In this session, Strata Decision Technology strategic pricing experts, Liz Kirk – SVP of Strategic Services, Leon Corbeille – Senior Director of Decision Support, and Katie Lynch -As A Service Director will educate attendees about how health systems should prepare for the new Hospital Pricing Transparency rule that goes into effect in January 2021. They will share insights into important topics:

• What the new Hospital Pricing Transparency rule means for your organization
• What strategic decisions your organization needs to make before 1/1/2021
• How this will impact your margins, reimbursement from payers, and relationships with patients
• How to create a checklist for your organization to prepare and reduce risk

Strata will be exhibiting sponsors at this year’s HFMA Region 2 Fall Institute, which will be a virtual event, Oct 14 – 16. More details to come!

The decisions that health system CEOs must make today are fraught with more risk than ever before. To be an effective CEO today takes research and review, and the shared insight of a group of CEO peers.

The HealthLeaders CEO Exchange is an invitation-only event that brings together top leaders from across the country to five star resort, where they hold intimate discussions, share best practices, network freely, and enjoy outdoor activities over a two day period.

Strata will be an exhibiting sponsor at the HFMA NJ 44th Annual Institute in conjunction with the Metropolitan Philadelphia Chapter. More information to come!

Recognizing the ongoing efforts of hospital and health systems fighting COVID-19 in their communities, the ASHE 2020 Annual Conference & Technical Exhibition will now be held October 4–7, 2020 at McCormick Place in Chicago, IL, both as an in-person and an exciting new virtual event. Strata will be attending the event as an exhibiting sponsor. Visit us at Booth #919!

Strata’s Leon Corbeille, Senior Director, Decision Support, will present alongside Michael Hopkins from The Cleveland Clinic and Jeremy Stewart from Owensboro Health System on June 24 from 12-12:50pm CST. It Takes a Community: Understanding Costs with the L7 Model: Standard cost accounting using rations of cost to charges (RCC) offers minimal value. In this session, you’ll explore the framework for assessing your current cost accounting methodology, understanding the accuracy of your cost data, and benchmarking against peers with the HFMA-Strata L7 Cost Accounting Model. Panelists from provider organizations will review their organizations’ experience accessing accurate cost data by using advanced cost accounting, as measured by the L7 Model.

Join us for this 6-day virtual educational experience, where you’ll hear expert advice on weathering the storm, leveraging the silver linings and looking toward a sustainable future. HFMA members may simply sign in and select the “Register for Free” button for each day that interests them. Non-members are invited to join HFMA to participate. Each day will include an opening session, featured general session, and concurrent sessions. Click each topic below for the full agenda. 

We invite you to save the date and get excited for two days of dynamic, engaging content that will help you shape your financial planning, analytics and performance strategies—from home. 

Now more than ever, we believe that meaningful connections, shared ideas, and innovation will help unlock transformative solutions to carry the healthcare industry forward. So to that end, we are committed to providing you the platform to continue to connect with and learn from the Strata customer network. 

With the prospect of physical gatherings unlikely in the coming months, we are thrilled to announce that this year, Lift20: the Strata Summit Annual User Conference is moving to a completely free, fully digital two-day experience which will allow the entire Strata customer network to participate.

***Registration details to come***

It is not uncommon for healthcare organizations to enlist the services of third-party consulting firms to help them identify cost savings opportunities, organizational inefficiencies, and other performance improvement program-related support. In fact, these types of engagements can be extremely valuable.

But when the consultants leave, hospitals are often left with a lot. Without the consultants, there are many savings-aligned efforts and initiatives to manage, countless action items or follow-ups, and dashboards that need to be updated. Some organizations may even extend or re-engage with their consultants, in a costly process that becomes a cycle thought to be inevitable.

For many more organizations, there is now a more effective and sustainable way. Rather than spending millions of dollars for a 3+ month consultancy engagement, healthcare providers are leveraging their own data and resources to get better savings opportunities.

During this session, you’ll learn how organizations like yours are leveraging centralized, automated tracking to drive continuous improvement efforts. We will share how organizations in our network have taken ownership of the identification and tracking of cost savings initiatives to maintain a plan and process for the future—empowering them to step off the consultant merry-go-round.

StrataJazz^® OnePlan is the first purpose-built advanced planning platform for hospitals to help address the major budget issues that they face. OnePlan provides a radically more efficient, accurate, agile and accountable approach to planning, providing hospitals and healthcare systems the ability to significantly improve their performance.

With this latest version of StrataJazz introduced this week at Strata’s Lift19 user conference, OnePlan addresses the archaic process many hospitals and health systems still use to budget and plan. Thousands of hours are spent creating a budget that is typically tens of millions of dollars off the mark and cast aside almost as soon as it is submitted. Rather than helping to control costs and build strategic alignment, the budget is viewed as a distraction, providing little to no value and even negatively impacting performance.

• The typical large healthcare delivery system spends four to six months and up to 20,000 hours building their annual budget.
• Senior executives and financial managers devote up to 30 percent of their overall time throughout the course of the year to this process.
• 66 percent of healthcare chief financial officers say their organization’s budget is irrelevant within the first three months due to built-in inaccuracies and the difficulty of adjusting the plan to changing conditions.

During this one-hour session, you will learn how StrataJazz OnePlan™ has helped many organizations achieve a more accurate, efficient, agile and accountable planning process.