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Insight Venture Partners Invests $26M Series B in LeanTaaS to Fuel Growth of Healthcare Operations Platform

Predictive Analytics and Machine Learning Technology Lowers Wait Times, Increases Patient Access and Improves Operational Performance

SANTA CLARA, Calif. — Nov. 14, 2017 — LeanTaaS, Inc., a Silicon Valley software innovator that increases patient access and transforms operational performance for healthcare providers, today announced that new investor Insight Venture Partners, a leading global venture capital and private equity firm, has invested $26 million in a Series B round of financing.

“Healthcare is a difficult space in which to bring about radical change,” said Jeff Horing, co-founder and managing director of Insight Venture Partners. “We are impressed by the quality of deep customer partnerships, the product portfolio and the team that LeanTaaS has assembled.”

The company’s solutions — relied upon by more than 40 of the nation’s leading hospitals and infusion centers — use lean principles, predictive analytics, machine learning and the cloud to dramatically improve the patient experience. LeanTaaS customers have reduced wait times for appointments and surgeries by up to 50 percent, increased patient access by as much as 30 percent and improved operational performance up to 20 percent through increased revenue and reduced costs.

The mathematical foundation on which patient appointments are scheduled is fundamentally flawed. As a result, expensive assets like infusion chairs, operating rooms, diagnostic imaging equipment and inpatient beds are commonly over- and underutilized, often on the same day.

LeanTaaS has quickly emerged as the leader in using advanced data science and mathematics to address this perplexing paradox. The company’s patent-pending algorithms help providers do more with existing assets and defer investments in additional staff, equipment and facilities. LeanTaaS solutions also improve surgeon access to valuable operating room time, lower wait times for patients and level-load the day for anesthesiologists, nurses and staff.

“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,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “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 financing will fund continued investment in the LeanTaaS iQueue platform, which currently consists of two solutions: iQueue for Infusion Centers and iQueue for Operating Rooms. In May 2017, the company also established iQueue Labs, which explores answers to emerging, significant operational challenges in diagnostic imaging departments, emergency departments, pharmacies, labs and inpatient beds. The iQueue platform is a cloud service that works with any electronic health record and requires only minimal assistance by the provider’s internal IT staff to set up and use.

LeanTaaS joins an Insight Venture Partners portfolio that already boasts five companies on Inc.’s annual ranking of the fastest-growing private companies in America.

About LeanTaaS

LeanTaaS provides software solutions that combine lean principles, predictive analytics and machine learning to transform hospital and infusion center operations. More than 40 providers across the nation rely on the company’s iQueue cloud-based platform to increase patient access, decrease wait times, reduce healthcare delivery costs and improve revenues. LeanTaaS is based in Santa Clara, California.  For more information about LeanTaaS, please visit www.leantaas.com, and connect on Twitter/LeanTaaSFacebook/LeanTaaSand LinkedIn/LeanTaaS.

About Insight Venture Partners

Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.

November 14, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Merge Healthcare Announces Creation of Clinical Advisory Board

Expert Panel to Provide Patient-Centric Solutions to Improve and Streamline Delivery of Care

CHICAGO, Oct. 4, 2011 (GLOBE NEWSWIRE) — Merge Healthcare (Nasdaq:MRGE), a leading provider of enterprise imaging and interoperability solutions, announced today the development of an Advisory Board to share clinical expertise and provide consultation on new models of care and emerging trends focused on the patient-centric experience.

The Merge Advisory Board will focus on the fact that diagnostic images make up a significant and critical part of the diagnostic process, yet today, the exchange and sharing of these images is inefficient. This inefficiency fragments the healthcare process which contributes to delays in care and skyrocketing costs. The Merge Advisory Board will also address patient safety and quality of care through, among other things, focusing on the fact that patients’ radiation exposures has doubled over the past 20 years and developing solutions that reduce such exposure.

Consider the realities of diagnostic imaging:

  • Healthcare organizations generate nearly 600 million diagnostic imaging procedures annually;
  • One CT scan of the abdomen exposes a patient to the same amount of radiation as approximately 400 chest x-rays; and,
  • $100 billion of annual healthcare costs are related to diagnostic imaging tests – but an estimated 35% ($35 billion) represents unnecessary costs for US patients and insurance providers.

The Merge Advisory Board is led by Dr. Cheryl Whitaker, Merge’s Chief Medical Officer; co-chaired by Dr. Paul Chang, Professor of Radiology and Vice Chair, Radiology Informatics at the University of Chicago Medical Center; and, Dr. Keith Dreyer, Vice Chairman of Radiology Informatics at Massachusetts General Hospital.

“We are extremely fortunate to have experts from these prestigious organizations advising the Merge team,” said Jeff Surges, Chief Executive Officer of Merge Healthcare. “We look forward to the clinical dialogue that will develop, and to incorporating their knowledge and expertise into the image interoperability solutions we provide to clients and the healthcare marketplace.”

“Merge believes in a patient-centric healthcare experience, and empowering physicians, patients and providers to proactively manage this healthcare,” said Dr. Cheryl Whitaker, Chief Medical Officer at Merge Healthcare. “I look forward to working with this distinguished group of leaders to ensure we continue to develop solutions that simplify and improve the care process.”

The Merge Advisory Board consists of the following imaging and healthcare experts:

Dr. William Boonn 
Chief of 3D and Advanced Imaging Lab
Hospital of the University of Pennsylvania
John A. Carrino, MD, MPH, PhD
Associate Professor of Radiology and Orthopaedic Surgery
Johns Hopkins University School of Medicine
Dr. Paul Chang 
Professor of Radiology
Vice Chair, Radiology Informatics
University of Chicago Medical Center
Dr. Keith Dreyer, MD, PhD
Vice Chairman of Radiology Informatics
Massachusetts General Hospital
David Mendelson, MD 
Chief of Clinical Informatics MSMC
Professor of Radiology
The Mount Sinai Medical Center
Eliot Siegel, MD
Chief of Radiology and Nuclear Medicine
Veterans Affairs Maryland Healthcare System
Timothy Zoph 
Chief Information Officer and Senior Vice President of Administration
Northwestern Memorial Hospital

About Merge Healthcare

Merge Healthcare is a leading provider of enterprise imaging and interoperability solutions. Merge solutions facilitate the sharing of images to create a more effective and efficient electronic healthcare experience for patients and physicians. Merge provides enterprise imaging solutions for radiology, cardiology, orthopaedics and eye care; a suite of products for clinical trials; software for financial and pre-surgical management, and applications that fuel the largest modality vendors in the world. Merge’s products have been used by healthcare providers, vendors and researchers worldwide to improve patient care for more than 20 years. Additional information can be found at www.merge.com.

October 8, 2011 I Written By

Merge Healthcare Selected by Prominent East Coast Practices to Achieve Meaningful Use

MU Acceleration Among Radiology and Imaging Practices

CHICAGO–(BUSINESS WIRE)– Merge Healthcare (NASDAQ: MRGE), a leading provider of enterprise imaging and interoperability solutions, announced today the addition of Reston Radiology Consultants (VA), Washington Radiology Associates (VA), Shady Grove Radiological Consultants (MD) and Advanced Diagnostic Radiology (MD) to its growing base of clients utilizing Merge RIS.

Merge’s solution will enable practices to capture and report on metrics required to demonstrate Meaningful Use of electronic health records. As eligible providers, radiologists can receive Meaningful Use incentives under the HITECH provisions in the American Recovery and Reinvestment Act of 2009.

With Merge, physicians can fulfill the objective of Meaningful Use by exchanging health information to improve quality of health care. According to the Diagnostic Imaging, more than 90% of radiologists are considered eligible providers and can qualify to receive the financial incentives – estimated at more than $1 billion – offered by the stimulus plan.

“Not only are we improving workflow and patient care, but because the Merge solution will be certified as a complete EHR, eligible physicians within our practice can receive incentives up to $44k each,” said Jeffrey Atkin, Chief Operating Officer of Reston Radiology Consultants.

“We selected Merge’s Meaningful Use solution because their technology is cutting edge and soon to be certified,” said Larry Busching, Chief Operating Officer at Shady Grove Radiological Consultants. “The functionality that is inherent in their Meaningful Use module, including integration with labs and pharmacies, clinical decision support and a patient portal, will enable us to significantly improve workflow efficiency.”

“Merge Healthcare is the market leader in end-to-end solutions for radiology groups and imaging centers,” said Jeff Surges, CEO of Merge Healthcare. “Our solutions are widely-embraced by radiologists because those solutions streamline workflow processes, easily integrate with existing systems, provide a true return on investment and most important, create a better electronic healthcare experience for both providers and patients.”

These clients join the more than 1,500 hospitals and 6,000 clinics already utilizing Merge Healthcare solutions.

About Merge Healthcare

Merge Healthcare is the leading provider of enterprise imaging and interoperability solutions. Merge solutions facilitate the sharing of images to create a more effective and efficient electronic healthcare experience for patients and physicians. Merge provides enterprise imaging solutions for radiology, cardiology and orthopaedics; a suite of products for clinical trials; software for financial and pre-surgical management, and applications that fuel the largest modality vendors in the world. Merge’s products have been used by healthcare providers, vendors and researchers worldwide to improve patient care for more than 20 years. Additional information can be found at www.merge.com.

September 5, 2011 I Written By

Merge Leads $1B Stimulus Funding Opportunity for Radiologists

Ninety percent of all radiologists are considered eligible professionals to qualify for Meaningful Use incentives, which means more than $1 billion could be available for the diagnostic imaging community1. Merge Healthcare is leading the way in helping radiologists discover their Meaningful Use potential by pursuing certification for Merge RIS v7.0 to support the Stage 1 requirements.

Regional Medical Imaging (RMI) selects Merge to meet Meaningful Use requirements

CHICAGO–(BUSINESS WIRE)– Merge Healthcare Incorporated (NASDAQ: MRGE), a global corporation dedicated to health IT interoperability solutions, today announced that Regional Medical Imaging (RMI), a full-service imaging organization based in Flint, Michigan, has selected Merge for its imaging interoperability and Meaningful Use needs.

“Helping visionary organizations like RMI achieve their goals is Merge’s priority,” said Jeff Surges, Merge’s CEO. “As the leading provider of imaging and financial solutions to the radiology market we are committed to driving the effort towards Meaningful Use for all of our clients.”

RMI will leverage Merge RIS™ v7.0 to meet Meaningful Use requirements. Ninety percent of all radiologists are considered eligible professionals to qualify for Meaningful Use incentives, which means more than $1 billion could be available for the diagnostic imaging community1. Merge Healthcare is leading the way in helping radiologists discover their Meaningful Use potential by pursuing certification for Merge RIS v7.0 to support the Stage 1 requirements.

“We selected Merge because we have developed a true partnership,” said Dr. Randy Hicks, one of the founding partners of RMI. “Merge enables us to leverage our existing investment while providing complete solutions to qualify for Meaningful Use and deliver enterprise interoperability. These initiatives add measurable value to our business.” Based on 13 eligible providers and other incentives, RMI expects to see more than $600,000 in return from its Meaningful Use initiative alone.

RMI will also use Merge iConnect™ Access, Merge iConnect™ Share and Merge iConnect™ Kiosk to create image interoperability. The iConnect solution suite will enable RMI to share diagnostic quality images across their enterprise, eliminate CDs, enable mobile devices, attract and keep their referral base, and create operational efficiency.

1Diagnostic Imaging, October 13, 2010

Merge Healthcare Incorporated develops and integrates information technology to create a better electronic healthcare experience. Merge products, ranging from standards-based development toolkits to sophisticated clinical applications, have been used by healthcare providers, vendors and researchers worldwide for over 20 years. Additional information can be found at www.merge.com.

Regional Medical Imaging, P.C. was established more than 25 years ago and has been providing superior patient care to Genesee County and surrounding areas. RMI’s five locations are uniquely positioned to provide Mid-Michigan with the highest level of expertise in radiology available. Additional information can be found at www.rmipc.net.

April 21, 2011 I Written By