Shortages in health care staffing are growing. Here's what this Houston expert has to say about the state of the labor market within the industry. Photo via Getty Images

Long before COVID-19 became a part of our new normal, the concerns around shortages in health care staffing were present.

To put this in real terms, according to the Bureau of Labor Statistics, the latest projection of employment through the end of this decade is an increase of nearly 12 million jobs. A fourth of those — 3.3 million to be exact — are expected to go towards health care and social assistance roles.

Before the pandemic, the concerns centered around managing a growing retired population and a slowing in higher education nurse enrollment. Then amid the growing shortage concerns surrounding the support for aging baby boomers, we were all thrusted into a pandemic.

The stressors on health care professional staffing have doubled down and what the increased shortage has shown us is the need to intervene and change the traditional hiring practices. Speed to place a nurse on assignment doesn’t just ensure productivity — it is a matter of life or death.

Over the past several years, the evolution of technology has drastically changed how health care facilities operate and interact with their employees as well as patients. There was a point in time where the structure in health care staffing was rigid without flexibility or varieties of employment type. Conversations around travel positions, per diem, and permanent are all now commonplace as the recent shortages caused us to normalize the discussion around role type and use of technology to influence speed to hire.

This whole evolution was put to test when April 2020 came, and the initial brunt of the pandemic was in full swing. The entire world was in panic mode. During these quarantine times, we were in a state of a health care emergency with thousands of patients seeking health care. Unfortunately, hospitals could not keep up with this demand with their existing nurse professionals, and became severely overloaded and dangerous. Due to this the United States saw unprecedented labor shortages, impacting a large number of nurses and health care workers as it pertains to both their physical and mental health.

What we are seeing now is a period classified as the “The Great Rethinking,” where nurses and health care workers alike are speaking up for what they believe in and deserve. Salary transparency and flexibility are just the tip of the iceberg for this movement.

SkillGigs is unique in that we are giving the power back to registered nurses and health care professionals, while meeting the demand created by the pandemic. Our team has been fortunate to be a catalyst to direct the change in the future of work, and we look forward to continuing to innovate.

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Bryan Groom is the division president of health care at Houston-based SkillGigs.

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Houston fintech startup acquired by California unicorn

M&A moves

A Houston fintech innovator is celebrating his latest startup's exit.

Brassica Technologies Inc., a fintech infrastructure company that's provides a platform for alternative assets, has been acquired by BitGo, a Palo Alto, California-based tech company with digital asset services. The terms of the deal were not disclosed.

"Joining forces with BitGo is a significant step towards Brassica's ultimate vision of building the financial infrastructure of the future," Youngro Lee, founder and CEO of Brassica, says in a news release. "Our strength lies in our 'one stop shop' approach of providing API-enabled infrastructure for the alternative assets industry.

"This sector is rapidly growing and bringing in new investors around the world," Lee continues. "Our technology-focused development, combined with our deep domain expertise in securities and banking laws, uniquely position us in the market, especially for sophisticated clients dealing with the complexities of private securities and digital assets."

Lee founded Brassica in 2020 after his first fintech company, NextSeed, was acquired by Republic. Brassica raised its $8 million seed round led by Houston-based Mercury last year.

The acquisition is a strategic move by BitGo, which was valued at $1.75 billion last year, according to the company after its $100 million raise. Adding Brassica's suite of technology expands on BitGo's ability to grow its customer base.

"We currently have a dichotomy in financial services — one side deals with traditional securities and the other deals with up-and-coming blockchain-based assets and cryptocurrencies," Mike Belshe, CEO of BitGo, says in the release. "With this acquisition, BitGo becomes the first major financial services firm to be able to provide comprehensive infrastructure support for both traditional private securities and blockchain-based assets, while significantly expanding our global presence."

Last year, Lee joined the Houston Innovators Podcast to discuss Brassica and his overarching mission of democratizing fintech and investment tools. He explains there hasn't been a seamless solution created for the backend of alternative asset transactions, things like custody of those assets or transferring and keeping track of them.

"The reason why I thought this was what I wanted to focus on next was exactly because it was an issue I struggled with as a founder of NextSeed," Lee says on the show. "The backend was always an issue. There's not one single vendor that we felt really understood our business, was doing it efficiently, or enabled us to deliver those services to our end clients."

Houston innovation hub restructures, pulls in more Rice resources

cha-cha-changes

Rice University is leaning in on the Ion by restructuring the innovation hub's team and increasing the university's presence at the hub.

Paul Cherukuri, vice president for innovation, tells InnovationMap that the changes being made at the Ion — Rice's Midtown innovation hub — are a reflection of Rice President Reginald DesRoches's vision for the hub and for the university as a leader of innovation.

"We're embracing the community even further by what we've done with this restructuring," Cherukuri says. "The restructuring is really a result of Reggie's vision of us wanting to move forward with helping the community to grow innovation across Houston, throughout Texas, if not the world."

He adds that the university is "putting resources from Rice Alliance and amping up what's happening at the Ion."

Earlier this month, Rice announced that Brad Burke, executive director of the Rice Alliance for Technology and Entrepreneurship, has been named associate vice president for industry and new ventures reporting to Cherukuri's Office of Innovation.

Cherukuri confirms that the Rice Alliance will take over programming at the Ion, and that he too will have an increased presence at the hub. The restructuring includes elimination of positions at the Ion; however, Rice declined to comment on matters of personnel.

"We have members of the Ion staff who are going to be integrated to the Rice Alliance," Cherukuri says. "The direction of this is really so that we can no longer stay behind the hedges and do more for the Houston community."

Cherukuri says the university has already made a concerted effort on this, and soon will deliver on the Rice Nexus, a hub within the Ion for showcasing and connecting Rice innovation. Additionally, Rice announced last month that it's partnering with Woodside Energy, which committed $12.5 million over the next five years to create the Woodside Rice Decarbonization Accelerator.

Last year, Cherukuri joined the Houston Innovators Podcast to expound upon his vision for the Ion in his role as the inaugural vice president for innovation, which he was named to in 2022.