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St. Barnabas Hospital Selects Strata for Cost Accounting


June 23, 2015 - Chicago, IL

CHICAGO, IL--(Marketwired - June 23, 2015) - From the floor of the 2015 Healthcare Financial Management Association's Annual Institute (ANI), 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. Barnabas Hospital (d/b/a SBH Health System "SBH") has selected StrataJazz® for decision support.

SBH, located in Bronx, New York, is a 437 licensed-bed, non-profit, acute care community hospital and a Level 1 Trauma Center. This agreement adds cost accounting to the SBH Health System current deployment of StrataJazz, which the organization has used for budgeting and management reporting since 2008. With the addition of decision support, SBH will now be able to bring clinical and financial data together to make more informed decisions that drive better value for the community.

"We are looking forward to expanding our work with the Strata team-and having our much-needed cost data at our fingertips," said Todd Gorlewski, Sr. Vice President and Chief Financial Officer at SBH. "Understanding our costs in the context of population health and capitated risk environment is critical to our organization and our patients as we move into the next iteration of healthcare delivery."

SBH will integrate StrataJazz with their existing enterprise systems, including their Electronic Health Record (EHR) from Allscripts and Revenue Cycle and Business system from McKesson. The implementation will be completed in 2015.

"SBH is another data point to illustrate the shift by community hospitals to Advanced Cost Accounting. This is being driven by the importance of both better understanding cost and more effectively managing it in the short and long-term," said Dan Michelson, Chief Executive Officer of Strata Decision "Our team is thrilled to expand our partnership and to support SBH Health System in its mission to provide the best care to their community."

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 SBH Health System
Established in 1866, St. Barnabas Hospital (the flagship of SBH Health System) is a not-for-profit, non-sectarian, "safety-net" health care provider. St. Barnabas plays an essential role in delivering health care in the Bronx by safeguarding the health and well-being of predominantly low-income, underinsured, minority neighborhoods that are medically underserved. The Hospital's commitment to excellence in care is underscored by its designation as a Level III Patient Centered Medical Home.

SBH Health System provides inpatient, outpatient and emergency medical, mental health and dental services. Our hospital is a 437-bed acute care community hospital and Level I Trauma Center authorized to treat the most critically ill and severely injured patients. We are also a State-designated Stroke Center and State-designated AIDS Center. St. Barnabas is a major provider of ambulatory care services, with more than 400,000 outpatient visits annually. Our primary care physicians, specialists and subspecialists offer a full scope of services to meet our patients' changing healthcare needs.

St. Barnabas is affiliated with the New York Institute of Technology's College of Osteopathic Medicine, the Albert Einstein School of Medicine and the Sophie Davis School of Biomedical Education of the City University of New York. We train more than 250 physicians annually and offer residency programs in a variety of disciplines, including internal medicine, pediatrics, surgery, and family practice. We also run one of the largest hospital-based general practice dental residency programs in the country.

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
lchernikoff@stratadecision.com

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