StrataJazz® is a single, modular, cloud-based platform that brings healthcare providers a “flywheel” to better plan, analyze and perform…driving margin to fuel their clinical mission.
StrataJazz is the deepest Advanced Planning tool on the market, radically simplifying and streamlining how healthcare providers plan, budget, forecast and manage their operating and capital spending.
StrataJazz is rated #1 in KLAS for Decision Support and Advanced Cost Accounting and is known as the “gold standard” for understanding cost and margins and the most sophisticated Business Intelligence engine in healthcare.
StrataJazz is healthcare’s most unique tool for Continuous Improvement and Margin Management, leveraging thousands of algorithms to identify unnecessary variation and waste combined with a tracking tool and workflow that drives accountability and action.
Problem: The overall budgeting process for hospitals is badly broken. The typical organization spends three to six months and 100,000+ hours producing a budget that is usually tens of millions of dollars off the mark and out-of-date the moment it is finalized. There has to be a better way…and there is.
Solution: StrataJazz is the deepest Advanced Planning tool on the market, radically simplifying and streamlining how healthcare providers plan, budget, forecast and manage their operating and capital expenses. The end result is a planning process that is more efficient, accurate, and agile.
- Operating Budgeting
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.
- Significantly decreases the amount of time required to complete a budget by leveraging driver-based, top-down planning approaches.
- Seamlessly incorporates utilization and accurate, relevant cost information from StrataJazz Cost Accounting to more precisely budget and forecast changes for your organization.
- Streamlines the planning process, by enabling a more continuous, rolling approach to financial planning. StrataJazz Dynamic Planning leverages a similar approach as Beyond Budgeting, providing the ability to update an 18 to 24 month plan on a monthly, quarterly or as needed basis.
- Simultaneously provides both a traditional department (cost center) structure and clinical service line based budget and plan.
- Supports the entire organization, not just the acute care setting, through dedicated and purpose built physician, corporate, reimbursement and allocation models.
- Provides a level of trust and accountability with multiple levels of approval, automated notifications, security management and customized workflows.
- Management Reporting
StrataJazz drives accountability and action regarding the budgets and key metrics via an intuitive and engaging management reporting process.
- Drives accountability and results with clear and actionable reporting on profitability and productivity that align with monthly variance surveys.
- Helps managers understand underlying causes of variance from budget with interactive scorecards focused on key performance indicators, graphs and ad-hoc reporting
- Identifies opportunities to reduce waste by utilizing budgets, flex budgets, productivity standards, benchmarks and continuous improvement targets.
- Provides drill-downs into AP, materials management and journal entry detail to help you understand the underlying cause of variances.
- Summarizes performance and action plans at all levels of the organization via executive summaries and dashboards.
- Seamlessly consolidates financial results across the organization with Income Statement, Balance Sheet and Cash Flow as well as financial indicators reporting.
- Long Range Financial Planning
StrataJazz helps you anticipate and plan for the future by analyzing the impact of changes in local markets and major shifts that impact the entire market. By evaluating long-range investment goals, operational plans and strategic initiatives and their impact on your P&L, balance sheet and cash flow, you get a clear view of where your balance sheet is heading while also aligning that view with current-year forecasts and budgets.
- Analyzes scenarios and quantifies the effect of changes in volume, reimbursement, salaries and business plans will have on your financial performance.
- Utilizes sensitivity analysis and risk assessment tools to allow you to gauge uncertainty and decide what action to take.
- Leverages decision support data to evaluate the impact of strategies such as physician recruitment on specific service lines.
- Provides full Balance Sheet and Cash Flow modeling capabilities, including investment, project and debt planning.
- Provides ability to compare forecast to credit rating agency medians (S&P, Moody’s and Fitch) across a variety of ratios and indicators. Leverages debt and capital capacity planning tools to understand leverage and capital constraints.
- Rolling Forecasting
StrataJazz assesses how a volatile healthcare environment with receding volumes, new payment models and increasing costs will impact your profitability. You can then proactively respond to change, providing more timely and accurate monthly projections and financial performance statistics while identifying opportunities for improvement.
- Leverages a library of forecasting algorithms to drive your baseline plan, so you can spend your time modeling and analyzing new opportunities and risks.
- Helps organizations improve their planning over time by providing automated lookback analyses to identify the most accurate methodologies.
- Allows complex health systems to update the forecast in days, whether on a monthly, quarterly or as needed basis with streamlined rolling forecast models.
- Capital Budgeting
StrataJazz assists in planning, prioritizing, and managing the right mix of future capital investments for your organization while accommodating emergency or off-cycle requests.
- Provides a level of trust and accountability via multiple levels of approval, automated notifications, security management and workflows
- Helps take the problems and politics out of capital approvals by providing visibility into the decision making process.
- Reduces capital spend by identifying group purchasing and bundling opportunities to enable you to negotiate more effectively with vendors.
- Provides forecast models to assess the incremental impact of capital requests so that you can make more informed decisions.
- Responds to changes in operations, priorities and scope and provides you the ability to adjust your portfolio of capital projects accordingly
- Equipment Replacement
StrataJazz helps determine what equipment needs to be replaced and when based on criteria such as useful life and maintenance history, as well as critical considerations such as patient safety, physician satisfaction and financial impact. It provides visibility on aging equipment spread across multiple sites and service areas, giving your organization insight into the expenses it can expect three to five years in the future.
- Analyzes how you can drive down direct costs from parts or maintenance, analyze and reallocate under-used assets and assesses if the downtime or cost to repair an item outweighs its replacement cost.
- Provides proactive standardization to help you reduce FTE time and money spent on the manual tracking and planning of assets.
- Eliminates possibility of “near miss” events and increases caregiver satisfaction with appropriately-timed replacement of aged equipment.
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- Strategic Planning-as-a-Service: Strata will assist with development and maintenance of the long range financial plan and rolling forecasts by managing data reconciliation, entering and running forecasts and scenarios. We can support monthly/quarterly processes and report distribution.
- Monthly Management Reporting-as-a-Service: Strata will manage field mapping and configuration on a monthly basis, monitor flex budgeting rules and facilitate the rollout of monthly variance surveys.
- Capital Optimization-as-a-Service: Strata will review forecasted capital spend for projects, incorporate changes into the operational plan and facilitate organizational alignment on capital investment decisions. Activities include providing reports and seeking consensus from your organization to adjust, delay, advance or cancel components of the organization’s capital plan.
Problem: Healthcare providers have little to no access to accurate and actionable information on the cost of care. According to a recent survey, 90% of healthcare leaders are “flying blind” when it comes to understanding cost. How can you reduce variation, waste and inefficiency in order to invest in and improve care if you don’t have any access to data?
Solution: 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. Advanced Cost Accounting with Time-Driven Costing™ has become the first true “killer app” to hit the financial side of hospitals since the endless flurry of systems that were deployed over the last 40 years for revenue cycle management. StrataJazz is central to delivering value as understanding cost has shifted from a back room broken process to an urgent board room strategic priority.
- Advanced Cost Accounting
StrataJazz provides you the ability to fully understand the true cost and margins across episodes of care, service lines and patient populations throughout the entire delivery network including hospitals, physician groups and post-acute care. Your cost information becomes accurate, accessible, and actionable when leveraging the industry’s most advanced cost accounting methodologies, including Time-Driven Costing™.
Utilize the best purpose-built analytics and visualizations available by quickly incorporating Strata Set reports into your organization’s database. Modeled after the dashboards and reports created by top healthcare organizations for their most successful service-lines and areas, Starter Set templates include relevant use cases like payer management, physician group performance, episodes of care, and even significant purchasing decisions, like a robotic surgery system.
The end result empowers you to improve financial and clinical outcomes by pinpointing opportunities to reduce variation, eliminate waste and inefficiency and improve quality.
Enables identification of true cost variation via the most advanced, patient-specific cost methodologies such as Acquisition Based Costing, 340B Pricing, Physician Compensation Costing, Automated Time Driven Costing™, Activity-Based Costing and Time-Driven Activity-Based Costing.
Supports all traditional costing methodologies, including RCC, RVU, standard costs, and percentage markups.
Provides a workflow for clinicians to collaboratively and continually maintain RVUs for their departments and mechanisms for administrators to approve all changes.
Provides a wizard-based approach to simplify the complexity of designing and maintaining cost accounting scenarios.
Reduces the amount of time to process and access cost accounting information from days to minutes.
Makes costs transparent and automates reconciliation via prescriptive validation and auditing tools.
Makes data accessible to end users in a more dynamic fashion with cost data moving from the back office to the front lines as well as clinical and administrative leaders.
Allows providers to quickly access information via prebuilt Starter Set reports and dashboards including executive dashboards and dynamic reporting tools.
Allows design of patient populations via a rule-based engine to monitor cost, revenue, volumes, margins, and quality metrics enabling analysis of cost of harm and readmissions.
Provides the ability to define organization specific service lines or embed third-party options in order to manage the organization in a patient-centric manner.
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- Contract Analytics
StrataJazz simplifies modeling of all payor contracts, including both government and commercial, to accurately estimate net revenue and margins in real-time. This enables you to manage your top line effectively by identifying underpayments as well as opportunities to maximize reimbursement and improve contract terms and quickly analyze impact of shifts in prices, populations or payer mix. The what-if capabilities help alleviate the stress of contract negotiations by providing quick and detailed analysis of payor proposals and their impact on revenue and margins across all service lines – levelling the playing field for providers and payors.
- Calculates expected reimbursement for real time net revenue analysis and margin analysis
- Provides detailed explanation of reimbursement reporting to dig into and better understand expected payments across the payors
- Simplifies ability to model all reimbursement methods via a wizard-based approach and ability to configure custom reimbursement methodologies
- Allows ability to copy terms across contracts significantly reducing the time required to model contracts
- Provides a wizard-based approach to design and manage schedules for reimbursement both for Hospital and Professional reimbursement
- Allows analysis of Medicare break-even across the entire patient population regardless of payor.
- Models and tests “what if” reimbursement scenarios to analyze changes in reimbursement or shifts in payor mix
- Simulates contracts between healthcare systems and payors to provide insight as to how different contracts compare to each other for selected patient groups.
- Provides capabilities to model and present analysis needed for payor negotiations
- Provides ability to feed Contractual Allowances directly to Patient Accounting and GL systems
- Episode Analytics
StrataJazz helps you analyze patient cohorts across the full care continuum by linking of multiple encounters related to a patient’s care pathway. This provides the ability to analyze patient episodes in support of payor negotiations as well as in the longitudinal management of the patient population and contract. It helps you assess bundled and capitated payment models to ensure these agreements are profitable and sustainable.
- Provides purpose-built analytical tools to visualize the utilization and cost of a patient cohort over a common time scale and across the continuum.
- Allows for creation of a “patient episode” through defining trigger events, episode time frames, and complex inclusion and exclusion criteria for the episode.
- Monitors the performance of that patient cohort on a variety of standard and user defined metrics.
- Assesses the sources of controllable and uncontrollable variation.
- Helps craft improvement plans to facilitate collaborative discussions with clinicians.
- Strategic Pricing
StrataJazz helps providers offset topline pressure and have truly defensible pricing.
- Seamlessly integrate output into your charge master, web-based pricing transparency tools, and out of pocket estimating tools
- Identify overpriced or underpriced charge codes
- Identify price sensitive charge codes
- Quantify the impact of pricing changes on net revenue based on payer contracts
- Aggregate price data from different source systems
- Compare actual cost to price at the charge code level
- Compare your pricing to your market and benchmarks
- Publish prices to patients without fear of negative publicity
- Evaluate and set pricing at the charge code level, by case type, by service line, or by entity
- Rationalize pricing across the health system
- Create and compare multiple pricing scenarios
- Model both hospital and physician pricing
- Project the impact of proposed changes on collections, contracts volumes, and margin
- Cost Accounting-as-a-Service: Strata will maintain your cost model and on a monthly basis, run cost accounting and provide users with dashboards and custom analysis. We will provide guidance on implementing best practice procedures and cost models.
- Contract Analytics-as-a-Service: Strata will monitor and maintain payer contract configurations, including updating fee schedules and payment terms. We will design and develop scenarios and analyses to strengthen your position in payer negotiations.
- RVU Studies-as-a-Service: Strata will lead the RVU build process from beginning to end in conjunction with your organization’s Decision Support and/or Finance team. Activities will include RVU validation, updating cost models and developing a process to maintain accurate and updated RVUs.
Problem: Finding opportunities to eliminate waste and improve efficiency is mission critical for healthcare providers who are operating at razor thin margins. One-third of hospitals are operating in the red and all are constantly in search of ways to reduce unnecessary cost and use their resources more effectively. However, managing cost reduction in today’s healthcare delivery system requires abandoning old ways of thinking which are manual, time-consuming and, more often than not, ineffective. According to a recent study by Strata Decision Technology, 88% of providers have cost savings initiatives underway, yet only 17% are hitting the target. A new path forward is needed.
Solution: StrataJazz is healthcare’s most unique tool for Continuous Improvement and Margin Management, leveraging automated savings algorithms to identify unnecessary variation and waste combined with a tracking tool and workflow that drives accountability and action. Your team can set up process improvement initiatives and automatically track the success of the project at service line, hospital and health system levels.
- Utilization Variation
StrataJazz analyzes patient populations to identify sources of care variation. Automated algorithms break down supply, pharmacy, lab, radiology, length of stay, therapeutic services and operating room time variances allowing you to drill into the detail at the physician and patient level and gain an understanding unnecessary variation.
- Identifies variances at the service line level and the subset of services and at the physician level to understand specific opportunities for performance improvement and drive accountability.
- Automatically identifies and quantifies opportunities to ensure you spend less time analyzing numbers and more time working with physicians and clinical leaders to improve care practices.
- Provides best practice case type procedure definitions as well as the opportunity to utilize your own definitions.
- Staffing to Demand
StrataJazz uses historical census and historical staffing information to identify staffing misalignments and quantify labor optimization opportunities so you can make the most informed and cost-effective decisions without impacting clinical care.
- Quickly determines if department managers are above or below the staffing per unit of service goals for their specific cost centers.
- Promotes meaningful conversations between finance, clinicians and operations by emphasizing quality and value, not just cost.
- Quality Variation
StrataJazz leverages Quality Variation Indicators TM to help hospitals identify the impact of harm events on both cost and margins. This allows hospitals to review clinical and financial outcomes data together to gain an understanding of the financial impact of harm so that they can invest in improvements.
- Identifies savings opportunities associated with the reduction of adverse events. This allows clinical and financial leaders to create common goals for investing in and improving patient care.
- Reviews adverse events at the entity, specialty, physician level and patient population level to identify where clinical improvements will have the largest patient impact that are aligned with how your process improvement teams are set up.
- Eliminates time spent querying your data and manipulating spreadsheets to understand your clinical outcomes data by automatically reporting improvements and associated cost savings.
- Productivity Reporting
StrataJazz provides ongoing visibility into your organization’s labor productivity metrics on a daily and bi-weekly basis leading to increased accountability over departmental labor expenses. This allows healthcare leaders and their teams to access and analyze meaningful data to track and control labor, their largest expense.
- Identifies missed targets and actions that can be taken to improve the department’s operating margin by providing metrics on number of hours worked against specific targets like hours per unit of service, overtime, contract labor and more.
- Allows managers to make more informed decisions and reduce unnecessary spending on overtime, agency or call back labor.
- Provides analytics on staffing based on patient volume.
- Delivers multi-departmental views of volume, hours and productivity measures displayed in dynamic, drill down reports allowing managers to monitor utilization and optimize labor productivity congruent with fluctuating volumes on a daily or bi-weekly time period.
The planning and performance engine for healthcare