LeanTaaS Secures $15 Million in Series C Investment to Accelerate Growth of Healthcare Operations
Predictive Analytics and Machine Learning Technology Lowers Wait Times, Increases Patient Access, and Transforms Operational Performance
The financing will fund continued expansion of the LeanTaaS iQueue platform, which currently consists of three solutions: iQueue for Infusion Centers, iQueue for Operating Rooms and iQueue for Clinics, which is presently undergoing beta trials with several leading healthcare institutions. In addition, iQueue Labs, the research and development arm of the company, explores solutions to emerging, significant operational challenges in diagnostic imaging departments, emergency departments, pharmacies, labs and inpatient beds.
"Insight has been a terrific partner for us," said Mohan Giridharadas, CEO and founder of LeanTaaS. "This investment will substantially accelerate the pace at which we build and deploy the iQueue platform to power the future of healthcare operations."
Peter Segall, managing director at Insight and board member at LeanTaaS, said, "iQueue has demonstrated beyond doubt that it solves one of the biggest issues in U.S. healthcare — access to care — by fundamentally transforming core scheduling and throughput processes through digital tools. Over 50 nationally-acclaimed institutions are now on the platform and are seeing significantly improved utilization of operating rooms, infusion chairs, and ambulatory clinics. Not surprisingly, the velocity of growth at LeanTaaS has been outstanding, and we look forward to further strengthening our partnership."
The company's solutions embed lean principles, predictive analytics, machine learning, and advanced optimization algorithms into its web-based suite of products to dramatically improve the operational performance of health systems. LeanTaaS customers have reduced wait times for patients by up to 50 percent and improved access to operating room time for surgeons needing more time during standard business hours by as much as 15-20 percent.
"iQueue is a far more scientific way of managing OR capacity and creating access to OR time, accountability for block time, and transparency into operating metrics," said Dio Sumagaysay, associate chief nursing officer, perioperative services & multispecialty procedure units, at Oregon Health & Science University. "OHSU deployed iQueue for Operating Rooms in October 2018. From start to finish, the process took less than eight weeks. On day one of the go-live, there were more than 100 transactions to request and release OR block time.
"We have also baked in a far better methodology for rightsizing blocks in our block policy," Sumagaysay continued. "In fact, we have unlocked more OR time within the first week of using iQueue than we had in an entire year. The changes to our core processes for release and request, block rightsizing, and transparency into the metrics is exactly what we needed. This is the future of OR capacity management."
LeanTaaS has quickly emerged as the leader in using advanced data science and mathematics to unlock the capacity of scarce assets in health systems.
Steve Hess, UCHealth chief information officer, commented "UCHealth has brilliant physicians, incredible nurses, a robust data and information infrastructure, and excellent process improvement and analytics capabilities. However, after working with LeanTaaS over the past three years, we have found that the iQueue product suite is able to connect the dots between the data and actionable insights in a way that drives operational improvement at a totally different scale and pace from anything we were able to accomplish on our own.
"LeanTaaS products now power all 11 of our infusion centers, over 90 of our operating rooms across various facilities at UCHealth, and have delivered substantial operational and financial impact," continued Hess. We are actively working with them to identify the next set of opportunities so that we can continue to improve the utilization of our core assets."
For additional information on all LeanTaaS solutions, please visit https://leantaas.com/
LeanTaaS provides software solutions that combine lean principles, predictive analytics, and machine learning to transform hospital and infusion center operations. More than 50 providers across the nation rely on the company's iQueue cloud-based platform to increase patient access, decrease wait times, reduce healthcare delivery costs, and improve revenues. LeanTaaS is based in Santa Clara, California, and Charlotte, North Carolina. For more information about LeanTaaS, please visit https://leantaas.com/
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
LeanTaaS and iQueue are trademarks of LeanTaaS. All other brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: LeanTaaS, Insight Venture Partners, iQueue, hospitals, infusion centers, cancer centers, operating rooms, healthcare, predictive analytics, machine learning, lean principles, diagnostic imaging