SOURCE: Strata Decision Technology, L.L.C.

Strata Decision Technology, L.L.C.

April 21, 2015 08:00 ET

St. Luke's University Health Network Selects Strata for Continuous Cost Improvement

Six-Hospital Health Network to Implement First Cloud-Based Application Designed to Reduce Costs and Increase Value

CHICAGO, IL--(Marketwired - April 21, 2015) - Strata Decision Technology (Strata), a pioneer and leader in the development of cloud-based financial analytics and performance tools for financial planning, decision support and continuous cost improvement for healthcare providers, announced today that St. Luke's University Health Network (SLUHN) has selected StrataJazz® Continuous Cost Improvement.

SLUHN is a non-profit, regional, fully integrated, nationally recognized Network comprised of six hospitals and 200 sites of care in Pennsylvania and New Jersey. The health system has over 54,000 annual admissions and close to 10,000 employees, making it the region's second largest employer. SLUHN will leverage pre-built algorithms and workflows in StrataJazz to identify opportunities to eliminate waste, inefficiency, and variation as well as to manage initiatives to take cost out on a continuous basis.

"StrataJazz Continuous Cost Improvement will be a game changer for our organization because it not only identifies savings opportunities but also provides the tracking capabilities to hold our team accountable," said Chad Brisendine, Chief Information Officer at SLUHN. "With the actionable data this solution provides, we can find significant savings and with the solid workflow that is built in, we can execute on those savings quickly. The end result is better use of resources in support of providing access to the highest level of quality care to our community."

StrataJazz integrates with SLUHN's Electronic Health Record (EHR) from EPIC, Enterprise Resource Planning (ERP) from McKesson, and time and attendance system from KRONOS. SLUHN already leverages StrataJazz as a single financial platform for Decision Support, Budgeting, Capital, and Long-Range Financial Planning.

"Strata developed Continuous Cost Improvement for top-tier organizations like St. Luke's that realize better cost management is mission-critical to not just their bottom line but from both a clinical and financial perspective," said Dan Michelson, Chief Executive Officer of Strata Decision. "We're excited to expand our partnership into a full financial analytics and performance platform and look forward to supporting their team for many years to come."

StrataJazz Continuous Cost Improvement is the first product of its kind and represents the introduction of a new category of healthcare information technology software. StrataJazz provides a single database cloud-based platform for budgeting, forecasting, planning, cost accounting, and contract analytics while integrating with virtually any data source. Strata Decision's extensive library of best-practices enhances the accuracy, efficiency and effectiveness of critical financial planning and management processes.

About St. Luke's University Health Network

St. Luke's University Health Network (SLUHN) is a non-profit, regional, fully integrated, nationally recognized Network providing services at more than 200 sites, primarily in Lehigh, Northampton, Carbon, Schuylkill, Bucks, Montgomery, Berks and Monroe counties in Pennsylvania and in Warren County, New Jersey. It is comprised of six hospitals including St. Luke's University Hospital - Bethlehem, St. Luke's Allentown Campus, St. Luke's Anderson Campus, St. Luke's Miners Campus, St. Luke's Quakertown Campus, and St. Luke's Warren Campus. The health system has over 54,000 annual admissions and over 9,500 employees, making it the region's second largest employer.

About Strata Decision Technology

Strata Decision Technology provides an innovative cloud-based financial analytics and performance platform that is used by healthcare providers for financial planning, decision support and continuous cost improvement. Founded in 1996, the Company's customer base includes 1,000 hospitals and many of the largest and most influential healthcare delivery systems in the U.S.

The Company's StrataJazz® application is a single integrated software platform that includes modules for capital planning, contract modeling, cost accounting, cost management, decision support, financial forecasting, management reporting, operational budgeting and performance improvement and strategic planning. The Company's headquarters are in Chicago, IL. For more information, please visit www.stratadecision.com.

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