Laudio — a SaaS software company providing Intelligent Human Engagement and a real-time personalized management platform for healthcare leaders — announced recently that it raised $7.3 million in Series A funding. And Laudio is delivering an automated platform for health systems to drive real-time personalized engagement between nurse managers and their teams thus creating a culture that supports nurse management and reduces nurse turnover and burnout.
This round of funding was led by InHealth Ventures and .406 Ventures with participation from MemorialCare Innovation Fund and several other existing investors.
“We are very excited to be partnering with .406 Ventures, InHealth Ventures, and MemorialCare Innovation Fund in our quest to deliver a game-changing platform that dramatically increases the effectiveness of front-line managers in healthcare,” said Laudio CEO Russ Richmond, MD. “Much more important than their capital, they each bring a unique and valuable perspective to our team. We are thrilled to be working with them.
With this funding round, Laudio will be accelerating the company’s vision to transform the culture of health systems, creating an environment for supporting engaged employees, and patient satisfaction.
“Laudio has developed the most advanced technology in the industry to address one of the biggest and most challenging problems healthcare professionals in large hospital systems face – burnout and turnover,” added Liam Donohue, Managing Partner at .406 Ventures. “The Laudio Team combines its deep domain expertise in the healthcare industry with new, cutting-edge technology to operationalize leadership best practices and drive an engaged culture.”
As large health systems continue to look for operational efficiency gains, improving retention and productivity of their front-line caregivers has become a top priority. And studies show the average nursing staff turnover rate is 16% per year and that the average cost of replacing one nurse is $66,000.
So hospitals are forced to spend about $5-10 million annually on nursing turnover alone. And this expense is even greater when extended to all health system staff, beyond nursing. The Laudio platform is giving customers like Boston Medical Center and Carle Foundation Hospital an automated approach for front-line managers that enables them to have more meaningful interactions with their staff.
“The criticality of enhancing the day-to-day work environment of nurse managers and their staff is not unique to North America,” explained Dr. Benedict Evans, Managing Director at InHealth Ventures. “Research data shows that the issues are universal around the globe. We are delighted to contribute to Laudio’s continued innovation as they expand into new markets internationally. Laudio is tackling this problem head-on with an innovative approach that will be transformational for health systems, and we are eager to implement the platform across InHealth’s clinical operations in the UK.