What You Should Know:
– LeanTaaS raises $130 million in Series D Funding to strengthen its machine learning platform to continue helping hospitals achieve operational excellence during a time where they are facing mounting financial pressures due to COVID-19.
– LeanTaaS provides software solutions that combine lean principles, predictive analytics, and machine learning to transform hospital and infusion center operations to improve operational efficiencies, increase access, and reduce costs.
– LeanTaaS’ solutions have now been deployed in more than 300 hospitals across the U.S., including five of the 10 largest health networks and 12 of the top 20 hospitals in the U.S.
LeanTaaS, Inc., a Silicon Valley software innovator that increases patient access and transforms operational performance for healthcare providers, today announced a $130 million Series D funding round led by Insight Partners with participation from Goldman Sachs. With this investment, LeanTaaS has raised more than $250 million in aggregate, including more than $150 million from Insight Partners. As part of the transaction, Insight Partners’ Jeff Horing and Jon Rosenbaum and Goldman Sachs’ Antoine Munfa will join LeanTaaS’ Board of Directors.
Lean + Predictive Analytics = Operational Excellence
Healthcare reform, an aging population, and a higher incidence of chronic disease has caused the demand for healthcare services to escalate quickly. At the same time, pressure from payers to eliminate waste requires that healthcare providers do more with less to meet this skyrocketing demand with the resources in which they have already invested. And this situation is only going to get worse.
As more healthcare data gets digitized, the opportunity exists to leverage that data to help providers meet these challenges and more efficiently match supply and demand. Founded in 2010, LeanTaaS believes hospitals should use objective data and predictive analytics – not intuition and “tribal rules”– to better match resource supply with demand and to amplify the business impact of investments they have already made in EHR, BI, and Lean/Six Sigma.
Better Healthcare Through Math
LeanTaaS develops software that increases patient access to medical care by optimizing how health systems use expensive, constrained resources like infusion chairs, operating rooms, and inpatient beds. More than 100 health systems and 300 hospitals – including 5 of the 10 largest systems, 12 of US News and World Report’s top 20 hospitals. These hospitals use the iQueue platform to optimize capacity utilization in infusion centers, operating rooms, and inpatient beds. iQueue for Infusion Centers is used by 7,500+ chairs across 300+ infusion centers including 70 percent of the National Comprehensive Cancer Network and more than 50 percent of National Cancer Institute hospitals. iQueue for Operating Rooms is used by more than 1,750 ORs across 34 health systems to perform more surgical cases during business hours, increase competitiveness in the marketplace, and improve the patient experience.
Related: How Hospitals Can Create Better Inpatient Bed Capacity Through Math
Expansion Plans
The funds will be used to invest in building out the existing suite of products (iQueue for Operating Rooms, iQueue for Infusion Centers, and iQueue for Inpatient Beds) as well as scaling the engineering, product, and go to market teams, and expanding the iQueue platform to include new products.
“LeanTaaS is uniquely positioned to help hospitals and health systems across the country face the mounting operational and financial pressures exacerbated by the coronavirus. This funding will allow us to continue to grow and expand our impact while helping healthcare organizations deliver better care at a lower cost,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “Our company momentum over the past several years – including greater than 50% revenue growth in 2020 and negative churn despite a difficult macro environment – reflects the increasing demand for scalable predictive analytics solutions that optimize how health systems increase operational utilization and efficiency. It also highlights how we’ve been able to develop and maintain deep partnerships with 100+ health systems and 300+ hospitals in order to keep them resilient and agile in the face of uncertain demand and supply conditions.”
Chief Marketing Officer Appointment
Concurrent with the funding, LeanTaaS announced that Niloy Sanyal, the former CMO at Omnicell and GE Digital, would be joining as its new Chief Marketing Officer. Also, Sanjeev Agrawal has been designated as LeanTaaS’ Chief Operating Officer in addition to his current role as the President. “We are excited to welcome Niloy to LeanTaaS. His breadth and depth of experience will help us accelerate our growth as the industry evolves to a more data-driven way of making decisions” said Agrawal.
