Join the Community Program
Strata’s Community Program is a turn-key offering of our traditional, award-winning StrataJazz® financial planning, analytics and performance platform.
The program is specifically designed to make the same tools used by the largest health systems accessible to independent community, critical access, and specialty hospitals. This offering delivers a single and integrated cloud-based, software-as-a-service platform that includes modules for operating budgeting, management reporting, and cost accounting. The Community Program is intended to provide hospitals with a predictable, affordable total cost of ownership, while delivering real value for even the most resource-constrained finance teams.
We understand your unique challenges.
Hospitals in smaller communities face challenges that those in larger areas simply don’t. Geographic isolation, workforce shortages, and resource constraints can make it harder to deliver high-quality care and to stay independent. These factors create unique needs for their finance teams, too. In fact, in smaller markets, finance teams are often asked to do much more but with less, all while planning, balancing and adjusting for the financial needs of their organization.
To learn more about Strata’s Community Program, contact us at [email protected] or schedule a one-on-one session to discover how the Community Program can shape your organization’s financial planning, analytics, and performance strategies:
We are here to help
Strata’s company mission – to help heal healthcare – makes us acutely aware of the needs of the some of the most vital members of the U.S. healthcare system. The Community Program is designed to assist finance teams in addressing the following critical challenges, which were revealed in a recent survey of financial leaders.
Identify Cost Reductions
Finance leaders often lack enough tools to identify cost-improvement opportunities. In fact, 54% say they have insufficient data, benchmarking, and reporting tools to completely support efforts to lower costs without compromising the quality of care.
Become More Agile
Finance leaders may lack confidence in their ability to adjust quickly and easily to changing business circumstances. Only 14% believe their current financial planning processes and tools make them “very prepared” to manage the financial impact of evolving payment and delivery models
Understand Clinical Performance
Finance leaders may be ill-prepared to use clinical measures to impact financial performance. Only 14% said that their clinicians have access to actionable information that helps them address unwarranted clinical variation and other cost-related quality concerns.
Features and Capabilities
StrataJazz is rated #1 in KLAS for Decision Support and Advanced Cost Accounting is known as the “gold standard” for understanding cost and margins and the most sophisticated Business Intelligence engine in healthcare. StrataJazz is central to delivering value as understanding cost has shifted from a back room broken process to an urgent board room strategic priority. Strata will configure current fiscal year cost models based on go-live fiscal year for scoped sites of care areas purchased (ex. Hospital, Physician, Home Health, etc.) including:
- Strata Best Practice Analytics for CFO/VP Finance
- Supply acquisition data from billing source system if available
- Calculation of net revenue based on collection rate, financial class, and patient type
- The implementation of both Hospital and Professional Billing Cost Accounting
StrataJazz leverages industry proven best practices, methodologies, automation, workflow and analysis into the budget process, significantly reducing the time required to produce and maintain a budget while radically increasing the level of accuracy. Leveraging the most advanced modeling capabilities, StrataJazz delivers a collaborative, results-oriented process and plan. Strata will configure a single Departmental Budget Template as follows:
- Income Statement and Statistics Budget, account & job code level detail
- Configuration of staffing and salaries at a job code, and/or job code/pay type level
- Financial Statement configuration to match a single client reporting format
- Support of offline budget elements modeled offline & imported
- Best Practice workflows, flexing, metrics, reports & dashboards
StrataJazz drives accountability and action regarding the budgets and key metrics via an intuitive and engaging management reporting process. Strata will configure a selected predefined system-wide target to measure, track, and evaluate performance including:
- GL Account mapping to best practice metrics
- Setup of Target Flexing Drivers or a per UOS metric approach
- Department and Departmental Rollup Configuration
- Best Practice Reports and Dashboards
Community Hospital Uses Service-Line Profitability Reporting to Drive Margin
At this northeastern community hospital, leaders felt their organization was at a crossroads. Following the height of the COVID-19 pandemic, they would need to improve their margins to remain independent. However, with the next nearest hospital being over an hour away for many of their patients, they also understand the real importance of making their services available for their community.
Used service-line profitability reporting to determine highest performing services to invest in
Engaged leadership in monthly services reviews to discuss ongoing areas of opportunity
Improved margin to maintain independence and better serve their community