Chicago, IL, October 30, 2014— Strata Decision Technology (Strata Decision) has been named one of the winners of the 13th annual Chicago Innovation Awards. The Company’s cloud-based financial analytics and performance platform, StrataJazz®, is leveraged for financial planning, decision support, and continuous cost improvement by over 1,000 hospitals in the U.S.
There were over 550 submissions for the 2014 Chicago Innovation Award and the winners were announced at an event held at the Harris Theater on October 30, 2014 with nearly 1,500 business and civic leaders attending. Celebrating its 13th year, the Chicago Innovation Award is the region’s foremost recognition of the most innovative new products or services brought to market or to public service each year. Past winners of the prestigious Chicago Innovation Awards include Groupon (GRPN), Orbitz (OWW), Motorola (MSI), Abbott Laboratories (ABT), Medline, and Braintree (EBAY).
“Chicago is an innovation hub with talented business leaders who have the vision to see things differently and set themselves apart from the competition,” said Tom Kuczmarski, co-founder with Chicago journalist Dan Miller of the awards. “Every winner of the Chicago Innovation Awards embodies this mindset, and each one has found a unique way to solve a previously unmet need in the market.”
Over $3 trillion1 is spent on healthcare in the U.S. every year with one-third of that being considered wasted2. Strata Decision recently launched its newest application, StrataJazz® Continuous Cost Improvement the first of its kind cloud-based solution is designed to help healthcare providers reduce cost on a continuous basis. The product represents the introduction of a new category of healthcare software dedicated to driving financial performance in order to help hospitals fuel their clinical mission.
“While healthcare costs are a consumer issue, many people are not aware just how large the cost crisis really is. Bending the healthcare cost curve has become one of the great socioeconomic opportunities of our time,” stated Dan Michelson, Chief Executive Officer of Strata Decision. “Receiving the Chicago Innovation Award is a wonderful acknowledgement of our team and the importance of our work. To us, innovation means taking on a big problem and driving big change and that’s exactly what we are doing.”
Honors associated with winning the award include the opportunity to ring the NASDAQ Bell in New York City and meetings with the Mayor of Chicago and Governor of Illinois.
1 The Centers for Medicare and Medicaid
2 Institute of Medicine
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 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.