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

January 08, 2016 08:00 ET

Strata Releases Book to 'Open Source' Ideas on Reducing Healthcare's $3 Trillion Bill

"Margin + Mission: A Prescription for Curing Healthcare's Cost Crisis" to Launch With Virtual Book Tour Featuring Top Hospitals and Health Systems in the U.S.

CHICAGO, IL--(Marketwired - January 08, 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, announced today the release of its new book, Margin + Mission: A Prescription for Curing Healthcare's Cost Crisis, available now on Amazon and iTunes.

An estimated $3 trillion1, or one-fifth of Gross Domestic Product (GDP) and nearly $10,000 per person, was spent on U.S. healthcare in 2015. The Centers for Medicare and Medicare (CMS) projects this to grow to $4 trillion by 2019 and $5 trillion by 2023. Many hospitals, which serve as the hub for healthcare both physically and fiscally, are on life support. Solving the cost crisis in hospitals has become mission critical to the survival of the nation's healthcare system. Consider the following facts:

  • Hospitals and health systems represent close to $1 trillion of the U.S. healthcare bill 2
  • Hospital operating margins average 2.2% and one of three have negative operating margins 3
  • 88% of healthcare provider organizations have cost savings initiatives underway 4
  • Only 17% of healthcare providers with cost savings initiatives are hitting their targets 5
  • Close to one-third of healthcare spend is considered wasted 6

Co-authored by industry-experts Dan Michelson and Liz Kirk, Margin + Mission was developed to help healthcare providers shift from driving volume to delivering value -- from both a clinical and financial perspective. The book identifies the root causes of the cost crisis and provides real-world examples of organizations who are effectively driving out waste and inefficiency. 

"Our goal for this book is to help fuel a conversation and drive action towards what might well be healthcare's biggest challenge ever -- financial stewardship," said Dan Michelson, CEO of Strata Decision Technology. "With this book we're highlighting how the clinical, financial and operational teams of a hospital and health system can come together to reduce costs while improving care. The payoff is collectively solving what may be the greatest socioeconomic opportunity of our time -- shifting the focus of a $3 trillion industry away from driving volume to delivering value."

Attend Virtual Book Tour

Strata will be hosting a series of live webinars throughout the year featuring contributors to Margin + Mission: A Prescription for Curing Healthcare's Cost Crisis. This "virtual book tour" will include leaders from a number of organizations including Yale New Haven Health System, Intermountain Healthcare, Parrish Medical Center and Fairview Health Services who have made significant progress to reduce costs while improving quality and care. Visit www.stratadecision.com/marginplusmission for more information or to register for these free events.

Get a Free Copy

The first 100 healthcare professionals to share the Margin + Mission link on social media platforms, including Twitter, Facebook and LinkedIn will receive a free copy of the book. Visit http://www.stratadecision.com/marginplusmission/spread-the-word for more information. 

About the Authors

Dan Michelson is the Chief Executive Officer of Strata Decision Technology, a pioneer and leader in the development of innovative cloud-based solutions for financial analytics, business intelligence and decision support. The Company's solutions are used by over 1,000 healthcare organizations, including many of the largest and most influential healthcare systems in the U.S. Dan has been in leadership roles in healthcare for 25 years and over the last 15 years he has been a central player in developing the healthcare information technology market, including building out industry associations, serving on standards committees and speaking at industry conferences. Prior to joining Strata, Dan served as Chief Marketing and Strategy Officer for Allscripts Healthcare Solutions. Additionally, he has provided strategy and process redesign consulting for many hospitals and health systems and served in leadership roles for Baxter International, a leading medical supply company, and AstraZeneca, one the world's largest pharmaceutical companies. He earned his BS in Finance from Indiana University and his MBA from DePaul University. He is the co-founder of projectMUSIC™, a benefit concert that sends underprivileged children to overnight camp. 

Liz Kirk is a Senior Vice President for Strata Decision Technology. With over 15 years of experience working with healthcare providers, both as a hospital administrator and a consultant, Liz's role includes leadership of Strata's client services team, as well as the development and delivery of Strata's innovative application for continuous cost improvement. Prior to joining Strata, Liz was responsible for cost reduction and revenue improvement at Northwestern Memorial Hospital in Chicago, IL. She was also instrumental in developing revenue cycle consulting and technology services at Accretive Health and in starting the Revenue Cycle and Financial Improvement practice at GE Healthcare Performance Solutions. She began her career at Deloitte Consulting working with both payers and providers. Liz is certified Lean Six Sigma Black Belt and a Master Change Agent. She earned a MBA and MHA at the University of Minnesota and a BS in Finance at Trinity University in San Antonio, Texas. 

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 www.stratadecision.com.

1 Centers for Medicare and Medicaid

2 Centers for Medicare and Medicaid

3 American Hospital Association

4 Strata Decision Technology Survey

5 Strata Decision Technology Survey

6 Institute of Medicine

Image Available: http://www.marketwire.com/library/MwGo/2016/1/6/11G077808/Images/Book_Image_logo_small-edc10d28b71fa250a45e4e2869fbb732.jpg