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Our Metrics Are Shooting Up

Our Revenue Momentum

We’re a profitable Unicorn in control of our future. After our series B funding round we set wildly ambitious growth targets and then performed twice as well as those goals. By the time of our Sequoia-led Series C round, we had grown 25x in revenue over the preceding 18 months. This is our revenue growth chart, exactly as presented in the Series C deck we shared with Sequoia:

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We Live and Breathe Numbers Here

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We operate a two-sided marketplace bringing healthcare professionals (HCPs) and healthcare facilities (HCFs) to improve patient outcomes and the state of healthcare in general. We’re constantly thinking about how to more efficiently balance both sides of the market and provide the best matching experience for both our customers. We have a dedicated #marketplace-tuning channel where our teams come together to think about pricing, balancing, and matching our marketplace.

At Clipboard, we live and breathe numbers and metrics. When we think about making product and operational changes, we always ask ourselves the question of what metric we’re attempting to move and lay down the exact path we plan to take to get there. All our data is stored on Metabase and accessible to all employees so that anybody in our company can analyze the data for themselves. We want to give you a sneak peek into some of our data below so you can also follow along on our journey. 🚀

Healthcare Professional (HCP) / Nurse Metrics

HCP Cohort Size is Increasing

  • Our HCP cohort size has significantly grown over time through several acquisition efforts. We still have a lot to learn about our most efficient way to acquire HCPs, and most importantly acquire HCPs in areas where we need them. We have a localized network; adding 100 HCPs in San Francisco doesn’t help the facility that needs someone to work in Seattle. Today, most of our active HCPs come from organic channels (i.e. Referrals or Word of Mouth).
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Increase in HCPs Booking for the First Time

  • HCPs are not only joining us in greater quantities (as seen above), but they’re also consistently converting from passive to active users by booking their first shift with us, as shown in the chart below where each bar represents the number of first shifts worked in a particular time period.
  • We take steps to encourage them to get over the first-shift booking hurdle with incentives like first-shift booking bonuses and have invested in the product, enabling us to build the only fully self-service onboarding process in the space.
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No Call No Show (NCNS) HCPs are Declining

  • Preventing HCP No Call No Show (NCNS) failures is one of the biggest challenges that we face. When an HCP fails to show up for a shift and fails to provide notice that they are going to miss it, it leaves our healthcare facility (HCF) users high and dry and gives them a poor platform experience. We try to minimize this behavior from our HCPs by carefully gathering data on HCP behavior and fine-tuning incentives and disincentives to maximize our ability to consistently fill shifts with reliable workers.
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“Good Actor” HCPs are on the Rise

  • The ideal behavior of our nurses on our platform is to have 0 NCNS and 0 called-off shifts (cancels with short notice). As the number of active HCPs has steadily increased on our platform the proportion of “bad actors” has decreased. As shown in the below graph, the number of good actors (blue bar / green bar) continues to increase.
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HCP Referrals are Steadily Increasing Out of Total HCPs

  • We have run a referral program for a long time, but we productized our referrals in late 2021 and have seen strong Word of Mouth growth since. Through referrals, we’ve not only been able to lower our marketing spend but also added more devoted HCPs to our platform, making word-of-mouth one of our strongest acquisition channels both in terms of cost and absolute effect. We know we’re spending money within our network with referrals, we’re paying HCPs 100% of the spend rather than giving money to third-party platforms.

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Healthcare Facility (HCF) Metrics

More Shifts Are Getting Booked Faster (% of Shifts Booked in 15 Minutes)

  • For our HCFs, the speed at which they fill shifts posted on our platform is critical. As we acquire more HCPs (see above) on our platform, shifts get filled faster. This results in a more positive experience for our HCFs:
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More HCFs are Requesting Shifts on our Platform

  • It’s through improving metrics like # of shifts getting booked in 15 minutes above that more and more facilities feel confident booking a shift with us (as seen through the purple bar graph below). The number of shifts a given facility has to offer is limited, so even though we work to try and increase the number of shifts per facility, that figure tends to stay relatively constant over time (green line)
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HCFs are Downloading and Opening our New HCF Mobile App

  • From the date of our company’s inception (2016) until earlier this year, HCPs were limited to a mobile app and HCFs were only able to submit shifts through a desktop platform. In May 2022, we launched an HCF mobile app as well! We’re seeing momentum consistently build on this platform, with more HCFs actively downloading and opening our mobile app every day.
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HCFs are Not Only Opening but Engaging on our App

  • Diving a level deeper from when HCFs first open our app → we want to see if HCFs are actively engaging with and utilizing our app. We measure engagement with items like total direct messages to HCPs, number and frequency of shift postings, HCF reviews of HCP timesheets, and more. The above chart and this chart are quite similar but they are both positively trending upwards.
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HCF Logo Churn is Steadily Decreasing

  • Improvements like an increased number of HCPs on our platform, shifts booking less than 15 minutes, decreases in the rate of HCPs No Call No Shows (NCNS), the launch of our facility app, and more are driving measurable results in the form of decreased HCF churn as HCFs continue to use us and remain as customers.
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