Cost reduction has been cited in several recent surveys as being the highest priority amongst U.S. Healthcare systems. That’s no surprise, given the rapid emergence of fee-for-value payment models. These models require strategic service line management as providers seek to align their operational focus with their financial goals.
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