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Healthcare Matching Algorithm and $80 Million: ‘Incredible’ Real Story of Incredible Health

Imagine you are from Montreal, having French as a primary language.

You seek urgent virtual care from an online platform.

The platform allocates a physician who is not sufficient in French to provide you with urgent virtual care.

A complete disaster in terms of experience, timely access to care, and quality care.

The culprit here is not the platform.

But it’s a matching algorithm.

The platform has the best UI/UX and best features.

It asks patients about their preferences.

However, what it lacks is a sophisticated matching algorithm that finds the most appropriate physician for each patient while considering all the preferences he/she has provided.

Every healthcare software or solution that works in an on-demand nature requires a best-in-class matching algorithm to deliver what patients have expected.

But ironically, both healthcare startups and tech companies give a cold shoulder to algorithms and this will eventually lead to the failure of their platform.

What is a Matching Algorithm in Healthcare?

Take any on-demand healthcare platform.

The ultimate goal of it is to connect or match the seeker (patient or user) with the seller (physician or any kind of healthcare entity).

Whatever the use cases the platform has built for can only come under the boundary of accomplishment when both seeker and seller have similar interests.

Otherwise, neither of them can claim to have a good experience with that particular healthcare platform.

The matching algorithm plays its role here.

It matches the perfect seeker with the perfect buyer and vice versa so that a good experience can be sustained at both ends.

To match perfect A with perfect B, it takes several factors into account.

These factors include but are not limited to location, language, and financial barriers for both seekers and sellers.

Here is an example.

If there is a marketplace for clinics and a user is searching for a clinic using that platform.

The following are the top preferences set by the users.

  • The clinic must be within a 3 KM of radius from his home or current location.
  • The clinic must open now.
  • The clinic must accept health cards.
  • The clinic must have free parking.
  • The clinic must accept the online appointment.

So, identically, the matching algorithm must filter out the clinics meeting these preferences and show the list of filtered-out clinics to the user.

However, there is a big catch here.

Sometimes it is not feasible to ask about users’ preferences as it can lengthen the user journey and make things exhausting for the users.

So, in such cases, the matching algorithm itself needs to identify the user preferences. To achieve so, it needs to be AI-enabled.

The majority of matching algorithms work on AI technology to ensure the most identical matching while minimizing the possibilities for mismatching.

Matching algorithm

What are the Use Cases of the Matching Algorithm in Healthcare?

In the majority of all healthcare solutions, the matching algorithm boasts of having the most prominent place in the tech stack.

But to be specific, all kinds of healthcare marketplace (B2B, B2C, C2C, etc.) can only exist because of matching algorithms.

Not only this, but algorithms also play a vital role in clinical trials.

So, let’s do one thing.

We will list all major use cases of matching algorithms in healthcare.

use cases

1. Doctor-patient matching

Such a matching algorithm use case is observed with all types of virtual care or telemedicine platforms which enable patients to have direct communication with providers without having to book appointments by selecting the preferred provider manually.

2. Caregiver-senior matching

With this matching algorithm use case, the seniors can easily find an identical caregiver who meets all criteria for providing home care. All home care agencies must leverage this to increase customer satisfaction along with the well-being of caregivers too.

3. Senior-nursing home matching

Seniors or their family members who are looking for the perfect nursing home that fits their needs can easily filter out and pick the one from the list of hundreds of nursing homes – within minutes.

4. Volunteer-clinical trial matching

An algorithm can easily identify the volunteers who can pass the checklist to be recruited for a clinical trial. The same process can take days and months if it is executed in a manual way.

5. Patient-pharmacy matching

Patients who are looking for nearby pharmacies that are offering door-step delivery of medicine and supporting other custom needs can search such pharmacies with just one click and select the one to receive door-step services. This use case can be used in telemedicine and online pharmacy apps.

6. Buyer-supplier matching

If any healthcare entity such as a hospital needs to buy medical devices on a mass scale, it can find the perfect supplier of medical devices that meet all financial, delivery, and quality criteria. This use case can be used in the medical device marketplace platform.

7. Nurse-hospital matching

Nurses or any other healthcare professionals who are looking for part-time or full-time jobs can find hospitals or other healthcare entities that meet their job preferences. This way, job seekers can find the perfect job opportunities within minutes rather than manually filtering out all listed jobs.

Incredible Health, a Healthcare Job Matching Platform Raises $80 Million Because of its Matching Algorithm

Headquartered in San Francisco and co-founded by MD and Wharton alum Iman Abuzeid and MIT alum from a family of nurses, Rome Portlock, Incredible Health is an online job marketplace dedicatedly built for the healthcare industry.

It is operated in 35 states and works with over 600 hospitals to help them fill medical job openings permanently.

In 2021, the startup experienced a 5-fold increase in revenue with 180 employees.

Most importantly, over 10,000 nurses join the Incredible Health marketplace every week.

To carry on the growth at the same pace, Incredible Health recently raised a whopping $80 million in its series B – at the valuation of $1.65 billion.

If we dig deep, one of the reasons Incredible Health is doing incredibly well is its matching algorithm that matches nurses with hospitals.

With its smartest matching algorithm, hospitals and healthcare entities can fill a permanent position within 20 days.

For context, the national average time is 82 days!

The matching algorithm of Incredible Health is the custom one – built with a focus on permanent hiring and not temporary.

Not only this but the algorithm also automates the screening process at the hospitals and other healthcare entities to further reduce the time and effort.

As this is not enough, the startup will use the majority of the funds from the new round to make the matching algorithm more personalized and efficient.

This itself depicts the importance of algorithms for the success of healthcare startups in today’s competitive market.

We Build Outstanding Healthcare Solutions Fueled By Incredible Algorithms

Based in Ontario-Canada, we are a kind healthcare-focused IT company that only entertains healthcare IT projects.

We understand the gravity of custom algorithms for the success of any product.

Thus, we practice only an algorithm-driven approach that gives a competitive edge along with a remarkable customer experience.

Our healthcare IT team includes developers, UI/UX designers, business analysts, AI engineers, compliance specialists, and QA engineers who have been practicing only healthcare since the first day of their professional careers.

So far we have worked with several healthcare startups, individual providers, healthcare entities, and even healthcare enterprises to solve their age-old challenges with the fusion of technology and algorithms.

We work with the principle of delivering clinical value and peace of mind to clients as the tech journey for people from healthcare backgrounds is very overwhelming.

We would like you to please explore our health tech case studies before contacting us for your needs.

It will give you a better idea of how we execute the healthcare project and what our clients have to say about us.

And the good thing about us is – everything you read and hear about us is real!