Leading Pennsylvania Network to Use Single Financial Platform Across Over 150 Sites of Care
CHICAGO, IL, March 5, 2013 – Strata Decision Technology (Strata Decision), a pioneer and leader in the development of innovative software tools for financial analytics, business intelligence and decision support in the U.S. healthcare market, today announced that St. Luke’s University Health Network (St. Luke’s) has selected the StrataJazz™ platform for capital investment planning, financial forecasting, budgeting, performance reporting, and decision support.
St. Luke’s will now have a single financial platform to coordinate financial planning and analysis across 150 sites of care, including six hospitals and over 1,300 physicians in numerous practices across the community.
“StrataJazz is a complete financial platform solution that will allow our organization to both plan and forecast on a regular basis as opposed to once a year. It provides us a long range view and aligns that view with our current year forecasts and budgets.” stated Randolph Levis, Vice President of Finance at St. Luke’s. “We view Strata Decision as a partner that shares our vision for bringing together clinical and financial information, which will be a game changer for both our organization and the community we serve. In that light, they were the right partner for St. Luke’s relative to what we want today and what we will need in the future.”
Of particular interest to St. Luke’s was the StrataJazz Rolling Forecasting framework which provides the ability to understand the financial implications of both tactical and strategic initiatives on the organization's financial performance and position both immediately and for years to come. St. Luke’s will also leverage StrataJazz Cost Accounting at its physician practices to analyze cost and margins. This flexible, web-based solution handles all traditional costing methodologies (RCC, RVU, Standard Costs) as well as more advanced patient-specific calculations that incorporate supply costs, variable pricing and activity-based costs.
“There is a radical shift in thinking amongst forward-thinking healthcare delivery systems driven by the need to understand the financial performance across the continuum, not just in a traditional departmental silo or single site of care,” commented Dan Michelson, Chief Executive Officer of Strata Decision. “St. Luke’s is on the front edge of providers who are implementing this new approach. This will position them to compete more effectively as new payment structures are introduced that focus on outcomes and value.”
About St. Luke’s University Health Network
St. Luke's University Health Network is a regional network of hospitals, physicians and other related organizations providing care primarily in Lehigh, Northampton, Monroe, Carbon, Schuylkill, Bucks, Montgomery and Berks counties in Pennsylvania and Warren County in New Jersey. St. Luke's University Health Network is comprised of six hospital sites. The network employs over 8,600 people and is consistently rated among the best health systems in the nation.
About Strata Decision Technology
Strata Decision Technology is a pioneer and leader in the development of innovative SaaS (Software as a Service) solutions for financial analytics, business intelligence and decision support in healthcare. Founded in 1996, the Company's solutions are used by over 1,000 healthcare organizations, including major academic medical centers, community hospitals, children's hospitals and many of the largest and most influential healthcare systems in the U.S.
The Company provides a single integrated software platform for budgeting, decision support, financial forecasting, strategic planning, capital purchase planning and tracking, management reporting, and performance management. The solutions are enhanced by a full range of services, including software implementation, data integration, application hosting, and technical support.
The Company's headquarters are in Chicago, IL
For more information, please visit www.stratadecision.com.
Christie Markiewicz, Strata Decision Technology, (312)827-7799, email@example.com