By Karla Paris
Cloud-based financial analytics and performance tools for financial planning, decision support, and continuous cost improvement help six-hospital healthcare provider advance its mission.
Better understanding and managing costs has become a requirement – not just for finance, but for operational and clinical leaders as well. In a move to accomplish that, St. Elizabeth Healthcare announced it has partnered with Strata Decision Technology by selecting StrataJazz to help drive financial performance while better understanding and managing the cost of care at St. Elizabeth’s six facilities throughout Northern Kentucky and Greater Cincinnati.
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 EHR from EPIC Systems and their Enterprise Resource Planning (ERP) system from Peoplesoft (Oracle).
It is expected that St. Elizabeth will complete its implementation of StrataJazz cost accounting in February of next year. StrataJazz Operating Budgeting, Capital Planning, and Long-Range Financial Planning implementation is anticipated to follow in mid-2015.
St. Elizabeth Healthcare is one of the oldest and largest medical providers in the Greater Cincinnati region. 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.
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 with two ambulatory surgery centers.