Article | Waste Reduction

Providing healthcare organizations with the right data to understand cost and margins

Sponsored by Strata Decision Technology
Article | Waste Reduction

Providing healthcare organizations with the right data to understand cost and margins

How do you help healthcare organizations navigate the biggest challenges in healthcare?

In healthcare, cost is a cause and margin is a mission. Our nation’s healthcare system is in crisis, representing perhaps the greatest socioeconomic issue and opportunity of our time. More than $4 trillion is spent on U.S. healthcare every year, with one-third considered to be wasted due to inefficiency, redundancy, misuse, variation and harm.

More than $1 trillion flows through hospitals and healthcare delivery systems, putting them in a great position to help. Unfortunately, providers use hundreds of software applications that they try to glue together to get the right data to the right people to make a difference. Without the right information, there is no way to understand the cost of care and where waste may exist.

Healthcare providers have little to no access to accurate and actionable information on the cost of care. How can you reduce variation, waste and inefficiency to invest in and improve care if you don’t have access to the data you need to take action?

To address the industry’s foremost challenge today — its costs — healthcare leaders need a partner with the solutions and scale to truly make a difference. Strata’s decision support system StrataJazz® is rated #1 in KLAS for Decision Support and provides the gold standard for understanding cost and margins.

What advice would you offer to healthcare leaders when choosing among vendors?

When selecting a vendor, they should consider several important factors. For one, they should consider how the tool is rated by peers. For 16 years, we have received the prestigious “Best in KLAS” rating. This #1 rating for Business Decision Support reflects our focus on delivering world-class experiences for our customers.

Another factor to consider would be trust. With a combined network of 400+ health systems and 2,000+ hospitals and the highest service levels in the industry for over a decade, Strata brings a unique set of software and service solutions to help healthcare providers better analyze, plan and perform in support of reducing the cost of care and caring for their community. Our proven integration with leading EHR, ERP and EDW solutions, our focus on healthcare that has spanned more than two decades and our financial stability as part of Roper Technologies are all also things to consider.

What is some advice you can give providers for a successful implementation of a new product or service?

Successful implementations of new products or services usually consider infrastructure, deployment, training and adoption, as well as post go-live support and advancement planning. Security is also incredibly important, which is why our platform is HITRUST-certified, ensuring compliance with HIPAA requirements, and is SOC 2 Type II certified relative to its security, availability, processing integrity, confidentiality and privacy controls.

Time is another consideration, which is why we consistently implement our solution in less than 50% the time of other companies. We pride ourselves on delivering a 98% improvement in efficiency and millions of dollars in cost savings. To further eliminate risk, our company has provided a Strata Guarantee for over a decade, which now also applies to virtual deployments. 

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About Strata Decision Technology

Strata Decision Technology provides an innovative set of software and service solutions to help healthcare providers better analyze, plan, and perform in support of caring for their community and reducing the cost of care. Our customer base includes over 2,000 hospitals and over 400 healthcare delivery systems. Founded in 1996, our mission is to Help Heal HealthcareTM. For more information, please go to www.stratadecision.com.

To learn more about HFMA’s Peer Review program, visit hfma.org/peerreview

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