Laudio, the healthcare management solution, announced a successful Series B funding round of $13 million, led by Define Ventures. Existing investors .406 Ventures, InHealth Ventures, MemorialCare Innovation Fund, and TeleTracking Technologies also participated in the round.
This brings Laudio’s total funding to $25 million and reflects the increasing demand from health system CEOs for solutions that boost labor productivity and address frontline worker burnout. A.G. Breitenstein, Venture Partner at Define Ventures and founder of FOLX Health, joins Laudio’s Board of Directors, bringing extensive digital health expertise.
Recognizing labor productivity and burnout as key concerns for health system CEOs, Laudio has been committed to developing solutions that empower frontline leaders since its launch in 2017.
The company aims to enhance retention, labor productivity, service quality, and safety by enabling frontline leaders to excel in their roles. Russ Richmond, MD, CEO and Co-Founder of Laudio, expressed enthusiasm for the partnership with Define Ventures and A.G. in their mission to improve the lives of healthcare workers.
According to a survey conducted by the Health Management Academy in 2022, retention, burnout, employee engagement, and hiring are the top priorities for Chief Nursing Officers and Chief Human Resource Officers in healthcare systems. Laudio directly addresses these challenges by providing an integrated product that enables frontline managers to effectively prioritize work across various areas, including people, patient experience, quality, and operations.
Key features of Laudio’s solution include simplified workflows, automated processes that save over six hours of administrative work weekly, clear insights for decisive action, and proactive AI recommendations that have demonstrated a 25% reduction in turnover within 12 months.
A.G. Breitenstein of Define Ventures commended Laudio for its data-driven approach, stating that the company is uniquely positioned to shape the future of work in healthcare. As hospitals face economic upheaval, Laudio’s tools have the potential to help health systems cut labor costs and improve productivity.
Laudio has experienced impressive year-over-year growth, and the recent funding will be used to enhance the platform’s action-oriented capabilities, expand the sales team, and invest in marketing efforts to raise product awareness. Furthermore, Laudio plans to make significant investments in its AI and analytics platform, which offers real-time recommendations to guide leaders in taking the right actions at the right time.
The significance of Laudio’s solution is exemplified by Michael S Vaccaro, DNP, Senior Vice President of Nursing at Novant Health, who emphasized the positive impact on employee retention and turnover reduction. Novant Health views the investment in Laudio as a commitment to supporting their managers’ well-being.
Laudio has been recognized as a 2022 Top 20 KLAS Emerging Solution, solidifying its position as a leader in empowering healthcare leaders to drive impactful outcomes. Through its comprehensive leader operations solution, Laudio streamlines processes, provides daily recommendations and best practices, and facilitates better communication and goal attainment across key healthcare operating pillars, including people, operations, quality + safety, and patient experience.
