Profile

LeanTaaS is a software company that uses advanced data science to significantly improve the operational performance of hospitals and clinics. The company’s non-invasive cloud-based software platform optimizes how health systems use expensive, constrained resources like infusion chairs, operating rooms, and inpatient beds and coexists with current systems. This enables providers to decrease wait times, increase patient access, and reduce healthcare delivery costs. 

The company was founded in 2010 and is based in Santa Clara, California, with offices in San Francisco, Boston, and Bangalore. The company has over 300 employees across multiple locations. 

Their software platform, iQueue, uses predictive analytics and machine learning to help hospitals and infusion centers increase patient access, decrease wait times, and reduce costs. The company’s software platform is used by over 175 health systems and 605 hospitals. The company’s customers include some of the largest healthcare organizations in the United States, such as the Mayo Clinic, the Cleveland Clinic, and the University of California, San Francisco. 

In 2020, LeanTaaS was named one of the top 100 AI companies in the world by CB Insights. The company has also been recognized for its innovation and leadership by organizations such as the Healthcare Information and Management Systems Society (HIMSS) and the American Hospital Association (AHA).

Insight Partners and the Growth Equity division of Goldman Sachs Asset Management (“Goldman Sachs”) sold a majority stake in the company to Bain Capital Private Equity (“Bain Capital”) in 2022. A sizable growth capital commitment from Bain Capital is included in the transaction, enabling LeanTaaS to maintain its current rate of rapid growth and expand its innovative and industry-leading portfolio of cloud software solutions.

Key Products

iQueue for Operating Rooms

It helps hospitals optimize the use of their operating rooms (ORs). The solution uses predictive analytics to forecast demand for OR time and then uses that data to create a schedule that maximizes capacity and minimizes wait times. iQueue for Operating Rooms has been shown to reduce OR wait times by up to 50% and increase OR utilization by up to 20%.

iQueue for Infusion

It helps infusion centers improve patient access and reduce wait times. The solution uses predictive analytics to forecast demand for infusion center appointments and then uses that data to create a schedule that maximizes capacity and minimizes wait times. iQueue for Infusion Centers has been shown to reduce infusion center wait times by up to 75% and to increase patient satisfaction by up to 85%.

iQueue for Inpatient Flow

It helps hospitals improve the flow of patients through the inpatient setting. The solution uses predictive analytics to forecast demand for inpatient beds and then uses that data to create a schedule that maximizes capacity and minimizes wait times. iQueue for Inpatient Flow has been shown to reduce inpatient wait times by up to 60% and to improve patient satisfaction by up to 90%.

Customers Insights

LeanTaaS has garnered positive reviews from customers who have praised the software for its ability to increase capacity, reduce wait times, and improve patient care. According to featuredcustomers.com the company has a score of 4.8 based on 1472 user ratings. 

Users mention that one of the key advantages of using iQueue is its capacity-increasing capabilities. Hospitals that have implemented iQueue have reported an increase in their overall capacity to handle patient flow efficiently. Another significant benefit of iQueue is its ability to reduce wait times for patients. By optimizing scheduling and resource allocation, iQueue streamlines operations, ensuring that patients spend less time waiting for services and treatments.

Moreover, iQueue has proven to be instrumental in improving patient care. Through its advanced analytics and predictive modeling, iQueue enables hospitals to allocate resources effectively, resulting in enhanced patient experiences and outcomes.

In addition to the positive customer reviews, they have also received recognition from industry analysts.  Overall, LeanTaaS is a well-respected company with a demonstrated track record of success. Their products, particularly iQueue, have been proven to increase hospital capacity, reduce wait times, and enhance patient care.

Statistics

• Founded: 2013


• Employees: 300+


• Users: 600+ Hospitals & Clinics


• Present in 46 States in the U.S


• Number of acquisitions: 1; LeanTaaS acquired Hospital IQ on January 10, 2023

Rating and Commentary

LeanTaas has positioned itself as a leading player in the market, thanks to its innovative offerings and strong focus on customer satisfaction. This has attracted significant investment from Bain Capital Private Equity, as well as support from other minority investors. With a solid financial foundation, LeanTaas is well-equipped to support its growth and expansion plans.

Guiding the company’s decisions and strategy is CEO Mohan Giridharadas, who leads a skilled leadership team. This team brings diverse expertise to the table, enabling effective execution of LeanTaas’ business strategies. By prioritizing innovation and adopting a customer-centric approach, LeanTaas maintains a competitive edge in the industry, even in the face of competition from providers like Qventus and ClosedLoop.

A notable development for LeanTaas is its recent acquisition of automation company Hospital IQ. This strategic move has positioned LeanTaas as the largest AI-powered hospital operations software provider in the healthcare technology industry.  Overall, LeanTaas is well-positioned for growth and success.

LeanTaas Video

Key Executives

Mohan Giridharadas, Founder and CEO

Mohan has over 18 years of experience with McKinsey & Company, where he led the Manufacturing and Service Operations practices in North America and the Asia-Pacific region. Mohan has also led large-scale lean operational improvement programs at major corporations across multiple sectors, including healthcare, technology, retail, and financial services. He has a Master of Business Administration from Stanford University and a Master of Science in Computer Science from the Georgia Institute of Technology. 

Sanjeev Agrawal, President and COO

Sanjeev was Google’s first Head of Product Marketing. Since then, he has led three successful startups: CEO at Aloqa (acquired by Motorola), VP Products & Marketing at TellMe Networks (acquired by Microsoft), and Founder & CEO at Collegefeed (acquired by AfterCollege). Sanjeev graduated Phi Beta Kappa with an EECS degree from MIT and, along the way, spent time at McKinsey and Cisco Systems. Sanjeev is the published author of a book published by Forbes  “Better Healthcare Through Math”,  He has been featured on CNBC and named one of the top 100 entrepreneurs in Healthcare.

Mark Fidow, CTO

Mark brings decades of experience leading engineering and product teams. His journey has taken him from programming airline and fintech systems to leading large and highly impactful global teams with Visa, PayPal, and most recently, Change Healthcare. At Change Healthcare, he led global engineering and product organizations supporting payments, communications, and revenue cycle management services. Mark was raised in New Zealand and studied at the Auckland Technical Institute (Auckland University of Technology) before migrating to the US.

Niloy Sanyal, Chief Marketing Officer

Niloy has over 17 years of management experience, 15 of which have been with GE in various roles. As a leader in GE’s IIoT journey, Niloy has led the creation of a new market category of Industrial Internet across multiple industries: power, Aviation, Rail, Oil and Gas, Manufacturing, mining, and Healthcare. Niloy is a Mechanical Engineer and earned his MBA from Columbia University.

Organizational Insights

LeanTaaS has fostered a positive and supportive work culture that prioritizes core values, customers, and teams. The company received an overall score of 3.8/5 based on 111 reviews, indicating a generally favorable perception of the organizational culture. Moreover, 75% of employees approve of the CEO, suggesting strong leadership within the company.

The company is driven by a mission to tackle complex operational challenges in the healthcare industry using advanced data science. Their vision is to revolutionize healthcare operations and capacity management through the application of predictive analytics and machine learning.

LeanTaaS prioritizes customer needs, leveraging a data-driven approach to continuously improve operations. Employees demonstrate ownership, integrity, and accountability while embracing innovation, collaboration, and excellence to deliver high-quality results.

In addition to promoting a strong organizational culture, LeanTaaS also offers attractive benefits to its employees. They cover 100% of employee premiums for medical, dental, and vision plans, demonstrating a commitment to employee well-being. The company also provides intentional time off, including a reset week at the end of December, to encourage work-life balance. Furthermore, employees are offered stock options, aligning their success with the company’s growth.

Overall, LeanTaaS has cultivated an environment that fosters learning, innovation, and collaboration.

Board Members

Jeff Horing

Jeff Horing is a co-founder and managing director at Insight Partners, a leading venture capital and private equity firm. Under his leadership, Insight has become a premier venture capital and private equity firm focused on growth investments in software and internet businesses, with $3 billion under management. Jeff has invested in more than 30 companies for Insight so far, including Alteryx, a software company that went public in March 2017; AirWatch, which VMware acquired for $1.5 billion in January 2014; Wix, which went public in 2013; and Shutterstock, which went public in 2012.

Antoine Munfa

Antoine Munfa is a Managing Director in the Merchant Banking Division at Goldman Sachs, where he is part of the Growth Equity Team. He holds six board and advisor roles, including Board Member at LeanTaaS. Antoine holds a BA from Yale University and an MBA from Harvard Business School. Prior to joining Goldman Sachs, Antoine worked at McKinsey & Company, where he served clients in the healthcare, private equity, and media industries.

Jonathan Rosenbaum

Jonathan Rosenbaum is a Managing Director at Insight Partners, a leading venture capital and private equity firm. He has been with Insight Partners since 2014 and focuses on vertical and horizontal application software. He is responsible for executing transactions and assisting in portfolio management post-close. Jonathan currently sits on the board of several Insight companies, including LeanTaaS, where he serves as a board member.

Brant Heise

Brant Heise is a Managing Director at MemorialCare Innovation Fund, where he has been working for over 16 years. He has garnered a broad range and scope of healthcare experience across more than 20 years of work within both the non-profit and for-profit arenas. His expertise includes business development and operating experience in entrepreneurial start-up companies, physician organizations, community hospitals, and academic medical centers. Brant holds 14 board and advisor roles, including Board Member at Foldax, Investor at LeanTaaS, and Board Member at AristaMD.

Investors

Bain Capital Private Equity

Bain Capital Private Equity is one of the world’s leading private equity firms, with approximately $140 billion in assets under management. It invests across sectors such as consumer, retail, and dining; financial and business services; healthcare; industrials; and technology, media, and telecommunications. It has offices in Boston, New York, Palo Alto, San Francisco, Dublin, London, Munich, Madrid, Luxembourg, Hong Kong, Shanghai, Mumbai, Tokyo, and Sydney.

Insight Partners

Insight Partners is a global software investor that partners with high-growth technology, software, and Internet startup and scale-up companies that are driving transformative change in their industries. It has over $80 billion in regulatory assets under management and has invested in more than 700 companies worldwide. It has offices in New York, London, Tel Aviv, and Palo Alto.

Goldman Sachs

Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions,   and individuals. It has over $2.3 trillion in assets under supervision and operates in over 30 countries. It has divisions such as Investment Banking, Global Markets, Asset Management, Consumer and Wealth Management, and Engineering.

Key Milestones

• In 2023, LeanTaaS becomes the first health tech unicorn of 2023 following the acquisition of Hospital IQ.


• In 2023, LeanTaaS launched a generative AI tool for hospitals.


• In April 2023, LeanTaaS Earns Highest Ratings in Inaugural KLAS Capacity Optimization Management Report


• In April 2023 LeanTaaS and Siemens Healthcare Announce Strategic Relationship to Optimize Hospital Operational Performance.


• In 2022, LeanTaaS Acquired Hospital IQ to Create AI Innovator for Hospital Operations Optimization


• In 2022, Bain Capital Private Equity acquired a stake in LeanTaaS.


• Nov 2022: LeanTaaS Ranks Number 83 in Fastest-Growing Healthcare and Life Sciences Companies in North America on the 2022 Deloitte Technology Fast 500

News and Press Releases

• June 6, 2023: LeanTaaS Announces iQueue Autopilot, First Ever Generative AI Hospital Operations Solution (Read)


• Jun 5, 2023: LeanTaaS rolls out generative AI hospital operations solution in latest example of uniting new tech with old-school messaging (Read)


• April 27, 2023: KLAS Rates LeanTaas Highest for Driving Relationships, Value in Capacity Optimization Report. (Read)


• March 23, 2023: How LeanTaaS uses AI to take pressure off of operating rooms (Read)


• Jan 10, 2023: Santa Clara software provider LeanTaaS is now valued at more than $1B after an acquisition (Read)


• Jan 5, 2023: LeanTaaS looks to gain strength in hospital market (Read)

Competitors

Qventus

Qventus provides hospitals and health systems. The company offers predefined machine learning (ML) models and software templates. The machine-learning-based forecasting techniques enable hospitals to predict patient volumes and allocate resources such as staff, beds, and rooms to meet this demand. It was formerly known as AnalyticsMD. Qventus was founded in 2012 and is based in Mountain View, California.

ClosedLoop

ClosedLoop operates as a healthcare data science platform. It enables providers, payers, and value-based care organizations to make accurate, explainable, and actionable predictions of individual-level health risks, improve outcomes, and reduce costs. The company was founded in 2017 and is based in Austin, Texas.

Cycorp

Cycorp’s software products are built on its Machine Reasoning AI platform, Cyc, which uses symbolic logic (knowledge and inference) to predict and prescribe actions in context. The company sells vertically focused software products, primarily in decision support for hospital operations and supply chains, and indirectly via platform licensing. 

MYSPHERA

MYSPHERA provides software solutions to automate the processes of a healthcare organization. It offers ORvital to automate patient flow in the operating rooms and Stela to automate and streamline patient flow in the emergency department. It also offers a Bluetooth-enabled patient tracking system. The company was founded in 2012 and is based in Paterna, Spain.

Careful Online

Careful Online provides a healthcare patient tracking app. The company provides a patient tracking system that allows healthcare workers to share and log patients’ clinical information using cloud-based software. It targets both public and private healthcare providers.

Corporate Responsibility

LeanTaaS is a company that advocates for the use of objective data and predictive analytics in hospitals, rather than relying on intuition and traditional practices, to optimize resource allocation and maximize the impact of investments in electronic health records (EHR), business intelligence (BI), and Lean/Six Sigma methodologies. The company believes that hospitals should have access to more advanced tools and insights beyond the conventional “rearview mirror” dashboards currently in use.

As part of its commitment to supporting the healthcare industry, LeanTaaS has become a 2022 Premier Corporate Partner for the American College of Healthcare Executives (ACHE). This partnership aligns with ACHE’s mission to promote excellence in healthcare leadership through education and addressing critical issues and challenges faced by its 48,000 members.

Through this collaboration, LeanTaaS will contribute information, tools, and resources to assist ACHE members in meeting the needs of patients, communities, and workforces. Additionally, LeanTaaS will actively participate in ACHE’s Congress on Healthcare Leadership, a prominent educational and networking event held from March 28-31. The Congress will feature over 240 expert faculty members, including more than 45 hospital and system CEOs.