Pittsburgh-based UPMC has invested in VeloSource, a locum tenens staffing firm that has long supplied the health system with contingent clinicians.
The investment came through UPMC Enterprises, the system’s innovation arm. VeloSource said Oct. 14 that it is the first such investment the company has received. The firm did not disclose the size of the deal.
VeloSource is a portfolio company of private equity firm Interlock Equity. It plans to use the funding to expand its AI-enabled staffing platform, which runs on technology from workforce tech company Syncx. It also wants to replicate its contingent staffing management program at health systems nationwide.
Under the deal, Richard Wadas, MD, will become VeloSource’s chief medical officer and keep his UPMC roles. He is an emergency medicine physician and UPMC’s vice president of community and ambulatory services and network development. UPMC Enterprises will also take a seat on VeloSource’s board.
VeloSource CEO Jeff Schaal said UPMC has long been a contingent staffing client. Beyond locum tenens placements, the firm offers vendor management and managed service provider programs, a physician float pool and applicant tracking software.
Nick Shapiro, a vice president at UPMC Enterprises, said placing physicians across UPMC’s more than 40 hospitals and hundreds of outpatient sites is “a complex process to manage and a meaningful challenge for all health systems.” Dr. Wadas said the Syncx platform gives UPMC a full view of its staffing needs and available resources.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
