Vetted Health

What do you do when MSPs cut your job supply by 80%? I spoke with Steve Belcher about what they're doing with job supply from MSPs being slashed. In the last ~2 years, most staffing companies have suffered from massive cuts to job supply. The recruiting workforce at several healthcare staffing companies has been slashed by 20%+ as a result of it. Nobody could have timed when this would happen, but it was inevitable. Hospitals and health systems over spent on travel healthcare recruiting companies, and they NEEDED to pull back spend. They decided to start filling positions themselves with in-house travel teams and transitioning to permanent jobs. One thing to note after speaking with several people that have been in this industry for decades: This is cyclical. Hospitals/Health System executives will look at their expenses, and notice high spend on healthcare staffing companies. They get guidance from the finance team to cut back spend and instead spend on hiring employees to permanent positions. Inevitably, in a few years time, they see that the cost to have healthcare workers full-time is similar to using healthcare staffing companies, and that they prefer the flexibility of having contract labor. And the cycle continues. The hardest part in all this? There's very little you can do in the moment to solve the reduced job supply problem. There's no magic bullet solution. You're siting with a large recruiting workforce, but no jobs to have them work to fill. Major MSPs hold back job supply because they can fulfill it themselves. So they don't need to rely heavily on their partner network. You have to have been preparing for this long before the drop in job supply. What did Advantis Medical Staffing do? They built up their direct job supply. They're 31% direct, 69% MSP. And with the MSP relationships, they made sure they're Tier 1 partners that are strategic fits. What are you doing to combat the dropping job supply?

How do I become tier 1 with VMSs? In the fast-paced world of healthcare staffing, nurse retention and engagement are paramount for sustained success. A recent conversation between industry experts sheds light on the strategies driving results in this crucial area. Rich, a seasoned professional in the field, emphasizes the importance of being an exemplary partner to vendors. By maintaining tier one status with key stakeholders like VMS and MSPs, Rich underscores the commitment to excellence that drives lasting relationships. But what truly sets the stage for success, according to Rich, is the focus on healthcare professionals themselves. In today's competitive landscape, attracting and retaining top talent is more than just a challenge — it's an opportunity. Rich highlights the need to showcase a different approach, one that values and empowers healthcare professionals. By fostering a culture of support and growth, organizations can pave the way for a brighter future in healthcare staffing. Discover the key to unlocking nurse retention and engagement. Read more on LinkedIn. #HealthcareStaffing #NurseRetention #PartnershipExcellence

From unemployed to founder (0 to $500m). Learn what it takes to turn setbacks into a catalyst for crazy growth. How getting fired was the best thing that ever happened to Rich Smith. Sometimes, the push we need comes from the most unexpected places. For Rich Smith, it was getting fired. Standing in his kitchen, Rich’s wife looked him in the eye and said, "If you don't do this now, you'll always regret it." At 38, it felt like a now-or-never moment. Her belief in him rekindled his passion for entrepreneurship, something he'd harbored since high school. That day, the idea for Atlas MedStaff was born. It wasn't just about starting a business—it was about following a dream, despite the fear and uncertainty. And for Rich, it was the best decision he ever made. 3 Key Takeaways: 1. Embrace setbacks—they might just be the catalyst for your next big opportunity. 2. Surround yourself with people who believe in you, even when you doubt yourself. 3. Don't wait for the "perfect" time. The perfect time is now.  If you’re at a crossroads or facing an unexpected change, remember this: Every end is a new beginning. Seize it. Join the conversation: Share your pivotal moments in the comments. What was your turning point? #Entrepreneurship #Startups #Inspiration #Motivation #CareerChange

AI will transform healthcare staffing within the next 24 months. Recruiters won't do sourcing anymore. Here are 6 ways your job will be 10X easier: I spoke with Steve Belcher, one of the owners of Advantis Medical Staffing, about the impact tech will have in healthcare recruiting. They scaled aggressively over the last 5 years and are one of the fastest growing healthcare staffing companies in the USA. 1. Enhanced Candidate Sourcing Recruiters will no longer need to do outbounding. AI tools can scan thousands of resumes in seconds, identifying the best matches based on skills, experience, and qualifications. This is already being done by ATSs like Bullhorn, but they're still using legacy internal built tech instead of Generative AI models like GPT. This drastically reduces the time spent on manual resume screening. And chabots at scale will allow conversations to happen within 100s of thousands of candidates in your ATS, simultaneously, for a fraction of the cost. 2. Automated Engagement AI-driven chatbots can engage candidates 24/7, answering common questions and scheduling interviews. In the near future, AI will handle screening calls with candidates. This ensures no potential candidate falls through the cracks due to delayed responses. Imagine a recruiter warming up leads for you 24/7. 3. Precision in Qualification AI can assess candidate qualifications in real-time by analyzing data points like education, certifications, verifying licensure, conducting reference checks and work history. Faster qualification = faster submission. 4. Predictive Analytics AI can predict candidate success and retention rates by analyzing historical data and patterns. We've built a model that predicts the likelihood of a placement before it happens. This allows recruiters to spend less time sourcing candidates, and dedicate more attention to the candidates that are most likely to be placed. 5. Streamlined Onboarding AI can guide new hires through the onboarding process, ensuring they complete all necessary steps. Scheduling drug screens, collecting onboarding documentation, and training new hires via chat. Clinicians will be onboarded faster, and providing patient care faster. 6. Recruiter Performance Data and Insights Within sales, there's tools like Gong that monitors and transcribes sales calls for sales efficiency. It helps guide them on best practices and what to say to close deals. Within recruiting, there will be tools that enforce recruiter efficacy ensuring your recruiters are carrying your best brand forward, and maximizing the number of hires they could be making. _______________________ ❓❓❓❓ What ways do you think AI will change healthcare staffing? Post below. ❓❓❓❓

🚀 How Atlas MedStaff Grew from Omaha Roots to a $500M Giant 🚀 Ever wondered how a healthcare staffing company could explode to half a billion in revenue in just over a decade? 💡 I sat down with Rich Smith, co-founder of Atlas MedStaff, to dive deep into their journey. Alongside Steve Ryan, they turned a vision into one of the largest healthcare recruiting firms in the US. Here's a sneak peek of our conversation: 🎙️ Rich has been in Omaha since the late 90s and has been spearheading Atlas since 2012. He and Steve started at Medical Solutions like many other healthcare staffing owners. 🍺 Atlas's unique approach includes not just nursing podcasts, but even a healthcare traveling beer drinking podcast! 📝 Started with a simple idea post-2008 financial crisis, they believed there was a better way to do healthcare staffing. 📈 During the recent surge in healthcare demands, Atlas skyrocketed, handling nearly 2000 nurses at peak, hitting close to $500M in revenue! 🛠️ Investments in internal strength, paying down debt, and embracing remote work early on helped them navigate the challenges. 💡 Rich’s motivation? The people and their stories. From baseball card sales in junior high to leading a major staffing firm, his entrepreneurial spirit shines. Also thrilled to announce our partnership with LaborEdge, who generously sponsored this episode. Catch the full episode in the comments. #HealthcareStaffing #Podcast #BusinessGrowth #AtlasMedStaff #LaborEdge #Entrepreneurship #SuccessStories

Rich Smith and Steve Ryan, the owners of Atlas MedStaff had 2000 nurses and $500M in revenue at the peak. Here are 5 notable strategies they used to get there: They grew from 600 nurses and $100M revenue, to 2000 nurses and $500M revenue in under 2 years. 1. Become a Tier 1 staffing company with VMSs There are several staffing companies doing 500m+/yr in revenue with ONLY VMS jobs. They have very limited direct job supply. Atlas became a Tier 1 staffing company with all the major VMSs. This gave them access to more of the job supply from major VMSs than other staffing companies. Relying on VMS jobs can both be an advantage and disadvantage. 2. Be CANDIDATE CENTRIC With abundant VMS job supply, Atlas didn't need a large business development team to acquire direct job supply. This allowed them to focus on being more candidate-centric. They created thousands of pieces of content to educate healthcare workers on travel work and prioritized submitting only the highest quality candidates to VMSs, strengthening their relationships and solidifying their Tier 1 status. 3. Invest in RETENTION Atlas has a "Thank you" department. Their job is to make nurses feel appreciated. When you're growing the number of nurses you have on staff that fast, you need to invest in retaining them. The cost to keep a nurse is cheaper than the cost to acquire a new nurse. It costs $2000-$3000 on average to acquire a new travel nurse and take them threw credentialing, onboarding, etc. So you can afford to spend that on retaining a nurse instead. We're seeing this with lots of large healthcare staffing companies now. Since margins are lower, they find it cheaper to retain talent than it is to acquire new talent. 4. Do work with people you enjoy Rich Smith attributes his 20+ years in healthcare staffing to the people he works with. When Atlas received an influx of capital, they chose to pay back a silent investor who wasn’t involved in day-to-day operations, resulting in more shares for the business operators. Rewarding the operators for their efforts increased their motivation to work and grow the company. 5. Invest in your TECHNOLOGY They went all in on a new ATS and refitted their system end to end. We see several staffing companies using antiquated technology or none at all, and it slows down their time to hire. Give your recruiters easy tools to source, engage, and credential clinicians. This will improve your time to submission, and you'll beat out the competition. We're releasing the full podcast this week so keep your eyes open for that post. We're also happy to share it's sponsored by LaborEdge, our newest partner at Vetted Health. #HealthcareStaffing #Recruitment #HealthcareRecruiting

The future of recruiting and customer service will be disrupted by AI voice. There's a recent breakthrough in speech language models that skips transcription, and is able to respond to spoken queries within 500ms. This wasn't possible just a few months ago. Speech language models would take several seconds to respond making conversations sound unnatural and robotic. Other LLMs like Llama 3 and GPT3.5 will follow suit with this breakthrough. We're anticipating within the next 6-12 months, LLMs will be good enough to handle basic recruiting phone conversations. LLMs handling chat conversations is already in the works. We don't yet think LLMs can fully replace recruiter's sales tactics, but they can at minimum handle at volume phone screening, qualification, and handoff to a human closer. Exciting times ahead. Check out Gazelle v0.2: https://tincans.ai/slm3

The future of recruiting and customer service will be disrupted by AI voice. There's a recent breakthrough in speech language models that skips transcription, and is able to respond to spoken queries within 500ms. This wasn't possible just a few months ago. Speech language models would take several seconds to respond making conversations sound unnatural and robotic. Other LLMs like Llama 3 and GPT3.5 will follow suit with this breakthrough. We're anticipating within the next 6-12 months, LLMs will be good enough to handle basic recruiting phone conversations. LLMs handling chat conversations is already in the works. We don't yet think LLMs can fully replace recruiter's sales tactics, but they can at minimum handle at volume phone screening, qualification, and handoff to a human closer. Exciting times ahead. Check out the demo below.