Research shows that less than 10 percent of hospitals in the country have an advanced cost accounting application that can integrate with EMRs so that organizations can look at clinical and financial outcomes together. This lack of accurate, reliable cost data is an enormous risk to the long-term viability of hospitals and health systems.
Advancing Cost Accounting: An Organizations Journey to Level 7 Costing
Strata and Baptist Health have partnered together to create an advanced cost accounting system and decision support service at the organization. Baptist Health transitioned from a home-grown cost accounting system to StrataJazz in 2015. Since going live, Baptist Health has continued to improve their cost accounting process, advance their cost accounting methodologies, and grow their decision support team to help the organization build and maintain strong financial performance. To achieve success in a value-based care environment, organizations need the right mindset, skillset and toolset. Most providers have the right mindset relative to delivering value, but lack the toolset and skillset required to take action and continue advancing cost accounting. Learn more about this partnership and how Strata and Baptist Health together drove clinical and financial performance to achieve a sustainable cost reduction program and robust analytics system.
1. Learn how to grow your organizations’ Decision Support practice to improve and maintain strong financial performance
2. Understand critical success factors necessary for successful cost accounting optimization and the levels of advancing cost accounting optimization
3. Learn strategies for how to use data and Strata to achieve year over year cost reductions