The present era in the healthcare sector is marked by an urgent need to bring down costs. In fact, the issue of healthcare costs constantly appears in national media outlets across the country. The statistics are eye-opening, as about 800 billion dollars are being wasted annually by the current healthcare delivery system. Professionals involved in healthcare finance are struggling to overcome the impacts of a shift in focus to quality, value and outcome. These changes are indicative of the fact that providers should reduce resources in accordance with the changing volumes and eliminate inefficient practices in order to strengthen their position in the current market.
Yet, the reality is that there is a dearth of such providers. Healthcare finance executives serving hospitals and health systems require new tool sets and strategies to help fulfill such a void. The main components driving these developments are better access to accurate cost data and the ability to drill into those data at a deeper level. Strata Decision Technology (Strata Decision), a Chicago, Illinois based provider of advanced cost accounting and a complete financial platform focused on bending the cost curve deserves special mention in enabling a more cost-effective healthcare system.
Dan Michelson, CEO, provides an overview of the Strata Decision approach “In this competitive and rapidly evolving healthcare landscape, clinical and cost data must converge into timely and actionable information to help drive efficiencies and improve overall outcomes.”
Why Advanced Cost Accounting?
With healthcare organizations across the country taking active interest in obtaining more accurate and reliable cost data, Advanced Cost Accounting solutions have become the latest buzzword.
Advanced Cost Accounting is valued for its future-oriented approach from a financial perspective for all hospitals and health systems. It provides the much-needed ability to combine cost and clinical data to gain clear insights into costs, and relate this cost factor to patient outcomes. The StrataJazz Advanced Cost Accounting solution allows providers to better leverage their cost data and convert it into driving action.
Advanced Cost Accounting tools like StrataJazz become even more mission-critical for hospitals and health systems with massive cost reduction initiatives. Across the country, healthcare organizations trying to cut eight or nine figures have failed to produce the level of savings needed or the cost crept back into the organization soon after goals were reached. Only an advanced, easy-to-implement cost accounting solution would address these requirements.
Bending the Cost Curve
Strata Decision looks forward to continuing their mission of helping hospitals and help systems to bend the cost curve and survive, not just thrive, during these challenging times. The company is also launching a new continuous cost improvement solution in the next few months.