NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. (NASDAQ: HSTM), a leading provider of talent
management and research solutions for the healthcare industry, today
announced that its Patient Experience Solution has been enhanced through
the acquisition of Baptist Leadership Group (BLG), a consulting practice
owned by Pensacola, Florida-based Baptist Health Care. HealthStream
gains a comprehensive suite of assessment tools and training curricula,
along with a staff of experienced coaches and experts—all focused on
patient-centered performance excellence in healthcare.
"In the era of pay-for-performance, quality is the number one issue
facing healthcare—and our individualized coaching and innovative tools
have been supporting many of the nation's top health systems achieve
performance excellence for over a decade," said BLG's President Emeritus
& former CEO of Baptist Health Care, Al Stubblefield. "We share
HealthStream's long-standing vision to improve the quality of healthcare
as our mission has always been to ‘help healthcare organizations improve
the quality of the patient experience.' We are excited that our clients
will benefit from expanded opportunities as part of HealthStream as our
BLG team continues to provide the same outstanding service."
The CAHPS (Consumer Assessment of Healthcare Providers and Systems)
surveys and the potential financial impact of value-based purchasing
have elevated the patient experience to one of the most pressing issues
currently facing healthcare organizations. For hospitals and health
systems, CMS requires the submission of data for a series of quality
measures—which include the HCAHPS (Hospital Consumer Assessment of
Healthcare Providers and Systems) survey—that are then used to impact
the amount of reimbursements, which can also include financial penalties
for underperformance. Since the HCAHPS survey solicits feedback from
patients regarding their stay in a hospital, efforts by caregivers to
ensure that patients' experiences are positive have taken on added
importance.
To support hospitals in improving their patients' experiences,
HealthStream has developed a unique approach with its Patient Experience
Solution that focuses on improving the skills and competencies of
care-givers as well as providing insightful analytics from its deep
database of healthcare organizations across the industry. As a
CMS-certified HCAHPS provider, HealthStream delivers innovative
benchmarking reports and a corresponding mobile application that
organizations can use to compare their patient feedback relative to
others. To further assist healthcare organizations in understanding how
to improve their patients' experience, HealthStream offers an innovative
training curriculum and courseware for hospital employees. The
acquisition of BLG expands HealthStream's solution set to further assist
organizations in improving their performance and, in turn, improving
their HCAHPS scores. BLG utilizes evidence-based tools, tactics, and
best practices that were pioneered and successfully "road-tested" at
Baptist Health Care, a nationally known leader in performance excellence
in healthcare.
Founded in 2000, BLG has a diverse array of products and services used
by hospitals and health systems throughout the U.S. Some of BLG's
offerings include a Leader Performance System™, a web-based system to
help healthcare organizations implement a goal-setting and evaluation
process that aligns individual leader goals with the annual goals of the
organization and Daily Line-Up™, a web-based employee communication
system. Some of their training materials include RELATE™, an online
course for improving patient communication, Vital Conversations™, a
performance management tool that teaches healthcare leaders how to
retain, develop, and discipline staff members, and Purposeful Rounding™,
a performance management tool that teaches healthcare leaders how to
engage employees and retain their top performers. Overall, BLG provides
healthcare organizations with a comprehensive roadmap that includes
high-impact products, services, and coaching to craft a strategy that
drives performance.
"I would like to extend a warm welcome to Baptist Leadership Group's
clients and employees to HealthStream," said Robert A. Frist, Jr., Chief
Executive Officer, HealthStream. "We are excited to add BLG's impressive
products and services to our patient experience solution as we work
together to help healthcare organizations attain patient-centered
performance excellence. BLG adds an important component to our overall
strategy for our patient experience solution as we believe that
improving the quality of patient care and, in turn, patient experience
is linked to supporting the people who deliver care."
Terms of transaction:
HealthStream purchased substantially all of the assets of Baptist
Leadership Group for approximately $8.5 million, subject to a working
capital adjustment, where $8,000,000 was paid in cash and $500,000 was
paid in HealthStream's common stock.
About HealthStream
HealthStream (NASDAQ: HSTM) is dedicated to improving patient outcomes
through the development of healthcare organizations' greatest asset:
their people. Our unified suite of software-as-a-service (SaaS)
solutions are used by, collectively, approximately 3.3 million
healthcare employees in the U.S. for training & learning management,
talent management, performance assessment, and managing simulation-based
education programs. Our research solutions provide valuable insight to
healthcare providers to meet HCAHPS requirements, engage their
workforce, and enhance physician alignment. Based in Nashville,
Tennessee, HealthStream has additional offices in Laurel, Maryland,
Austin, Texas, and Brentwood, Tennessee. For more information, visit http://www.healthstream.com
or call 800-933-9293.
This press release contains forward-looking statements that involve
risks and uncertainties regarding HealthStream. Investors are
cautioned that such results or events predicted in these statements may
differ materially from actual future events or results. This information
has been, or in the future may be, included in reliance on the "safe
harbor" provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that such results or events predicted in
these statements may differ materially from actual future events or
results. The Company's preliminary financial results, while presented
with numerical specificity, are forward-looking statements which are
based on a variety of assumptions regarding the Company's operating
performance that may not be realized, and which are subject to
significant uncertainties and potential contingencies associated with
the Company's financial and accounting procedures and other matters
referenced from time to time in the Company's filings with the
Securities and Exchange Commission. Consequently, such forward-looking
information should not be regarded as a representation or warranty by
the Company that such projections will be realized.
HealthStream, Inc.
Mollie Condra, Ph.D., 615-301-3237
Associate
Vice President, Investor Relations & Communications
Mollie.condra@healthstream.com
Source: HealthStream, Inc.
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