SANTA CLARA, Calif.--(BUSINESS WIRE)--LeanTaaS™, a Silicon Valley healthcare SaaS provider, today announced its first institutional funding round of $3 million led by Sedgwick Claims Management Services, Inc., the leader in innovative claims and productivity management solutions. Funding will be used to advance the product and go-to-market plans for the recently launched LeanTaaS iQueue™ Healthcare Suite as well as the creation of a “Labs” division focused on advanced algorithms for risk analytics. See a one-minute video introduction to LeanTaaS iQueue at https://youtu.be/EtAtrlkZuV4.
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One of the biggest problems facing healthcare providers today is getting the most out of their precious resources. Hospitals are placing significant strain on their existing resources (e.g., doctors and nurses) and yet are serving fewer patients than possible. The result? Unhappy patients, long wait times, frustrated healthcare providers, higher costs of service, and loss of revenue. The root cause of the problem is the significant complexity in patient scheduling and managing available resources.
LeanTaaS is revolutionizing healthcare delivery by applying lean practices and analytics to overcome this operational complexity. LeanTaaS iQueue uses patented mathematical models to create significantly better overall scheduling that results in higher asset utilization (e.g., surgery suites and doctors) and patient volumes, and lower patient wait times and cost of services. This comes at a time when market and political pressures are converging on healthcare and demand for patient access to high quality care is growing relentlessly.
The company also announced the appointment of Google’s first head of product marketing Sanjeev Agrawal as president of the LeanTaaS Healthcare Division. More recently, Sanjeev was vice president of products at Tellme (acquired by Microsoft), CEO of Aloqa (acquired by Motorola) and founder of Collegefeed (acquired by AfterCollege).
Mohan Giridharadas, CEO and founder of LeanTaaS, said, “Advanced data science and analytics are the game-changers in solving today’s most complex operational performance problems. Our healthcare business has grown 300 percent over the last two years because we are solving a core operations problem every hospital is facing — doing more with less — optimizing the use of their existing infrastructure, people, equipment and resources.”
LeanTaaS Healthcare delivers analytics products to many of the nation’s top hospitals and cancer centers, including Stanford Health Care, UCSF’s Helen Diller Family Comprehensive Cancer Center, University of Colorado Hospital, Wake Forest and others.
Launched earlier this year, iQueue Healthcare Suite is already demonstrating that advanced data science can improve healthcare operational performance by significantly improving patient access to care by helping hospitals maximize resource utilization to improve patient flows. Some additional results from early adopters include:
- 50 percent lower staff overtime and 15 percent overall decrease in cost of service
- 30 percent reduction in median patient wait times at peak
- 25 percent improvement in nurse satisfaction ratings
“LeanTaaS is solving one of the biggest looming problems facing the U.S. — patient access to affordable, high quality healthcare,” said Agrawal. “Demand is high, early results have exceeded our expectations, and now we can scale — reach more hospitals and accelerate deployment cycles while getting new products to market faster.”
Over the next 20 years, the U.S. population is predicted to grow more than 30 percent, the percentage of people over the age of 65 will grow by 50 percent, and almost one in two Americans will have a chronic disease requiring care. In addition, 30 million more people will be covered under the Affordable Care Act.
“These numbers are just staggering,” added Agrawal. “If you think patient access levels, wait times and cost of healthcare are high today, it will get much worse unless healthcare service providers find ways to affordably deliver high quality access to care to many more people.”
Over the last five years of R&D, LeanTaaS Labs has developed significant data science IP, marquee customers, and business leadership in risk analytics as well as partnerships with some of the world’s leaders in the space, including Sedgwick and Stanford TRA.
“We are proud to lead this funding round for LeanTaaS,” said Brad Johnson, executive vice president at Sedgwick. “We looked at over a dozen companies as part of our due diligence for our analytics needs, including several leaders in data science. We selected LeanTaaS for its unique blend of expertise in the business, data science, and technology domains. By working with LeanTaaS, we have a partner that will help Sedgwick deliver leading analytics designed to improve our customer experience, client outcomes, and overall productivity and quality.”
For more information about LeanTaaS, please visit http://www.leantaas.com. To get breaking LeanTaaS news, follow the company on Twitter @LeanTaaS, Facebook at https://www.facebook.com/LeanTaaS and LinkedIn at https://www.linkedin.com/company/leantaas.
LeanTaaS is a Silicon Valley software company using advanced data science to significantly improve operational performance. Its healthcare analytics products include LeanTaaS iQueue™ Healthcare Suite, which is being used by healthcare institutions to optimize scheduling that can rapidly reduce patient wait times and operating costs while increasing patient access, asset utilization, and overall patient and care provider satisfaction ratings. For more information about LeanTaaS, please visit http://www.leantaas.com. To get breaking LeanTaaS news, follow the company on Twitter @LeanTaaS, Facebook at https://www.facebook.com/LeanTaaS and LinkedIn at https://www.linkedin.com/company/leantaas.
LeanTaaS and LeanTaaS iQueue are trademarks of LeanTaaS. All other brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: Startup, funding, investment, LeanTaaS, iQueue, healthcare, Sedgwick, healthcare analytics, hospitals, cancer centers, infusion centers, oncology, NCCN, Affordable Care Act, Obamacare, data science, data analytics, big data, scheduling, patient flow, lean practices, optimization, risk analytics, risk management