Top U.S. healthcare delivery systems came together this week for Lift18—The Strata Decision Summit, the three-day Strata Decision Technology (Strata) user’s conference focused on helping healthcare organizations leverage financial planning, analytics and performance applications in support of their clinical mission. The Summit included 650 attendees from 115 healthcare delivery systems across the country and comes at a time when hospitals are under severe financial pressure.
During the Summit, Strata announced the availability of Time-Driven Costing (TDC™) to help healthcare systems better understand their cost and margins in support of their clinical imperatives. TDC is a feature within StrataJazz®, the market’s top-rated application for advanced cost accounting and financial decision support. Over 100 U.S. based healthcare delivery systems have or are in the process of deploying StrataJazz for advanced cost accounting, which includes the TDC capability.
The TDC capability within StrataJazz allows providers to extract time-based data from existing systems in an automated fashion, allowing for more accurate and detailed costing. The application has included time-driven features in the past but has now expanded the coverage to include TDC for surgery, anesthesia, physician time, clinical time, emergency department, nursing, imaging as well as more traditional time-driven activity-based costing. TDC enables organizations to understand operational costs beyond traditional cost accounting. Issues related to capacity utilization, resource analysis in physician use of support staff time, and the associated impact on clinical outcomes can automatically be tracked.
Strata has earned top honors as the KLAS Category Leader for Business Decision Support for four consecutive years. KLAS is viewed as the Consumer Reports for digital health and their research is based on thousands of healthcare provider surveys and interviews conducted throughout the year.