Silicon Valley software company, LeanTaas, which helps hospitals and health care systems access lower costs though various prescriptive and predictive analytics, just closed an investment for $40 million with financing from Goldman Sachs. Previously, the tech company pulled in $61 million in 2017.
LeanTaas offers more advanced optimization platform to match the growing demand for healthcare services with the operational constraints, including lack of employees, rooms, and equipment. The company’s cloud-based iQueue platform uses sophisticated algorithms to match the demand for typically costly healthcare resources—imaging assets, inpatient beds, operating rooms, infusion chairs, ambulatory clinics—with the availability of supply.
The new financing will help fund the continued expansion of the iQueue platform, which currently consist of iQueue for Infusion Centers, iQueue for Operating Rooms and iQueue for Clinics. Additionally, the investments will support the hiring of key employees in product management, data science, marketing, and engineering.
The funding will also speed up the hiring of key leaders in roles throughout the company including engineering, data science, product management, sales, and marketing. LeanTaaS has nearly doubled the size of its team in 2019 by hiring more than 85 people in the last 10 months including experienced leaders from Rally Health, GE Centricity, Epic, Cerner, and Lehigh Valley Health Network.
As the demand for more healthcare services, while there are more cancer diagnoses per year, the platform offers a optimized tool to match demand with more affordable alternatives.
The platform has already been incorporated at 180 centers, including some leading cancer institutions and hospitals in the U.S., in addition to 105 hospitals under 24 different health systems. The system also helps unlock operating room (OR) capacities so more patients can be treated, in addition to helping surgeons find more OR time, or the proper sized rooms.
Overall, LeanTaaS has helped improve patient access by increasing the effective capacity of infusion centers by 15-25% and reduced wait times by up to 50%. Operating rooms using the platform have also seen 3 to 6% improvements in overall usage. One health system reported more than 390,000 minutes of OR use due to their solution, which led to more than $10 million in returns.