Boon

Staffing Platform for Medical Workers

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Company Information

Website:

http://www.DoingBoon.com

Sector:

Healthcare Software

Location:

Durham, NC

Boon is a staffing platform for healthcare professionals.

It uses Artificial Intelligence to match dental, veterinary, and medical professionals with healthcare practices seeking temporary help.

This is a big opportunity. In the U.S. alone, healthcare staffing is a $352 billion market.

The problem today is that the healthcare industry doesn't have enough workers.

According to CNN, the U.S. will need to hire 2.3 million new healthcare workers by 2025 to adequately take care of the country’s aging population.

This includes more than 440,000 home health aides, nearly 100,000 medical and lab technicians, 95,000 nursing assistants, and 30,000 nurse practitioners.

Said Jason Narlock, senior consultant with consulting firm Mercer, “Few other industries are racing the clock to find a future-ready workforce like today’s healthcare administrators.”

To meet demand, many healthcare practices hire workers through temp agencies. But these agencies tend to charge high markups and hidden fees. This increases costs for a healthcare practice, and keeps money from going into the provider’s pocket.

Boon is developing an alternative solution. Its platform helps providers earn more, and helps practices spend less.

Here’s how it works:

Healthcare practices use Boon’s platform to request temporary workers. The platform matches the practice with available providers. Each provider has already completed a successful background check, and has been verified by Boon by submitting medical licenses and credentials.

Providers are listed based on factors such as professional qualifications, hourly rate, and proximity to the practice.

When seeking a provider, practices are presented with an hourly rate, from which Boon takes a fee. Its fee is approximately 20% of a provider’s hourly rate, which is 25% to 30% lower than what most temp agencies charge.

To start, Boon is targeting the $48 billion U.S. dental market. From there, it aims to expand to the nursing, veterinary, and ambulatory care industries.

Boon has already developed its mobile platform, and has been engaged in beta testing since March 2019. Its preparing to launch its full platform in summer 2019 with a 90-day pilot program in Raleigh, North Carolina.

This pilot program will consist of 20 practices and 100 providers. With these users, Boon estimates $21,000 in monthly revenue. This is based on average hourly rates from dentists ($92), hygienists ($39), dental assistants ($20), and front office workers ($17).

Following the pilot program, Boon will expand its services to additional markets in two phases:

In Phase 1, the company will target the following markets: New York, Los Angeles, Chicago, Miami, and Dallas. Phase 2 will consist of Houston, Philadelphia, Atlanta, Washington D.C., and Boston.

To increase brand awareness and attract more customers, Boon will use social media marketing, and make appearances at regional medical conventions.

Team Background

Ryan Vet - Founder & CEO

Ryan brings direct experience in the medical industry to Boon.

He was formerly the Vice President of Marketing at Anutra Medical, a company that develops medical devices for the dental industry.

He founded Digi Tech Studio, a marketing agency with more than 150 clients. In addition, he co-founded Beer Starts Here, a mobile app that uses artificial intelligence and machine learning to predict buying behaviors of beer enthusiasts.

Since March 2019, Ryan has been a contributing writer for Forbes, writing articles for the company’s website.

He earned a Bachelor’s degree in Business Administration from Elon University.

Raising
$1 million
Committed
$87K (9%)
Current Valuation
$6.50 million Cap / 5% Discount
Min. Investment
$500
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
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