LeanTaaS, Inc., a health technology company focused on provider operations, has raised $130 million in a Series D funding round. It plans to use the funds to expand its existing suite of products and scale its engineering, product and go-to-market teams, Mohan Giridharadas, founder and CEO of the company said in an email. The company will also use the funds to develop new solutions.
The company’s current suite of products includes iQueue for Operating Rooms, iQueue for Infusion Centers and iQueue for Inpatient Beds. The solutions aim to improve operational efficiency, increase patient access and reduce costs for providers.
“LeanTaaS develops machine learning software platforms that increase patient access to medical care by optimizing how health systems use expensive and constrained resources,” Giridharadas said.
The products provide predictive analytics, enabling clinicians and staff to gain insight into several resources affecting hospital operations, such as bed capacity and block scheduling for the OR. This enables the front line to make informed decisions that can help improve patient throughput, he added.
The company’s software is being used in 100 health systems across the nation, including at University of Colorado Health, based in Aurora. The health system uses all three of the company’s solutions. It implemented its first LeanTaaS product, iQueue for Infusion Centers, in November 2015.
“The value of tools such as iQueue is the predictive and prescriptive intelligence they bring to operational leaders who are making real-time decisions around scheduling and capacity management,” said Steve Hess, chief information officer at UCHealth. “It is one thing to inform leaders of what happened yesterday, or last week, or last month. But, when we can tell them what is happening today, what looks to be happening tomorrow, and what we think will happen next week — and suggest actions that should be taken to impact that future — it is powerful.”
Since deploying the iQueue for Operating Rooms solution in July 2016, the health system saw overall OR room utilization improve by 3.72%, Hess said. In addition, the iQueue for Inpatient Beds solution, implemented in February, has helped increase the real-time visibility of inpatient bed capacity across the system, allowing it to better manage surges in patient volume.
Information on bed capacity has proved invaluable since the Covid-19 pandemic hit the U.S. earlier this year. Through the pandemic, providers have struggled to manage uncertain patient volume that ebbed and flowed with alarming speed.
“From an industry standpoint, the pandemic has forced the software, and specifically, the healthcare space, to innovate amid increasingly complex and unique demands,” Giridharadas said.
Artificial intelligence and machine learning solutions have been employed extensively across the U.S. healthcare system to help hospitals manage their resources, including bed capacity.
“These days, artificial intelligence is everywhere,” Giridharadas said. “When applied strategically, AI has the potential to profoundly influence how healthcare is delivered as well as how that care impacts cost and I’m looking forward to our team taking innovation to new heights in the years to come.”
With the new funding round, led by Insight Partners with participation from Goldman Sachs, LeanTaaS has raised more than $250 million in total.
Photo credit: Feodora Chiosea, Getty Images
