LeanTaaS operates from both Charlotte, North Carolina, and Santa Clara, California to provide software suites that ensure patients get better healthcare. LeanTaaS is working to make changes in the health sector where significant innovations seem to be lacking.
The company utilizes data from hospitals and infusion centers, integrated with predictive analytics and machine learning, to provide suggestions that ensure less time in the waiting areas, lower costs of healthcare, and boosts to revenue. Over 100 health systems across the United States currently use the company’s iQueue cloud-based solutions.
The company plans to invest the $130 million it raised in a recent funding round in three product suites, which include iQueue for infusion centers, iQueue for operating rooms, and iQueue for inpatient beds. The funds will also allow LeanTaaS to boost its product development and engineering efforts, increase its go-to-market teams, and launch new products.
The funding round was led by a current investor, Insight Partners, joined by Goldman Sachs, which helped raise $40 million in Series C funding back in 2019. The company has raised funds amounting to $250 million since its inception in 2010. Part of the deal included the addition of Insight Partners and Goldman Sachs’ Antoine Munfa to the LeanTaaS board.
In an interview with Peter Segall, Managing Director at Insight Partners, he mentioned that hospitals lose $100 per minute in revenue every time the operating room is inactive. LeanTaaS has a unique proposition for health in the U.S. The product reduces the cost of healthcare with data analytics.
In the last five years, the company has witnessed an annual exponential growth of about 400% and the trend is expected to continue. According to LeanTaaS’ founder and CEO, there is a large market in the United States, so there is no rush to expand into other countries. With the world still battling the coronavirus pandemic, there is a shortage of resources. According to estimates, up to 5,000 hospitals need the type of products and services offered by LeanTaaS, with up to $3 trillion worth of assets.
The company’s goal is to collect and evaluate data on available assets and optimize supply and demand. The results come from stringing assets together and ensuring people have access to healthcare.
As the healthcare systems and hospitals anticipate a world free of coronavirus, solutions like those provided by LeanTaaS will play a major role in restoring and boosting operations. The healthcare process is only as strong as its weakest link and LeanTaas wants to make healthcare better by optimizing the weakest points of hospital operations.