Shrinking margins and new reimbursement structures have made better understanding and aggressively managing costs requirements for healthcare provider organizations. This is a daunting task, especially for the many hospitals and health systems that don’t even know if they are making or losing money on service lines or episodes of care. This lack of accurate, reliable cost data is an enormous risk not just to an organization’s bottom line, but also to their ability to deliver on their mission. 

That’s why thriving healthcare organizations have strategies in motion to provide better access to more accurate cost data, as well as the ability to drill down into that data at a deeper, more actionable level. Not sure where your organization stands on its cost accounting journey or even where to start? This webinar highlights the four biggest mistakes that providers are making with cost accounting, including simple solutions to these challenging problems.

After This Webinar You’ll Be Able To:
-Describe the industry challenges involving cost accounting
Illustrate how robust cost-accounting data allows healthcare provider organizations to make smarter financial and clinical decisions
Analyze cost-accounting strategies and processes to better understand which are most effective and why
-Improve your understanding of costing methodologies and the need for cost accounting across the entire continuum of care

In an era of mounting fiscal uncertainty marked by flat, or even downward trending net revenue, the need for cost reduction has never been greater. In fact, according to a recent Strata Decision Technology survey of 100 healthcare providers, 88% of organizations have cost reduction targets but only 17% are achieving their goals. At the core of these failed efforts is a lack of understanding about “the how” of achieving real, measurable cost savings. This session will provide attendees with a step by step guide to creating and managing an effective cost improvement program-as well as ensuring that savings stick for the long-term. From organizational structure to role definitions to target setting, this webinar will share strategies for success, as well as the key mistakes that so many healthcare organizations are making. This session will prepare attendees to drive action within their organization and to drive out costs.

For the last decade, CIOs have been consumed with implementing and gaining adoption for EHRs. Now that they are implemented and widely adopted, we’ve arrived in the “post-EHR era” — and the CIO’s role is shifting.

While CIOs haven’t traditionally been financially focused, they are now key players in the cost improvement conversation. The CIO has two vital responsibilities specific to driving out costs: stewardship of the organization-wide IT spend and enabling cost savings initiatives to produce real savings. If a CIO is not viewing his or her role in this way, the organization is undoubtedly not realizing all of the savings available to them.

This webinar to learn how CIO’s role is shifting and topics that focus on:
-The power of the platform in reducing cost
-Reducing customizations
-Simplifying the IT stack to get greater functionality
-Promoting self-service access to actionable information
-Overcoming ‘integration infatuation’
-Recognizing the need for niche technology

As value-based care and bundled payments take center stage, understanding the cost across the continuum of care is more critical than ever. Post Acute Care is now in the spotlight in order improve or maintain margins. With this new reality, it is essential to have comprehensive understanding of these business lines both from operating model and data perspective. Every organization needs to better understand what the major cost drivers are in this space whether post acute care is part of your health system or you are relying on a third party.

Learning Objectives:
1. Understand why Post Acute Care why it’s is important to your health system
2. Understand the business & data model of a Senior Living Home ( HSL)
3. Understand the Home Health business and Data Model
4. Understand relevant cost accounting approaches and you can leverage the methodologies for your organization

It’s been over a year since Aurora Health Care started one of the most efficient implementations of Strata’s Decision Support module. During the implementation Aurora not only built an improved cost accounting model, but also built an improved cost accounting process that engages a cross-functional team in cost development. Since the implementation Aurora now has more accurate and consistent cost data to inform decision making across the organization, but the work isn’t done. The next phase in advancing Aurora’s costing program is leveraging actual procedure and visit times to allocate cost. This presentation will provide a detailed view into both the implementation and future direction of the Strata Decision Support program within Aurora.

Learning Objectives:
1. Learn how one complex provider organization quickly developed a meaningful cost accounting model using Strata Decision Support
2. Understand methodologies for creating a sustainable costing program that incorporates expertise from multiple business functions
3. Learn how to take your cost accounting data to the next level by leveraging time stamp data contained in your electronic health record to more accurately allocate cost and identify variation.

A rolling capital approach enables organization to properly vet and analyze strategic initiatives in the short- and long-term. It lets you identify and diagnose the criticality of your assets, prioritize those most in need of repair or replacement and reduce carry over. Join this webinar to see how you can realign your capital process to better align your investments with value-based care. We will also share four key insights from inside and outside the industry to use when reviewing best practices in capital decision making.

Like Mission Health, many hospitals and health systems across the country are impacted by diminishing reimbursement rates on an annual basis. Meanwhile operating expenses, such as pharmaceuticals and supplies, continue to rise. For several years, Mission Health has launched numerous cost savings initiatives that cut costs and sustain margins without compromising quality and safety of their patients. Monitoring and reporting the results can be time consuming. All the while other projects loom, including contract renewals. Mission needed an effective and efficient solution for modeling changes in reimbursement. Their use of Strata Contract Analytics continues to meet their needs for efficient contract modeling during managed care negotiations as well as proposed reimbursement changes by other payors.

Learning Objectives:

• Explain the changing landscape of hospital reimbursement
• Learn how to leverage your existing Decision Support data to model reimbursement terms proposed by payors
• Understand the functionality of Contract Analytics, including how to test results for accuracy

In a recent poll given by HFMA, 91% of organizations use an annual budget, yet 74% of hospitals and healthcare systems state their budget is out of date within the first quarter of the fiscal year, but spend up to 6 months creating, finalizing, and approving their budget. Spending this much time on something that is out of date so soon is not only frustrating, but requires a large amount of time and effort from valuable resources. Join this webinar where we will help you take the stress of out of common budgeting problems and be able to walk away with the tools to:

• Facilitate an end-to-end process and eliminate offline work
• Reduce iterations and number of review cycles
• Prevent rework and improving morale
• Support a more agile and accurate planning approach
• Embrace feedback and improving legacy processes