NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. (NASDAQ: HSTM), a leading provider of workforce,
patient experience, and provider solutions for the healthcare industry,
today announced that it has acquired Performance Management Services,
Inc. (PMSI), a Tustin, California-based company focused on
competency-based performance development of nurses. Through the
acquisition, HealthStream adds to its workforce development solutions
with PMSI's industry-leading clinical assessment tool—the Performance
Based Development System (PBDS).
"CHRISTUS Health has utilized PBDS since 2003," said Robbie Bezemek,
MSN, RN, Ed.D. Director, Clinical Education, CHRISTUS Health. "We have
found it to be a highly effective tool for identifying the development
needs of our nursing staff and supporting improved clinical outcomes. I
am excited about the new partnership and look forward to the product
enhancements that will result from HealthStream's investment."
The PBDS was created to help hospital educators proactively assess
nurses' clinical judgment abilities, thereby ensuring that performance
standards are met for optimal patient care and experience. This clinical
assessment system allows for quick recognition of nurses' level of skill
and allows hospitals to formulate training that is individualized to a
nurse's skills and background, which is particularly important for those
that are newly hired. "The acquisition of PMSI by HealthStream greatly
expands the potential reach of this highly effective assessment tool,"
said Elliot Saulten, co-founder, PMSI. "By having the most-adopted
workforce development platform in healthcare, HealthStream can leverage
its industry leading position to offer PBDS to hospitals, nationwide."
The PBDS evaluates a nurse's ability to think critically in various
clinical situations, which focus on three main areas: critical thinking,
interpersonal relationship skills, and technical skills. The bulk of the
assessment involves the watching of short videos that simulate clinical
practice scenarios. Nurses are then asked to identify risks or problems
and how they would manage them, as well as differentiating the urgency
of specific actions. By identifying potential performance concerns with
the use of the PBDS, a hospital's risk can be mitigated in a proactive
manner with individualized development plans that build competence and
confidence.
The creator of PBDS, Dorothy del Bueno, Ed.D, RN, described the
program's goal as "providing a foundation for new nurses to perform
advanced beginner competencies so they can continue to develop into
proficient nurses." The efficacy of using simulation to test critical
thinking skills of nurses—and, in particular, using del Bueno's PBDS for
this testing—has been well documented. The PBDS has been repeatedly
validated in academic nursing journals, such as Nurse Education
Today, Journal of Nursing Staff Development, and Nurse Management.
As the assessment system can be delivered online or in hard copy form,
PBDS expands HealthStream's suite of workforce development solutions
offered on its platform to the nation's hospitals. It offers an
important tool that can be used to better target learning and track
competencies utilizing other applications on HealthStream's platform,
such as the Learning Center and Competency Center. Accurate assessment
of new nurses' competencies can expedite the onboarding process as it
prevents hospitals from spending time on areas where nurses are already
skilled. It allows targeted training for each nurse that maximizes
proficiency and minimizes time to mastery, thus enabling hospitals to
provide safer, more competent care to patients.
"I would like to extend a warm welcome to PMSI's clients and employees
that will be joining the HealthStream family," said Robert A. Frist,
Jr., Chief Executive Officer, HealthStream. "We look forward to offering
this important clinical assessment system to healthcare organizations as
we continue to add products and capabilities to our innovative workforce
development suite."
Terms of the Transaction: HealthStream acquired PMSI through a
merger for approximately $4.0 million in cash at closing and up to an
additional $500,000 in contingent consideration, which may be earned
over a two-year period following closing subject to PMSI's achievement
of certain financial targets.
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 solutions is contracted by,
collectively, approximately 4.5 million healthcare employees in the U.S.
for workforce development, training & learning management, talent
management, credentialing, privileging, provider enrollment, performance
assessment, and managing simulation-based education programs. Our
research solutions provide valuable insight to healthcare providers to
meet HCAHPS requirements, improve the patient experience, engage their
workforce, and enhance physician alignment. Based in Nashville,
Tennessee, HealthStream has additional offices in Laurel, Maryland;
Brentwood, Tennessee; Pensacola, Florida; Jericho, New York; Boulder;
Colorado; and San Diego, California. 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. This information has
been 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. These forward-looking
statements are based on a variety of assumptions that may not be
realized, and which are subject to significant risks and uncertainties,
including that the anticipated financial and strategic benefits of the
acquisition may not be realized, as well as risks and uncertainties
referenced from time to time in the Company's filings with the
Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160630006274/en/
HealthStream, Inc.
Mollie Condra, Ph.D., 615-301-3237
Vice
President, Investor Relations & Communications
Mollie.condra@healthstream.com
Source: HealthStream, Inc.
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