Velo Source, a St. Louis-based locum tenens physician staffing agency powered by the Atlanta-based workforce technology platform Syncx, has received an undisclosed investment from UPMC Enterprises, the innovation arm of the University of Pittsburgh Medical Center. The investment is the first of its kind for Velo Source, which plans to use the capital to further develop its AI-enabled staffing platform. The platform helps health systems nationwide address internal and external staffing challenges.
Velo Source is a locum tenens agency that connects agencies, health systems and physicians to speed up temporary and permanent clinical placements. Alongside locum tenens physician staffing, the company offers vendor management system and managed service provider services, a physician float pool, applicant tracking systems and staffing audits. Jeff Schaal is the company's CEO.
As part of the deal, Richard Wadas, an emergency medicine physician and vice-president of community and ambulatory services and network development at UPMC, will become Velo Source's chief medical officer while keeping his UPMC positions. UPMC Enterprises will also take a seat on Velo Source's board. According to the company, UPMC has long been a contingent staffing client.
The release cites federal Health Resources & Services Administration projections of a national shortfall of 141,160 full-time physicians by 2038. An estimated 56,000 physicians currently work as locum tenens. Los Angeles-headquartered Interlock Equity, which invests in lower mid-market companies across North America with a focus on B2B and healthcare services, owns Velo Source.
Source: PE Hub · Summarized by HeadlinesBriefing