BOSTON–(BUSINESS WIRE)–Laudio, the management solution for healthcare, today announced 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. This brings Laudio’s total funding to $25 million and 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 a wealth of digital health experience as the founder of FOLX Health and former Chief Product Officer of Optum Analytics.
“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,” said Russ Richmond, MD, CEO and Co-Founder of Laudio. “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.”
According to a 2022 Health Management Academy Survey, the top priority themes for Chief Nursing Officers and Chief Human Resource Officers at healthcare systems are solutions for retention, burnout, employee engagement, and hiring. Laudio directly addresses these pain points 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. Key features include:
- Simplified workflows and automated processes that save more than six hours of administrative work weekly
- Clear insights that help managers act decisively, resulting in a reduction in risk of turnover with every additional interaction
- AI that proactively provides managers with real-time recommendations that has proven to reduce turnover by 25 percent in 12 months
“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,” said A.G. Breitenstein, Venture Partner at Define Ventures. “At a time when hospital economics are completely upended, Laudio has the ability to help health systems reduce labor costs and increase productivity.”
This news comes on the heels of Laudio experiencing 100 percent YoY growth. With the new funding, Laudio will invest in deepening the action-orientation of its platform, and scaling growth and product development. The company plans to expand its sales team and increase overall investment in marketing, focused on generating awareness for its product. Additionally, 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.
“Laudio goes beyond just simplifying managerial responsibilities; it significantly enhances employee retention and reduces turnover,” said Michael S Vaccaro, DNP, Senior Vice President, Nursing at Novant Health. “By investing in this innovative tool, we are investing in our managers and their well-being.”
Recognized as a 2022 Top 20 KLAS Emerging Solution, Laudio empowers and connects leaders in healthcare to drive outcomes that matter. With its leader operations solution, Laudio automates repetitive work and serves up daily recommendations and best practices that help frontline leaders gain better visibility into their teams, find opportunities for meaningful connection, and discover clearer paths to achieving their goals across four key operating pillars in healthcare, including people, operations, quality + safety and patient experience. Soon, every leader will be able to achieve what seems impossible today, and that is the vision that drives us. www.laudio.com.
About Define Ventures
Define Ventures is one of the largest early-stage venture firms focused on investing in the digital-health companies that are redefining healthcare. Define Ventures combines proven Silicon Valley principles with deep healthcare operating experience to create category-defining companies. Define Ventures has incubated or partnered with many of the leading digital-health companies, including Hims & Hers (NYSE:HIMS), Unite Us, Folx Health, and Cohere Health, and has experience building best-in-class industry leaders like Livongo (acquired by Teladoc). Define Ventures invests in digital-health startups at the incubation, seed, series A, and series B stages. For more information, visit www.definevc.com.