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Strata Partners With Yale New Haven Health System to Reduce Cost by Improving Quality


April 10, 2015 - Chicago, IL

CHICAGO, IL--(Marketwired - April 10, 2015) - 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, today announced a partnership to bring Yale New Haven Health's (YNHHS) clinically-proven Quality Variation Indicators (QVIs) into StrataJazz. YNHHS is 2,130-bed health system that includes Yale New Haven Hospital, the primary teaching hospital for Yale School of Medicine (YSM), and regularly ranks among the best hospitals in the U.S. 

Background on YNHHS's Quality Variation Indicators

As part of its $125 million Value Improvement Initiative, QVIs were developed by YNHHS's financial and clinical leaders who realized that they needed to learn to speak the same language on cost and quality metrics in order to reach the health system's goal of reducing variation, improving patient outcomes, and decreasing overall costs.

QVIs are not quality measures anchored in the logic of financial penalties. Rather, QVIs represent a comprehensive definition of quality and safety measures that suggest an inpatient may not have received optimal care resulting in potentially preventable complications and adverse events. YNHHS currently tracks nearly 30 QVI categories, such as central line associated blood stream infections, deep vein thrombosis, and iatrogenic pneumothoraces (or punctured lungs).

On average, YNHHS has found that cases with QVIs cost three to four times more than cases without QVIs.

QVIs to be Built into StrataJazz to Help Providers Understand the High Cost of Quality Variation

StrataJazz will now incorporate QVI reports, making this proven methodology accessible to health systems that don't have the time or resources to implement such a complex approach on their own. Combining that information with actual cost information from StrataJazz Cost Accounting provides the ability to translate potentially preventable complications and adverse events into measurable costs. 

"At Yale New Haven, we've proven that improving quality improves margins, allowing us to reinvest in our mission. Leveraging QVIs, we created a common language to engage physicians, nurses and other clinicians to lead improvement efforts," said Steve Allegretto, System Vice President of Analytic Strategy and Financial Planning at YNHHS. "Our partnership with Strata will provide other health systems the ability to have similar conversations that lead to better results for both patients and their bottom line. Strata shares our passion for helping healthcare organizations look at cost improvement in a manner that breaks down silos and drives action."

Yale New Haven to Leverage StrataJazz to Manage Cost on an Ongoing Basis

As part of the agreement, Yale New Haven Health (YNHHS) has selected StrataJazz® for Continuous Cost Improvement. YNHHS will leverage pre-built algorithms and workflows in StrataJazz to identify opportunities to eliminate waste, inefficiency, and clinical variation as well as manage initiatives to take cost out on an ongoing basis. StrataJazz will integrate with the health system's Electronic Health Record (EHR) from EPIC, Enterprise Resource Planning (ERP) tool from Lawson, and time and attendance system from Kronos in order to bring the necessary data together to provide quantified savings and actionable information.

In addition to deploying StrataJazz Continuous Cost Improvement, YNHHS has been a Strata Decision client since 2001, leveraging StrataJazz for Decision Support, Operating Budgeting, Forecasting, and Capital Planning.

"Yale New Haven Health System has already made incredible strides in both quality improvement and cost reduction-two areas where many providers are struggling," stated Dan Michelson, Chief Executive Officer of Strata Decision. "We are very excited to partner with Yale to incorporate Quality Variation Indicators directly into our Continuous Cost Improvement application. This innovative, quality first approach can now be leveraged by the broader market to help solve the cost crisis in healthcare." 

StrataJazz Continuous Cost Improvement represents the introduction of a new category of healthcare information technology software, designed to help hospitals and health systems reduce cost and drive the bottom line versus traditional revenue cycle software that assists in driving the top line. The application is embedded with pre-built algorithms and workflows that empower healthcare organizations to not only identify opportunities to eliminate waste, inefficiency, and variation, but also to manage initiatives to take cost out on a continuous basis.

About Yale New Haven Health System

Yale New Haven Health System, through its Yale New Haven, Bridgeport, Greenwich and Northeast Medical Group Delivery Networks, provides comprehensive, cost effective, advanced patient care characterized by safety and clinical and service quality. Yale New Haven Health System, in affiliation with the Yale School of Medicine and other universities and colleges, educates health professionals and advances clinical care. In all of its work, YNHHS is committed to the communities it has the privilege of serving.

About Strata Decision Technology

Strata Decision Technology provides a cloud-based financial analytics and performance platform that is leveraged 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 improvement, 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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