Medely is a digital marketplace connecting nurses and medical technicians with healthcare facilities for short-term shifts. The U.S. spends $12-$15 billion annually on temporary staffing, traditionally handled through slow email exchanges. Medely fills 80% of jobs within an hour by letting facilities post openings and instantly match with vetted professionals.
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You know, so transitioning into Medley more now, which I'm excited to chat about, I would love it if you could start off maybe by giving us kind of like a high-level overview of it as a marketplace.
Sure. Yeah. So like I said, it's in the healthcare space. So, you know, in the US, probably $12 to $15 billion a year is spent by healthcare facilities hiring nurses and medical techs. And medical techs, you could think of as like radiology technicians or sonographers, you know, people who are using specialized equipment. equipment. Um, and they're doing hiring on a shift-based or short-term contract basis. Uh, so if you've ever heard the term, uh, travel nursing, uh, that, that basically— uh, excuse me— um, that basically means that, uh, nurses are signing like 2 to 4 month contracts to like work at a hospital. Um, which is, which is a very common thing like pre-COVID. It's definitely a very common thing like during the pandemic and will continue to be like a common thing, uh, going forward. A lot of nurses get into nursing to do travel nursing. And then there's also an equivalent amount of money spent on per diem staffing or shift-based staffing. And the reason for that is that if you were to take like a surgery center, for example, a surgery center is just a building with one or more operating rooms in it. And the way it works generally is that surgeons will reserve the rooms to perform their surgeries. And nursing is a very specialized industry. So nurses have to do— there's tons of regulation, there's lots of licensing and training And things like that. So nurses are generally not like plug and play. So you can't— like, if you, if you run a surgery center, you don't know what kind of surgeons are going to come in and want to use the operating room on any given day. So it's really hard to have a staff of full-time nurses that are qualified to work any kind of procedure that might come in the building, and then have enough of them if there's multiples of the same procedure happening at the same time. So as a result, they end up hiring people basically by the procedure. So traditionally, you know, they would call a staffing agency, the staffing agency would email over a bunch of resumes, the facility would have to look at them, and then they would say like, oh, I want to interview, you know, this person or that person, or can you send me this person's credentials and licenses, or is this person available on Wednesdays? Like super inefficient, back and forth, back and forth. Like sometimes surgeries are booked like the day before, so like it doesn't leave a lot of time to be going back and forth. Staffing agencies also charge like a really big markup because of all this back and forth and inefficiency. So Medley kind of like takes that out. So on the, on the pro side, or the nursing side, nurses sign up for Medley. They have to like provide all their licenses and credentials. We actually do a phone interview to like check to make sure that we think that they could like represent Medley well and that they know what they're talking about and can do the things that they say they can do. So basically, by the time the facility is posting, you know, the surgery center is posting for this procedure they need to fill, like, there is no need for them to interview the pro. We can provide all the licenses and credentials as soon as the pro books the job. And only pros who are available are booking it. So there's no need to go back and forth about availability. So from the facility's perspective, it's way more efficient. It's kind of much more hands-off. Like, you know, director of nursing, who are normally the people who are doing this, like, can literally go on their phone and they can post a job in like 30 seconds. And 80% of the jobs that they post are filled within an hour. So it's hyper-efficient. Our ability to sort of take out the back and forth means that we can charge like a smaller markup on the hours worked to the facility. So it's actually cheaper for the facility to use Medley. And it's much less sort of like intellect, like time and brain overhead for them to be staying on top of like, well, who do I have working? Like, have I talked to all these people and things like that? So it's a, it's, it's a, it's an interesting business. Not something I thought I would necessarily ever work in, but you know, the more, the more you kind of like learn about it, the more kind of interesting it is. And the demand for nursing is like insatiable. Americans need so much healthcare, for better or for worse, that being in nursing as a nurse is like a really, really great opportunity, work opportunity right now. It also can be very stressful if you're working with COVID patients and stuff like that, but there's unlimited demand for people to fill jobs. So it's a great spot to be in if you want to be able to work and get paid like quite a bit of money for the work you're doing.
