Nomad Health, an online marketplace connecting doctors with freelance clinical work, has received $4 million in financing as it prepares for a nationwide launch.
New York-based Nomad Health is offering a job marketplace where doctors and the institutions that hire them can connect and transact directly.
Its cloud-based marketplace enables clinicians and healthcare institutions to interact directly, without a broker. Nomad Health said it brings substantial cost savings, dynamic pricing, and a streamlined process to both sides of the market.
The company said that while healthcare employers spend $15 billion on temporary clinical staffing every year, it can cut those costs by up to 40 percent.
"We have just scratched the surface of a rapidly growing need for doctors," Nomad Health co-founder Kevin Ryan, said in a statement. "Nomad is reimagining the way doctors find work and hospitals find talent."
First Round Capital and RRE Ventures led the $4 million Series A financing investment round with participation from .406 Ventures. The financing will support a nationwide product rollout.
"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," First Round Capital partner Chris Fralic, who will be joining the company's board, said in a statement. "Nomad has built a critical and necessary tool for the future of healthcare."
Ryan is the founder of media companies Business Insider and Gilt Groupe. He later sold Business Insider for $442 million and Gilt Group for $250 million.