St. Elizabeth Healthcare Selects Strata Decision As Financial Platform

CHICAGO, Nov. 18, 2014 /PRNewswire/ -- Strata Decision Technology (Strata Decision), a pioneer and leader in the development of cloud-based financial analytics and performance tools for financial planning, decision support and continuous cost improvement for healthcare providers, announced today that St. Elizabeth Healthcare (St. Elizabeth) has selected StrataJazz™ to help drive financial performance and better understand and manage the cost of care.  

St. Elizabeth operates six facilities throughout Northern Kentucky and Greater Cincinnati. In 2012, the organization became the first healthcare system in Kentucky, Ohio or Indiana selected as a member of the Mayo Clinic Care Network.  U.S. News and World Report also included three of St. Elizabeth's hospitals on its annual ranking of best hospitals in 2013. The health system was also ranked one of America's 50 Best Hospitals by HealthGrades seven years in a row. 

"We chose Strata Decision because the company has proven they can help healthcare organizations make cost data available and actionable. Better understanding and managing costs has become a requirement, not just for finance, but also for operational and clinical leaders," said Lori Ritchey-Baldwin, Interim Chief Financial Officer at St. Elizabeth.  "More than just driving down costs, we also believe that our partnership with Strata Decision will provide better visibility into our data and drive value to support our mission of providing comprehensive and compassionate care to the people we serve."

Strata Decision provides a cloud-based financial analytics and performance platform that is leveraged for financial planning, decision support and continuous cost improvement. St. Elizabeth will integrate StrataJazz with their existing enterprise systems, including their Electronic Health Record (EHR) from EPIC Systems and their Enterprise Resource Planning (ERP) system from Peoplesoft (Oracle). 

"The rapidly changing dynamics of healthcare delivery and reimbursement mean that providers must shift their focus from the top line to the bottom line. That work requires cost data that is accurate, accessible, and actionable, which is what StrataJazz delivers," stated Dan Michelson, Chief Executive Officer of Strata Decision.

St. Elizabeth will complete its implementation of StrataJazz cost accounting in February 2015. They will complete the implementation of StrataJazz Operating Budgeting, Capital Planning, and Long-Range Financial Planning in mid-2015.

StrataJazz provides a single database cloud-based platform for budgeting, forecasting, planning, cost accounting, and contract analytics while integrating with virtually any data source.  Strata Decision's extensive library of best-practices enhances the accuracy, efficiency and effectiveness of critical financial planning and management processes.

About St. Elizabeth

St. Elizabeth Healthcare is one of the oldest, largest and most respected medical providers in the Greater Cincinnati region. For more than 150 years, St. Elizabeth has been the heart and soul of healthcare in Northern Kentucky. Founded with one small hospital in 1861, St. Elizabeth Healthcare now operates six facilities throughout Northern Kentucky – St. Elizabeth Covington, St. Elizabeth Edgewood, St. Elizabeth Falmouth, St. Elizabeth Florence, St. Elizabeth Ft. Thomas and St. Elizabeth Grant. St. Elizabeth also has vast resources to serve the Greater Cincinnati area, including almost 1,200 licensed beds; a physician organization, which includes nearly 100 primary care and specialty office locations; 1,200 physicians with admitting privileges; nearly 7,300 associates; more than 1,200 volunteers; and three freestanding imaging centers and two ambulatory surgery centers.

About Strata Decision Technology

Strata Decision Technology provides an innovative cloud-based financial analytics and performance platform that is used by healthcare providers for financial planning, decision support and continuous cost improvement.  Founded in 1996, the Company's customer base includes 1,000 hospitals and many of the largest and most influential healthcare delivery systems in the U.S.

The Company's StrataJazz® application is a single integrated software platform that includes modules for capital planning, contract modeling, cost accounting, cost management, decision support, financial forecasting, management reporting, operational budgeting and performance improvement and strategic planning.  The Company's headquarters are in Chicago, IL.

For more information, please visit www.stratadecision.com.

Contact:

Lisa Chernikoff, Strata Decision Technology, (312)827-7635, [email protected] 

SOURCE Strata Decision Technology

Related Links

http://www.stratadecision.com

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