Santa Clara, California-based practice management software company LeanTaaS announced $26 million in Series B financing, raised exclusively from Insight Venture Partners.
LeanTaaS uses advanced data science and mathematics to address the way patients' appointments are scheduled. It also has patent-pending algorithms that seek to use existing assets and deter investing in additional staff. The company said it also hopes to improve surgeons’ access to operating time blocks and lower wait times for patients.
“We are privileged to work with many of the leading health systems in the country to demonstrate the impact of combining lean principles, predictive analytics, and scalable software to drive significant improvements in operational performance and asset utilization,” Mohan Giridharadas, founder and CEO of LeanTaaS, said in a statement. “This investment from Insight Venture Partners is a strong validation of our approach and will enable us to dramatically accelerate our growth over the coming years.”
The funding will be used to develop two of LeanTaaS's platforms, iQueue for Infusion Centers and iQueue for Operating Rooms. iQueue for Infusion Centers platform includes optimization templates for scheduling, schedule, and volume projections; a tool that shows over and under booking estimations; and a preview of nurses’ schedules by time and treatment length. iQueue for Operating Rooms monitors released operating room blocks so surgeons can request them from their phones, finds OR case data and identifies bottleneck, uses machine learning to identify utilization patterns to efficiently plan time, and gives a cost-per-case data appraisal.
Around 40 hospitals and infusion centers use the company’s lean principles, predictive analytics, machine learning, according to a statement.
“Healthcare is a difficult space in which to bring about radical change,” Jeff Horing, cofounder and managing director of Insight Venture Partners, said in a statement. “We are impressed by the quality of deep customer partnerships, the product portfolio, and the team that LeanTaaS has assembled.”
In recent years Insight Venture Partners has invested in multiple digital health companies. In 2016 the firm fueled $14 million into Caremerge, a Chicago-based company that offers care coordination software for assisted living facilities. It was also a leading funder in Virgin Pulse’s employee engagement offering, which included behavior change programs that cover physical, mental, and emotional wellbeing.