The application is called StrataJazz Continuous Cost Improvement. Its pre-built algorithms “identify and quantify opportunities to eliminate waste, inefficiency, and variation across the organization, then provides on-going tracking and workflow to build accountability for results,” according to the report.
The report cites Yale-New Haven (Conn.) Hospital and CentraCare, a five-hospital system based in Minnesota, as examples of success stories.
Leaders at YNHH developed a common language with clinicians that uses agreed upon metrics, and the hospital, which partnered with Strata, was successful in driving down costs “because each step of an encounter could be recognized and tracked, creating an accurate picture of an entire episode of care.”
“Yale primarily focused on reducing variation in clinical practice that may result in adverse outcomes, which resulted in an estimated $125 million cost savings – or about a 20 percent reduction in cost per case,” the report reads.
As for CentraCare, it recently deployed Continuous Cost Improvement for one of its hospitals, according to the report.
“Leveraging just one module of Continuous Cost Improvement, CentraCare was able to identify supposed $11.3 million in potential cost savings for the one hospital,” the report reads.
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