The #1 Planning, Analytics, and Performance Platform
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?
Rated #1 in KLAS for Decision Support and Cost Accounting for a record-breaking 17 consecutive years, StrataJazz is known as the “gold standard” for understanding cost and margins. Our hospital cost accounting software is the most sophisticated Business Intelligence engine in healthcare. With methodologies like Time-Driven Costing™, Advanced Cost Accounting 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.
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.
Decision Support Modules
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 Starter 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.
StrataJazz simplifies modeling of all payer 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 payer proposals and their impact on revenue and margins across all service lines – leveling the playing field for providers and payers.
- 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
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.
StrataJazz helps providers offset topline pressure and maintain truly defensible pricing. Quantify the impact of pricing changes on net revenue based on payer contracts and aggregate price data from different source systems, to help you project the impact of proposed changes on collections, contract volumes, and margin.
- 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
StrataJazz® Mobile provides users with dashboards that include key financial data, visualizations, and analytics from the StrataJazz platform to help them make crucial decisions while on the go. If you are an existing Strata customer, StrataJazz Mobile does not require additional product licensing, cost or implementation effort.
- Gain mobile access to your StrataJazz dashboards on Apple and Android devices
- Easily navigate with sleek & modern mobile interface to access visualizations and information
- Help clinical, operational, and financial teams make more informed decisions while on the go
- Manage security access and dashboard access for users
- Use Executive Dashboards on StrataJazz Mobile to access data while on the go
- Use the Service Line Scorecard for visibility into IP/OP volumes, average LOS, and key cost drivers
- Use the Physician Scorecard to identify the variances in case volume against the target, the average cost per case, and the trends in new patient visits
- Cost Accounting-as-a-Service: We will maintain your cost model, provide users with dashboards and custom analysis each month, and offer guidance on implementing best practice procedures.
- Contract Analytics-as-a-Service: We will develop and design scenarios and analyses for stronger payer negotiations, and monitor and maintain payer contract configurations including updating fee schedules and payment terms.
- RVU Studies-as-a-Service: We will lead the complete RVU build process in conjunction with your organization’s Decision Support and Finance team, performing RVU validation, updating cost models, and developing a process to maintain accurate and updated RVUs.
- Data to Action Professional Services: We will design, educate, and deliver actionable analytics customized to inform a variety of strategies including getting data to physicians and cost based financial performance for service line or operational leaders.
See StrataJazz in actionSchedule A Demo
StrataJazz has successfully passed the Healthcare Financial Management Association’s (HFMA) Peer Review process. The Peer Reviewed process consists of a thorough eleven-step high-level screening process by current clients, prospects, and expert HFMA Peer Review panel members judging its performance claims were reviewed based on effectiveness, quality and usability, price, value and client and technical support.
*HFMA staff and volunteers determined that these healthcare business solutions have met specific criteria developed under the HFMA Peer Review process. HFMA does not endorse or guarantee the use of these healthcare business solutions or that any results will be obtained.
The Strata Difference
The “Gold Standard” for Financial Planning, Analytics and Performance
#1 in KLAS
For 18 years, we have received the prestigious “Best in KLAS” rating from the “Consumer Reports” of healthcare information technology. This #1 rating for Business Decision Support reflects our focus on delivering world-class experiences for our customers.
Our customer base includes over 2,300 organizations across healthcare, higher education and finance. There is not only safety in numbers, but a ton of learning and best practices that are leveraged.
Complete Financial Platform
Our solutions are the enterprise-wide single source of truth for financial planning, decision support, and continuous improvement—one application to cover the entire enterprise.
Cloud-Based SaaS Solution
Our cloud-based solutions require limited IT staff time for implementation and little to no time for maintenance and upgrades. The end result: lower total cost of ownership.
Rapid Implementation & Results
We consistently implement our solution in less than 50% of the time of other companies. We pride ourselves on delivering a 98% improvement in efficiency and millions of dollars in cost savings.
We are part of Roper Technologies, a publicly-traded holding company (NYSE: ROP). Our financial stability allows us to invest and innovate to better serve our clients.