LeanTaaS’ cloud-based iQueue solutions help hospitals transform their approach to care delivery and improve capital and scarce resource decision-making by optimizing the utilization of critical assets including operating rooms, infusion chairs, and hospital beds. Leveraging a combination of cutting-edge AI, data science, and lean optimization principles, LeanTaaS has designed a powerful set of predictive analytics solutions that seamlessly integrate into workflows and enable health systems to unlock capacity, reduce patient delays, and grow revenue, while improving patient and provider care experiences. As a result, the Company delivers a compelling value proposition to the entire care ecosystem. Its long-term vision is to manage the operational application of patient flow and capacity optimization across the continuum of care on one single platform, effectively becoming the “air traffic control center” for a health system.
The Company has achieved rapid growth and counts more than 500 leading hospitals and 130 health systems across the U.S. as customers, including 12 of the top 20 health systems in the country according to the US News & World Report Honor Roll. iQueue for Operating Rooms is used by more than 2,500 ORs across 47 health systems to improve surgical capacity utilization, attract new surgical volume, and improve the patient experience. iQueue for Infusion Centers is used by nearly 500 infusion centers, with over 10,000 chairs across 105 health systems with a customer base that includes over 80 percent of the National Comprehensive Cancer Network and nearly 60 percent of National Cancer Institute-Designated Cancer Centers. iQueue for Inpatient Beds, launched in 2021, is scaling at a fast pace with several marquee customers using the product across multiple locations. Organizations currently using LeanTaaS’ iQueue platform include many of the most prestigious health systems in the country including Stanford Health Care, New York-Presbyterian, Memorial Sloan Kettering Cancer Center, Penn Medicine, UCHealth, MD Anderson Cancer Center, Yale New Haven Health, CommonSpirit, and US Oncology, among others.
“We have developed a unique and disruptive approach to improving patient access and unlocking scarce capacity within hospitals and health systems. We are proud of the progress we have made in transforming mission-critical healthcare operations and are excited by the opportunity to continue to expand our suite of innovative solutions for our customers,” said Giridharadas. “We want to thank Insight Partners and Goldman Sachs for their help supporting the business during their ownership and positioning us for success in the next stage of our growth. We are delighted to partner with Bain Capital going forward as they share our vision for building a broader healthcare optimization platform and have an excellent track-record of building and scaling leading healthcare technology companies. This significant growth investment will provide us with valuable resources to accelerate our impact.”
“Mohan and his team have built an exceptional business that is at the forefront of AI in healthcare, creating exceptional value for customers and poised for continued rapid expansion. We are thrilled to support LeanTaaS’ vision for transforming care delivery through automation and improving the quality of US healthcare,” said Devin O’Reilly, a Managing Director at Bain Capital Private Equity. “We believe LeanTaaS is well-positioned for continued long-term growth and see significant opportunity to scale the business through continued market penetration, strategic acquisitions, product innovation, and adjacent market expansion,” added Paul Moskowitz, a Principal at Bain Capital Private Equity.
Bain Capital has a long history of partnering with companies to accelerate growth in the healthcare and technology sectors. The firm’s experience in healthcare and HCIT investments include athenahealth, Grupo Notre Dame Intermedica, HCA Healthcare, HST Pathways, InnovaCare Health, IQVIA, PartsSource, Surgery Partners, Waystar, and Zelis.
“As LeanTaaS’ first financial investor in 2017, we couldn’t be more thrilled for Mohan and the entire LeanTaaS team as the company embarks on this exciting next chapter with Bain Capital,” said Peter Segall, Managing Director at Insight Partners. “From the start, we knew that LeanTaaS had the leadership team and vision to transform hospital operations – and with their innovative cloud solutions, they’ve done just that. Insight remains committed to supporting the company throughout its tremendous growth journey.”
The investment is expected to be completed in the third quarter of 2022 and is subject to regulatory approvals and customary closing conditions.
William Blair is acting as the financial advisor and Willkie Farr & Gallagher LLP is serving as legal counsel to LeanTaaS. Evercore is serving as financial advisor and Kirkland & Ellis LLP as legal counsel to Bain Capital Private Equity.