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

February 23, 2015 09:00 ET

Temple University Health System Selects Strata Decision Technology

Top Academic Medical Center Will Be First to Deploy New StrataJazz® Solution for Capital Equipment Replacement

CHICAGO, IL--(Marketwired - February 23, 2015) - Strata Decision Technology (Strata Decision), 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 Temple University Health System (TUHS) has selected StrataJazz®. In addition to using StrataJazz for financial planning, rolling forecasting and capital planning, TUHS will be deploying a new StrataJazz module for capital equipment replacement.

Temple University Health System, a $1.4 billion academic health system, consists of Temple University Hospital (TUH), ranked among the "Best Hospitals" by U.S. News & World Report, Fox Chase Cancer Center, Temple Physicians, Inc., a network of community-based specialty and primary-care physician practices, and three additional hospitals. The health system is affiliated with Temple University School of Medicine.

TUHS will use StrataJazz for both financial and capital planning with best practices and workflows that provide standard controls and checks for spending increasing transparency and efficiency. TUHS will be the first health system to deploy Strata's new equipment replacement module, designed to help healthcare providers take a more proactive, metric-driven approach to replacement planning. 

"Now more than ever, it is critical that we leverage our financial resources as effectively as possible. StrataJazz drives more objective, data-driven decisions with our capital spend and helps us plan for replacing equipment in a way which is strategically-aligned with our overall mission and goals," said Robert Lux, Chief Financial Officer at TUHS. "Strata has been a great partner for TUHS for over 10 years and we look forward to continue our work together." 

StrataJazz Equipment Replacement identifies opportunities to drive cost savings through group purchasing, standardizes processes, and facilitates overall better decision-making. The solution integrates with an organization's asset management system and clinical engineering system, providing greater visibility into the status and age of critical assets to plan more proactively and purchase replacements at more optimal prices.

"Like most health systems, TUHS has had to reconsider its traditional capital spend in recent years in consideration of continued changes in the marketplace including reduced inpatient utilization, growing ambulatory utilization and ever increasing costs of new technology, which adds pressure to ensure they make the right decisions on how they allocate and manage those funds. StrataJazz will provide much-needed data that will help TUHS to make smarter decisions, drive out costs, and improve efficiency," stated Dan Michelson, Chief Executive Officer of Strata. "We are excited to expand our relationship with TUHS in support of their mission and the community they serve."

TUHS will also leverage StrataJazz for long-range financial planning and rolling forecasting. TUHS has been a client of Strata Decision since 2004. They will complete their implementation of StrataJazz this summer.

StrataJazz is a cloud-based financial analytics and performance platform which includes modules for capital planning, contract modeling, cost accounting, cost management, decision support, equipment replacement, financial forecasting, management reporting, operational budgeting, performance improvement, and strategic planning. 

About Temple University Health System

Temple University Health System (TUHS) is a $1.4 billion academic health system dedicated to providing access to quality patient care and supporting excellence in medical education and research. The Health System consists of Temple University Hospital (TUH), ranked among the "Best Hospitals" in the region by U.S. News & World Report; TUH-Episcopal Campus; TUH-Northeastern Campus; Fox Chase Cancer Center, an NCI-designated comprehensive cancer center; Jeanes Hospital; Temple Transport Team, a ground and air-ambulance company; and Temple Physicians, Inc., a network of community-based specialty and primary-care physician practices. TUHS is affiliated with Temple University School of Medicine.

About Strata Decision Technology

Strata Decision Technology provides a cloud-based financial analytics and performance platform that is leveraged 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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