Laudio – a management solution for healthcare – announced recently that it has raised a $13 million Series B funding round led by Define Ventures with participation from existing investors .406 Ventures, InHealth Ventures, MemorialCare Innovation Fund, and TeleTracking Technologies. With this round of funding, Laudio has raised a total of $25 million and it highlights the growing demand from health system CEOs to deploy solutions that increase labor productivity and solve for the burnout crisis amongst frontline workers.
A.G Breitenstein, Venture Partner at Define Ventures, is joining Laudio’s Board of Directors and brings digital health experience as the founder of FOLX Health and former Chief Product Officer of Optum Analytics.
Laudio addresses the pain points of retention and burnout by delivering the first and only integrated product to massively scale frontline managers and ease their burden in prioritizing work across people, patient experience, quality and operation pillars. The key features include:
1.) Simplified workflows and automated processes that save over 6 hours of administrative work weekly
2.) Clear insights that help managers act decisively, resulting in a reduction in risk of turnover with every additional interaction
3.) AI that proactively provides managers with real-time recommendations that has proven to reduce turnover by 25% in 12 months
This news comes on the heels of Laudio experiencing 100% year-over-year growth. And with the new funding, Laudio will invest in deepening the action-orientation of its platform, and scaling growth and product development.
The company is planning to expand its sales team and increase overall investment in marketing, focused on generating awareness for its product. And Laudio is making larger investments in its AI and analytics platform, which nudge leaders to take the right action at the right time through real-time recommendations.
KEY QUOTES
“Every health system CEO says that labor productivity and burnout is their top issue. Since our launch in 2017, Laudio, has understood the challenges health systems face and has been devoted to building solutions that empower frontline leaders to do the best work of their lives, all while improving retention, labor productivity, service, quality, and safety. We’re excited to partner with Define and A.G. on our mission of improving the lives of healthcare workers so that they will continue doing the work they love.”
Russ Richmond, MD, CEO and Co-Founder of Laudio
“Laudio’s proprietary data and tools are creating a science for how frontline leaders can manage employees – this company is uniquely positioned to usher in the future of work in healthcare. At a time when hospital economics are completely upended, Laudio has the ability to help health systems reduce labor costs and increase productivity.”
— A.G. Breitenstein, Venture Partner at Define Ventures
“Laudio goes beyond just simplifying managerial responsibilities; it significantly enhances employee retention and reduces turnover. By investing in this innovative tool, we are investing in our managers and their well-being.”
— Michael Vaccaro, DNP, Senior Vice President, Nursing at Novant Health
