Tagnos Clinical Logistics Automation Firm Raises $5 Million
Published: Mar 01, 2018
IRVINE, Calif., March 1, 2018 /PRNewswire/ -- Tagnos, Inc., developer of the leading clinical logistics automation solution for hospitals and clinics, announced today that it has received funding of $5 million from Benhamou Global Ventures, Morpheus Ventures and Zebra Ventures, the investment arm of Zebra Technologies Corp.
Tagnos's software-as-a-service (SaaS) platform is designed to orchestrate hospital workflow in ways that reduce wait times, enhance the patient experience, improve staff efficiency and optimize the utilization of supplies and equipment. The company's analytics engine can ingest data from any real-time location system (RTLS) solution that tracks the locations of patients, staff members and physical assets. In addition, Tagnos incorporates data from electronic health records (EHRs), computerized physician order entry (CPOE) systems, laboratory and radiology information systems, bed management systems and hospital admission-discharge-transfer (ADT) systems. The solution analyzes all of this data to improve patient flow and to prevent bottlenecks by alerting staff about anticipated problems. The insights generated by the platform are also used to reengineer work flows so that care teams can deliver care more efficiently.
Tagnos's analytics engine, which uses AI to identify patterns in large volumes of disparate data, can facilitate a wide variety of logistical tasks. For example, it can predict the start and end times of a surgical procedure. This forecast is based on factors such as the availability of the necessary personnel and supplies, the other procedures that are being performed in the hospital, the acuity of the case, and the average length of time it takes the scheduled surgeon to perform that kind of operation. By alerting turn teams ahead of the time when a case is expected to end, Tagnos ensures that patients will be moved quickly into the recovery area, allowing the next procedure to start sooner.
Tagnos gives hospital administrators visibility into workflow patterns, enabling them to optimize staff utilization and reduce cycle time. This decreased cycle time results in shorter patient waits and improves throughput. Especially in operating rooms and emergency departments, better throughput can translate into additional revenue and ROI. Moreover, the Tagnos solution increases patient satisfaction by keeping patients and their loved ones informed about the status of their care at every step.
"We are focused on the next generation of workflow optimization and the patient experience in the hospital environment and are delivering automation and analytics on top of location information," said Neeraj Bhavani, Founder and CEO of Tagnos. "Our solution can capture the movement of people and equipment accurately without requiring any human intervention. It can improve patient flow and maximize the utilization of equipment and staff. By applying AI to data from many different sources, including RTLS tracking devices, EHRs and CPOE, we are able to orchestrate workflow to achieve greater efficiency and a better patient experience, while generating additional revenue for the hospital."
Howard Ko, Principal at Morpheus Ventures, said, "By automating workflow and improving patient flow, Tagnos can help hospitals run more efficiently and improve patient experience while positively impacting the bottom line. Tagnos provides better visibility and intelligence through its orchestration platform to ensure personnel and equipment are in the right place at the right time by leveraging previously siloed data from existing hospital systems and combining it with real-time data pipelines. We are excited to partner with Tagnos to bring the hospitals of the future to the present."
Yashwanth Hemaraj, investor at Benhamou Global Ventures, said, "Recent improvements in IoT technologies (both at the edge and in the cloud) and the proliferation of mobile devices in hospitals, along with changes in healthcare reimbursement models, have created new opportunities for healthcare organizations to increase their productivity and efficiency. Tagnos is using a combination of sensor tracking and AI-aided situational awareness in an infrastructure-agnostic way to help hospitals make the transition to value-based, patient-centric care while enhancing the bottom line."
Tony Palcheck, Managing Director for Zebra Ventures, commented, "Zebra Ventures is investing in businesses that drive our Enterprise Asset Intelligence vision, and Tagnos fits the bill perfectly. Tagnos' system helps caregivers receive the right information when they need it. By automatically mapping the movement and duration on known processes, caregivers can easily identify any bottlenecks or system flow issues. The analysis of this information ultimately improves hospital workflow and patient care."
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Company Codes: NASDAQ-NMS:ZBRA