What You Should Know:
– Stitch Employment Services Inc., a workforce solution designed specifically for independent medical practices, announced its official launch today. Founded at Redesign Health, Stitch offers a comprehensive suite of services to streamline essential HR functions, allowing practices to focus on attracting and retaining top talent.
– By reducing administrative burdens and simplifying complex HR processes, Stitch empowers independent medical practices to thrive. With $8.75 million in seed funding, Stitch is poised to become a leader in simplifying HR for independent practices nationwide.
Addressing Challenges Faced by Independent Practices
Independent medical practices face a multitude of challenges in today’s healthcare landscape. Declining reimbursements and a widespread staffing shortage create a significant burden. Small and medium-sized practices struggle with sourcing qualified employees, managing training and certifications, and offering competitive benefits. While these practices strive to maintain independence, the administrative tasks of HR management, benefits administration, and compliance become increasingly complex.
Stitch: A Tailored Solution for Independent Practices
Stitch enters the market with a strong foundation, having secured partnerships with key players including:
- Independent Physicians and Providers of Illinois, Inc. (IPPI), a network of over 120 independent practices with over 1,000 employees. Stitch serves as the exclusive employee benefits provider for IPPI.
- Dermatology Specialists of Illinois, a Chicago-based independent practice with 43 staff members.
- Regency Palms Oxnard, a senior living community with over 50 employees.
By partnering with Stitch, independent practices can:
- Reduce administrative workload: Focus on patient care while Stitch handles HR tasks, minimizing overhead costs.
- Enhance employee well-being: Stitch offers a comprehensive benefits package, fostering a positive work environment.
- Empower care teams: Reduced HR burden allows teams to deliver high-quality care more effectively.
Stitch’s Tailored Services
Stitch leverages a co-employment model to pool employees, providing access to specialized HR resources at an affordable cost. Their services include:
- HR, Payroll & Workers Compensation: Streamlined HR management, payroll processing, and workers’ compensation administration.
- Benefits: Best-in-class benefits packages, including health, dental, and vision coverage, with Stitch handling enrollment and ongoing administration.
- Hiring: Expertise in healthcare job roles, assisting practices with the entire hiring process, from job descriptions to competitive salary recommendations. Their approach demonstrably improves talent acquisition and retention by 10-14%.
- Onboarding: Specialized onboarding resources tailored to healthcare, covering topics like HIPAA, EMR (Electronic Medical Records), and OSHA compliance.
- Training & Compliance: Proactive guidance on healthcare regulations, ensuring compliance with ongoing education requirements and robust policy implementation.
- Custom Growth Support: Collaborative development of solutions to address each practice’s unique needs, growth plans, and staffing capacity. This includes identifying cost-saving strategies and supporting business growth.
“We founded Stitch not just to support practices managing their workforce but also to support them in fostering an adaptable and thriving work environment,” said Rajesh Voddiraju, Founder and CEO of Stitch. “Independent medical practices, which are vital to our healthcare system, must navigate extensive complex and ever-changing human resources challenges. Our mission is to strengthen and empower the teams within them to deliver the best care to their communities.”
