The Silicon Review
Help Heal Healthcare
Started over 20 years ago, the story of Strata is about a group of passionate people hyper-focused on and hyper-committed to making a difference in healthcare. Its solution StrataJazz® is the leading cloud-based SaaS financial planning, analytics and performance platform in healthcare. It is an enterprise-wide solution that addresses the financial planning, decision support and continuous cost improvement requirements of healthcare providers. The company provides seamless integration with existing EHR, ERP and EDW systems to leverage the organization’s existing infrastructure and investments. The Company’s advanced cost accounting platform has emerged as the solution of choice in the market.
The Company’s Solution
StrataJazz® is a single, modular, cloud-based platform that brings healthcare providers a “flywheel” to better plan, analyze and perform…driving margin to fuel their clinical mission.
StrataJazz is the deepest Advanced Planning tool on the market, radically simplifying and streamlining how healthcare providers plan, budget, forecast and manage their operating and capital spending.
StrataJazz is rated #1 in KLAS for Decision Support and Advanced Cost Accounting and is known as the “gold standard” for understanding cost and margins and the most sophisticated Business Intelligence engine in healthcare.
StrataJazz is healthcare’s most unique tool for Continuous Improvement and Margin Management, leveraging thousands of algorithms to identify unnecessary variation and waste combined with a tracking tool and workflow that drives accountability and action.
The Problems and the Solutions the Firm Offers
Problem: The overall budgeting process for hospitals is badly broken. The typical organization spends three to six months and 100,000+ hours producing a budget that is usually tens of millions of dollars off the mark and out-of-date the moment it is finalized.
Solution: StrataJazz is the deepest Advanced Planning tool on the market, radically simplifying and streamlining how healthcare providers plan, budget, forecast and manage their operating and capital expenses. The result is a planning process that is more efficient, accurate, and agile.
Problem: Healthcare providers have little to no access to accurate and actionable information on the cost of care. According to a recent survey, 90% of healthcare leaders are “flying blind” when it comes to understanding cost. How can you reduce variation, waste, and inefficiency to invest in and improve care if you don’t have any access to data?
Solution: StrataJazz is rated #1 in KLAS for Decision Support and Advanced Cost Accounting is known as the “gold standard” for understanding cost and margins and the most sophisticated Business Intelligence engine in healthcare. Advanced Cost Accounting with Time-Driven Costing™ has become the first true “killer app” to hit the financial side of hospitals since the endless flurry of systems that were deployed over the last 40 years for revenue cycle management. StrataJazz is central to delivering value as the understanding cost has shifted from a backroom broken process to an urgent board room strategic priority.
The Leader of the Company
Dan Michelson | Chief Executive Officer
Dan is the CEO of Strata Decision Technology where his focus is to ensure the company delivers on its mission to help heal healthcare. The company’s financial planning, analytics and performance platform is used by over 1,000 healthcare organizations, including many of the largest and most influential healthcare systems in the U.S. The company has been recognized multiple times as one of the fastest-growing companies in the nation by Inc. Magazine, as one of the best places to work in healthcare by Becker’s Healthcare and has received the prestigious “Best in KLAS” recognition for the highest customer satisfaction by KLAS Enterprises for the last four years. Additionally, Dan is a two-time finalist for Illinois Technology CEO of the Year.
With close to 30 years of healthcare experience, Dan has been one of the industry’s key thought leaders in developing the Decision Support, Financial Planning, Electronic Prescribing and Electronic Health Record markets, including serving on the Certification Commission for Healthcare Information Technology and co-authoring the books Margin + Mission: A Prescription for Curing Healthcare’s Cost Crisis and The Electronic Physician.
Before joining Strata, Dan spent 12 years as part of the leadership team that grew a healthcare software company from 100 to over 6,000 employees. He has provided strategy and process redesign consulting for many of the leading hospitals and health systems in the U.S. and served in leadership roles for Baxter Healthcare and AstraZeneca.