CHICAGO, IL--(Marketwired - June 27, 2016) - 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 improvement for healthcare providers, today announced highlights from the 2016 Healthcare Financial Management Association Annual National Institute (HFMA ANI).
According to a recent HIMSS survey, reducing the cost of healthcare has become a top strategic priority for providers as healthcare's business model shifts from driving volume to delivering value, from both a clinical and financial perspective. However, less than 10% of hospitals and health systems have an advanced cost accounting system in place to understand their true cost and margin -- a requisite to drive value.
With 5,000 financial leaders and executives in attendance at HFMA ANI, Strata will be presenting with Yale New Haven Health on bringing clinical and cost accounting data together to understand and drive value. Strata will also be announcing three major new customer agreements related to cost accounting and financial planning and that is has received HFMA Peer Review recognition for a second time.
Strata and Yale New Haven Health System to Present on Engaging Physicians to Drive Value
In the HFMA ANI educational session "The Quality First Approach to Engaging Physicians in Value Innovation," a team from Yale New Haven Health System including Steve Allegretto, Vice President Strategic Analytics and Financial Planning; Keith Churchwell, MD, Vice President of Cardiovascular Services; and Mary O'Connor, MD, Director Musculoskeletal Center at Yale School of Medicine and Yale-New Haven Hospital together with Dan Michelson, the Chief Executive Officer of Strata's, will outline how Yale used a combination of clinical and cost data to identify variations in quality and save over $150 million.
The presentation will highlight how finance leaders can better collaborate with clinical leaders by bringing cost accounting data together with clinical outcomes. The presentation will take place Monday, June 27th from 2:15-3:30 pm P.S.T.
Strata Announces New Partnerships Highlighting Growing Importance of Cost in Healthcare
Strata announced that Advocate Health Care, the largest integrated health system in Illinois, Rady Children's Hospital, the largest children's hospital in California, and Gunderson Health System, a comprehensive health network in Wisconsin, have selected StrataJazz® as their financial analytics and performance improvement platform.
Advocate Health Care: Advocate Health Care, the largest integrated health system in Illinois, selected the complete StrataJazz platform to measure and manage costs to drive value across the continuum of care. Advocate Health Care, rated one of the nation's Top 5 largest health systems based on quality by Truven Analytics, operates more than 400 sites of care and 12 hospitals, including over 6,300 affiliated physicians, home health services and a network of outpatient centers -- making it one of the largest healthcare providers in the Midwest.
Rady Children's Hospital: Rady Children's Hospital, the largest children's hospital in California, selected StrataJazz for cost accounting, decision support and continuous improvement. Ranked as a U.S. News & World Report "Best Children's Hospital" for the last five years in all 10 specialties surveyed, Rady provides care to more than 90% of the San Diego region's children.
Gunderson Health System: Gunderson, a comprehensive healthcare network that includes one of the nation's largest multi-specialty medical groups, selected StrataJazz. Located throughout western Wisconsin, northeastern Iowa and southeastern Minnesota, Gunderson cares for patients in 19 counties and has been named as one of America's 50 Best Hospitals by Healthgrades for three consecutive years.
"These leading organizations understand that access to accurate and actionable cost data is central to delivering the highest quality and most cost effective patient care," said Dan Michelson, Chief Executive Officer of Strata. "Navigating an environment where value is a currency means organizations must shift their focus from the top line to the bottom line from a clinical and financial perspective. That's why it's so important for hospitals to have access to the tools and data that can help them deliver healthy margins. We are excited to have these prominent organizations join our family of more than 1,000 hospitals and to support them in delivering on their mission."
Strata Earns Prestigious HFMA Peer Review Status
The Healthcare Financial Management Association announced that the StrataJazz® financial analytics and performance platform from Strata has achieved the "Peer Reviewed by HFMA®" designation for the second time. HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of business solutions. The rigorous, 11-step process includes a panel review comprised of current and prospective customers, as well as industry experts. Peer Review status is based on an evaluation of effectiveness, quality, usability, price and value, as well as customer and technical support.
In addition, the Company has also recently been recognized with the following:
- #1 in KLAS for Decision Support - Business by KLAS Enterprises for two consecutive years
- Healthcare Informatics Leading Edge Award
- Inc. 5000 list of America's Fastest Growing Companies three years in a row
- Becker's list of Great Places to Work in Healthcare for three consecutive years
Strata 'Writes the Book' on Cost for Healthcare
Margin + Mission: A Prescription for Curing Healthcare's Cost Crisis was recently published by Strata to address the number one concern facing healthcare providers today -- finding ways to reduce costs while improving value. The book is a curation and compilation of thoughts and ideas from leaders of some of the nation's most prominent healthcare organizations. It was written to fuel a conversation about cost in healthcare and more specifically how cost data can be used to drive action and bend healthcare's cost curve. Strata is providing free copies to the first 100 people that come to booth #621 or register on-line.
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 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 stratadecision.com.