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The company will accelerate its vision with the newly raised fund to transform the culture of health systems, create an environment that supports occupied employees, safety, high quality, and patient satisfaction
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Fremont, CA: Laudio, the world's first staff relationship management platform raised $7.3 million in Series A round of financing. Laudio provides an automated platform for health systems to create real-time, personalized engagement among nurse managers, nurses, and their teams. The funding was led by .406 Ventures and InHealth Ventures with inputs from MemorialCare Innovation Fund and other existing investors too.
The company will accelerate its vision with the newly raised fund to transform the culture of health systems, create an environment that supports occupied employees, safety, high quality, 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," said 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."
Increased productivity of the front-line caregivers and improving retention is the top priority of the large-scale health systems which continuously look for operational efficiency gains. Studies reveal that the average cost of replacing one nurse is $66,000, and the average nursing staff turnover rate is 16 percent per year. This means hospitals are forced to spend $5-10 million annually on nursing turnover alone. This expense grows even bigger when all health system staffs are taken into consideration, beyond nursing. The Laudio platform is providing customers like Boston Medical Center and Carle Foundation Hospital, an automated approach for leading managers that enables them to have more consequential 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," said 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."
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