survey showed that 90% of medical facilities welcomed travel nurses to care for COVID-19 patients in 2020, up from less than 60% in 2019. Furthermore, the U.S. Census Bureau predicts that the number of Americans aged 65 or older will increase by nearly 80% between 2020 and 2030, resulting in significant capacity requirements within the healthcare system, as these individuals are more susceptible to diseases and chronic conditions. Healthcare staffing companies are, therefore, the frontline effort to tackle the industry’s shortage issues – they are a fundamental, soon-to-be-essential resource for medical institutions to fill vacancies. And for workers, using a staffing agency is a valuable approach to obtaining a better salary, benefits, and work-life balance than traditional hiring procedures. In 2021, the global healthcare staffing market was valued at USD 38.6 billion; by 2030, it is anticipated to reach USD 62.8 billion. SnapNurse is leading this paradigm. With its proprietary, end-to-end platform and unparalleled ability to rapidly deploy medical staff, the company has established itself as a true trailblazer.


SnapNurse — Empowering Healthcare Professionals

Founded and led by Cherrie Kloss, EY Entrepreneur Of The Year 2021 National Award winner, SnapNurse operates an end-to-end tech-enabled platform connecting healthcare professionals with medical institutions. Since its establishment in 2017, the company has assisted facilities across the United States by deploying thousands of nurses and associated professionals within 24 hours of a request, thereby decreasing operational pressure and enhancing patient care. Unlike the traditional model, SnapNurse has focused on an all-technology approach, allowing for greater flexibility, strategic alignment, and cost-effectiveness. As a result, the company quickly captured market share and grew by leaps and bounds – It currently supports more than 300,000 healthcare workers and over 1,000 medical facilities in 44 states. Full coverage of the territory is expected by the end of 2022.


SnapNurse’s solution consists of three brands:

Instastaff, an all-inclusive temporary labor management system that includes sourcing, applicant tracking, staffing management, time card approval, booking, and credentialing Paymint, a patent-pending B2B platform that enables immediate worker payment. It also handles all underlying administrative aspects (tax, time sheets) Instacred, a highly-specialized credentialing solution intended to accelerate and streamline the process for workers and facilities Together, they offer healthcare facilities a comprehensive response to their staffing requirements, allowing them to efficiently and quickly fill vacancies while handling all underlying factors. Simultaneously, SnapNurse promotes a sustainable working environment for healthcare professionals, fostering higher pay, flexibility, gender equality, better conditions, and improved healthcare in medical institutions.


What Makes SnapNurse Unique

Quick assistance – It is not uncommon for hospitals seeking nurses to wait for one to two weeks to fill vacancies. SnapNurse reduces the waiting period to as little as 24 hours. SnapNurse boasts a 100% fill rate – all nursing jobs posted through the company’s site have been filled. Working flexibility – Owing to Paymint, medical institutions are able to pay their nurses daily, seamlessly; once their timecard is authorized, nurses may access their earnings after each shift, immediately. Easy-to-use, tech-enabled solution – Users may access a concise online application and browse available jobs. Each listing comprehensively explains the position’s requirements, including time commitment and weekly pay rates. No paperwork – Users must only upload their qualifications and background information once. After acceptance, they can immediately begin getting employment opportunities and applying for positions.


Favorable Tailwinds Prompt Action

The ongoing shortage of medical staff, aging population, increase in self-employment, and demand for early compensation are all factors driving the rise of the healthcare staffing industry. Accordingly, companies in the sector have experienced tremendous growth in recent years, regardless of the current global market turmoil. And this trend is poised to continue. SnapNurse is fully geared to take advantage of this growing industry and become one of the largest frontrunners. The firm’s explosive growth and subsequent aggressive expansion strategy have caught the eye of many investors as a way to benefit from the current market environment. The prognosis is optimistic.

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