Going to a Hyr level. Local serial entrepreneur Manoj Jhaveri is at it again. Recently, Jhaveri, and his merry band of cohorts, launched Hyr Medical in Highland Heights. The company seeks to solve the locum tenans inefficiencies in medical staffing. Locum tenens is a Latin phrase that means "to hold the place of, to substitute for."
In medical staffing, it represents an independent doctor assuming extra hours in a hospital system in which he or she does not have an affiliation. It is not uncommon for a physician to take extra shifts at other hospitals a few times a month. Currently, the only way to find a physician for these additional turns is through a locum agency. This agency is a third-party recruiter between the doctor and the hospital system. This appears to be an inefficient way to staff physicians, not to mention the agency typically charges a 50-100 percent markup on the hourly rate for the doctor.
Hyr Medical has created an online marketplace that compresses the communications between doctor and hospital. The company's platform includes an algorithm that sets the rate between the two parties. The end result - the docs make more per hour and the hospital pays less - and Hyr makes a modest margin.
To date, the company has raised $100,000 but will soon seek $500,000 in growth capital. It will soon complete its Minimum Viable Product (MVP) with the help and development support of Lean Dog, a Cleveland -based software developer. Beta product is to be launched sometime this month (June). Recently, the company hired a full-time CTO to aid in development.
Hyr Medical recently won third place in the recent Medical Capital Innovation Competition. This Cleveland-based competition had nearly 200 companies from across the United States apply and more than 25 companies pitched.
According to Jhaveri, "It was a very humbling experience. We have received fantastic support from the region and are fortunate to have a great team of advisors, partners and investors.