CHICAGO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Over 2,400 attendees from greater than 400 healthcare methods and a pair of,000 hospitals throughout the nation got here collectively for LIFT22: The Strata Users Summit, which was held nearly on October 10-12. At this 12 months’s occasion, healthcare leaders attended three days of classes to debate greatest practices surrounding Strata’s #1 in KLAS, cloud-based StrataJazz® platform, in addition to its EPSi on-premise answer, and to provide a complete look at trade tendencies.
“Hospitals and healthcare systems across the country are still tackling challenges related to the COVID-19 pandemic, while also facing an ongoing labor shortage crisis,” stated John Martino, Chief Executive Officer of Strata. “It’s important to talk about what these health systems are facing and how we can support them in all facets of their business. Our virtual conference brings together healthcare professionals across our customer network to share best practices and discuss strategies for the future.”
StrataSphere® Industry Report Released
During LIFT22, Strata launched its newest trade report – Signals, Trends and KPIs: The Changing Face of Healthcare Finance. This analysis supplies an outline of the present monetary and operational well being of hospitals and well being methods. The report leverages information from StrataSphere, a healthcare supplier analysis and comparative analytics collaborative representing a cohort of over 180 well being methods with 1,100 hospitals from Strata’s buyer base. Key findings from this analysis embody the next:
- Margin on affected person operations is close to zero for greater than half of well being methods: This is a perform of bills rising as a consequence of rising labor prices whereas income stays largely flat. While 2022 YTD median working margin is 4.6%, there’s a massive diploma of unfold, with practically one third of the well being methods analyzed working within the purple. This represents a major decline in efficiency when in comparison with 7% within the baseline 12 months of 2019 and seven.9% in 2021. Additionally, 2022 YTD working margin on affected person income is down 58% in comparison with 2019 pre-COVID working margins and down 68% in comparison with 2021.
- Labor, provide and drug prices are up whereas affected person acuity stays largely unchanged: For acute care hospitals, the 2022 YTD median inpatient whole value per encounter is up 29.4% in comparison with 2019 and up 7.2% in comparison with 2021. For these hospitals, the median value of direct affected person care per encounter is up 54.3% in comparison with 2019. Additionally, the median provide expense per encounter has elevated 17% since 2019 and the median drug expense has elevated 33% for a similar interval.
- The convergence of COVID-19, laws and staffing constraints has shifted volumes with sustained and certain everlasting influence: In 2022, month-to-month inpatient volumes are down 5-14% in comparison with 2019. Outpatient volumes elevated when in comparison with 2019, nevertheless if COVID-19 testing and vaccinations are eliminated, outpatient volumes didn’t begin to exceed 2019 ranges till March 2021 – fifteen months later. Lastly, emergency division (ED) visits haven’t exceeded 2019 pre-COVID volumes. In 2022, month-to-month ED volumes are down 3-19% in comparison with 2019. Further, ED acuity has elevated minimally as measured by the distribution of CPT codes.
- Key high-margin procedures and repair strains proceed to shift to the outpatient and different settings: This shift was initially pushed by the excessive quantity of COVID-19 sufferers within the early pandemic, resulting in capability constraints within the inpatient setting. Now, inpatient staffing constraints and regulatory shifts are sustaining it. As an instance, in 2021, 298 procedures have been faraway from the “inpatient only” rule after which reinstated as inpatient solely in 2022. This exemplifies the continued disruption of volumes and website of care points.
- Shifting websites of care have had a profound influence on value constructions, margins and competitors: For instance, orthopedics quantity is down in comparison with 2019. Inpatient quantity for the Osteoarthritis CARE Family (the place most whole knee alternative sufferers are attributed) is down 80% in 2022 YTD in comparison with 2019.
“The StrataSphere data shows the U.S. healthcare industry is comprised of ‘haves and have nots,’ with far too many on the ‘have not’ side. While some systems are doing well, often due to non-core patient care, a full 1/3 of the industry is losing money with no signs of improvement. This could become catastrophic for many communities,” stated Steve Lefar, Chief Strategy Officer at Strata. “Inpatient volumes have not yet returned to pre-COVID levels. Cases are moving away from profitable procedures, and outpatient volumes have only made slight gains since 2019. Health systems, regulators and industry analysts must rethink how they model a variety of future state scenarios. We hope a data set like StrataSphere can help them as they strategize for a profoundly altered future.”
LIFT22 Offers 20+ CPE-Accredited Educational Sessions
A discussion board for healthcare leaders to share success tales and greatest practices associated to monetary planning, analytics and efficiency, this 12 months’s LIFT22 convention was 100% digital and 100% free. Attendees had the chance to pick from over 20 CPE-accredited classes for a deeper dive into particular subjects. These classes, led by members of Strata’s buyer community, educated attendees about greatest practices, new design and product efficiencies. Sessions included:
- Innovations in RealTime Workforce Management: Executives from Texas Health Resources mentioned the influence that Strata has made on the group in driving accountability, monetary stewardship and labor effectivity as they give the impression of being to optimize their staffing practices within the face of a nationwide labor scarcity.
- Learn How Your Peers Are Using Dynamic Planning: Intermountain Healthcare shared their perspective and expertise shifting in the direction of a extra agile dynamic planning method, integrating key insights from their determination assist software to drive future technique.
- How East Tennessee Children’s Hospital is Leveraging Data Advanced Analytics Dashboards in StrataJazz: East Tennessee Children’s Hospital offered highlights associated to their journey to create a brand new governance construction and arise analytics and dashboards throughout the hospital.
- Revenue Analytics – Panel Discussion: A panel of healthcare specialists from Strata and Edward Elmhurst Health educated audiences about implementing income analytics instruments to drive organizational development.
2022 LEAP Award Winners Announced at LIFT22
Strata was proud to current the 2022 LEAP (Lead, Excel, Achieve, and Progress) Award, which acknowledges healthcare organizations with excellent efficiency within the areas of finance and technique, to Texas Health Resources and Carilion Clinic.
Texas Health Resources was acknowledged for his or her work utilizing the EPSi software to take motion on information with essential dashboards and customized analytics for understanding efficiency, volumes and effectivity. With labor persevering with to make up practically 50 % of a well being system’s working expense, this group engaged their frontline leaders with dwell information for higher staffing selections utilizing a brand new workforce administration course of and gear.
Carilion Clinic was acknowledged as a prime StrataJazz consumer for his or her work making a tradition of value self-discipline that led to the identification of over $9 million in value financial savings. By partaking C-suite govt sponsors to assist drive the adoption of value enchancment, the staff has applied initiatives throughout service strains to drive significant and sustained value financial savings throughout their enterprise.
About Strata Decision Technology
Strata Decision Technology supplies a cloud-based platform for software program and repair options to assist healthcare suppliers higher analyze, plan and carry out in assist of caring for his or her group and decreasing the price of care. Our buyer base contains over 2,000 hospitals and over 400 healthcare supply methods. Founded in 1996, our mission is to Help Heal HealthcareTM. For extra data, please go to www.stratadecision.com.
