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CHICAGO, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Strata Decision Technology (Strata), a pioneer and leader in the development of cloud-based financial planning, analytics and performance tools for healthcare, today introduced StrataJazz® OnePlan™, the first purpose-built advanced planning platform for hospitals to help address the major budget issues that they face. OnePlan provides a radically more efficient, accurate, agile and accountable approach to planning, providing hospitals and healthcare systems the ability to significantly improve their performance.
With this latest version of StrataJazz introduced this week at Strata’s Lift19 user conference, OnePlan addresses the archaic process many hospitals and health systems still use to budget and plan. Thousands of hours are spent creating a budget that is typically tens of millions of dollars off the mark and cast aside almost as soon as it is submitted. Rather than helping to control costs and build strategic alignment, the budget is viewed as a distraction, providing little to no value and even negatively impacting performance.
To help address this combination of issues, close to 50 percent of healthcare providers are now moving to Advanced Planning - a radically more effective approach to planning, budgeting, forecasting and managing expenses. One benefit many are targeting is a reduction of waste in the system. According to a recent study in the Journal of the American Medical Association (JAMA), there is close to $1 trillion in waste per year in U.S healthcare. With over 50 percent of the cost of U.S. healthcare coming through healthcare providers, they are in a unique position to help reduce waste and better steward resources.
“The most powerful tool any hospital has in controlling cost is ultimately their plan and budget. Unfortunately, many hospitals are still in the dark ages and budgeting and planning is not only a stunningly inefficient and ineffective process, it is also a source of enormous waste,” said Dan Michelson, Chief Executive Officer of Strata. “In the same way that FinTech applications such as online banking and tax preparation services have simplified complex processes for consumers, OnePlan is an Advanced Planning Platform that radically streamlines the budgeting and planning process for hospitals. Instead of burning cycles on creating a budget that doesn’t hit the mark and they don’t believe in, providers and administrators can now be accountable for improving performance and better stewarding the finite resources of their organization and their community.”
OnePlan simplifies and automates many of the most time-consuming and difficult elements of planning and budgeting, reducing time and effort by up to 50 percent. It breaks down the silos that exist within the traditional planning process, combining operating budgeting, variance reporting, long range and capital planning together in a single, powerful advanced planning platform.
A Planning Approach that is Accurate, Efficient, Agile and Accountable
As health systems continue to navigate fee-for-service while preparing for the next generation of full value-based payment, they must be able to plan and perform based not only on department verticals, but also horizontally across patient populations, service lines and payors. OnePlan is the first and only planning platform that enables organizations to plan and manage the full Income Statement on both a vertical and horizontal basis. As a result, OnePlan helps hospitals and health systems rapidly shift toward an Advanced Planning approach that is more efficient, accurate, agile and accountable.
A Single Platform Approach to Financial Planning
Over the last decade, healthcare providers have made significant investments in Electronic Health Records to provide a single clinical platform for their organization. Hospitals and health systems have now concluded that they need to get rid of the many disconnected applications that they use for the financial side of their organization and move to a similar platform approach. OnePlan provides a single platform approach:
Advanced Planning Institute
As organizations look to understand more about Advanced Planning and learn from their peers, they can participate in the Advanced Planning Institute, supported by Strata. The Advanced Planning Institute brings together a network of organizations interested in improving planning through leveraging their collective experience as they journey towards Advanced Planning. For more information on the Advanced Planning Institute, please contact firstname.lastname@example.org.
Join the OnePlan Webinar on Nov. 14
Click here to join the webinar on Thursday, November 14th to better understand how StrataJazz OnePlan™ can help your organization achieve a more accurate, efficient, agile and accountable planning process.
About Strata Decision Technology
Strata Decision Technology provides a cloud-based planning, analytics and performance platform that is used by healthcare providers for financial planning, decision support and continuous improvement, helping hospitals and healthcare systems bend the cost curve and drive margin to fuel their clinical mission. Founded in 1996, the Company's customer base includes over 1,000 hospitals and many of the largest and most influential healthcare delivery systems in the U.S. The Company's headquarters are located in Chicago, IL. For more information, please visit www.stratadecision.com.
Todd Stein Communications
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2e8ec7a-e62f-4287-bbd3-925565b477ed