Penn State Health consolidates financial performance systems to Strata

Finance is consolidating Penn State Health’s financial performance systems to one platform, Strata, that will enable access to timely performance data across the health system. That data can be customized for teams and roles through an interactive user experience. The move to Strata supports Penn State Health’s initiative to standardize technology platforms to better serve operational needs across the system.

The move to Strata is anticipated to:

• Consolidate multiple systems to a single platform, enabling you to understand performance across the system and realize economies of scale.
• Provide rapid access to data and resources. Multi-browser and mobile access, monthly system updates, embedded analytics and self-service reporting tools will allow easy access to the resources you need to reduce costs and optimize productivity.
• Offer a modern user experience. Interactive, workflow-based tools will create a more intuitive experience.
• Use benchmarking. Strata’s data collaborative—which includes over 150 organizations–will provide insights that allow us to compare our performance outside of Penn State Health.
• Allow frequent and precise cost allocation. Monthly costing and detailed cost allocation methods will result in more accurate and timely data.

The Strata project, launched July 1, will take about 12 to 18 months to implement fully. You will be kept informed and engaged throughout the development of the tool with ongoing opportunities to provide feedback to ensure it meets your needs.

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