Chicago-based Huron Consulting Group, a provider of business consulting services, and Strata Decision Technology, a provider of cloud-based financial analytics and performance tools for healthcare, have partnered to create a unique software and service solution to drive ongoing value and performance in healthcare.
Here are five things to know about the solution.
1. Huron and Strata contend it is the first software and service developed for value performance management.
2. The solution is designed to assist healthcare providers with the transition from fee-for-service to value-based care and address the underlying challenges of accurately managing revenue, cost and margin, both parties said.
3. The multi-year offering combines Strata's cloud-based technology platform, used by more than 1,000 hospitals and 185 healthcare delivery systems, with Huron's more than 1,000 consultants in driving performance, to develop data-driven solutions across the continuum of care.
4. Strata CEO Dan Michelson spoke positively of the software and service solution, noting its benefits for healthcare providers. "Most providers have the mindsetrelative to delivering value, but lack both thetoolset and the skillset required to take action. This combined solution addresses many of the roadblocks that healthcare providers face as they transition to this new business model. This unique software and service solution from two of the industry's most experienced and respected companies will provide a trusted solution to help healthcare providers prepare for value-based contracts and drive clinical and financial performance."
5. Gordon Mountford, executive vice president of Huron Healthcare, echoed Mr. Michelson, saying, "We are excited to combine our cost and clinical performance improvement expertise with Strata's proven platform for cost accounting, cost management and continuous improvement to deliver a new technology-enabled solution that will assist hospitals and health systems through an incredibly complex transformation while driving performance on a sustained basis."
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