Vetted Health’s Post

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