Quick Summary: 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 its a matching algorithm.
The platform has the best UI/UX and best features. In fact, it asks patients about their preferences.
But 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 which works in on-demand nature requires to have a best-in-class matching algorithm to deliver what patients have expected.
But ironically, both healthcare startups and tech companies give 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.
And to match perfect A with perfect B, it considers several factors into account. These factors include but are not limited to location, language, and financial barriers for both seekers and sellers.
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. And to achieve so, it needs to be AI-enabled.
In fact, the majority of matching algorithms work on AI technology to ensure the most identical matching while minimizing the possibilities for mismatching.
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.
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 on a permanent basis.
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.
Thank you @McGrathMag & @DianeBrady of @Forbes for covering @JoinIncredible‘s #SeriesB funding announcement. https://t.co/wPKvZNtKOe
— Incredible Health 💙 (@JoinIncredible) August 19, 2022
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 the 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.
And as this is not enough, the startup will use the majority of the funds from the new round on making 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 one of the kind healthcare-focused IT companies which only entertain 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!