Leader in healthcare talent management offers new compensation
management solution to engage and retain healthcare workforce
NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream (NASDAQ: HSTM), a leading provider of workforce, patient
experience, and provider solutions for the healthcare industry,
announced today its launch of the HealthStream Compensation Planner™, a
full-featured, SaaS-based application for compensation management in
healthcare organizations. With the Compensation Planner's flexible and
easy-to-customize design, healthcare organizations can automate
time-consuming workflows, eliminate spreadsheets, make the best possible
recommendations for salary increases and incentive awards, and simplify
budget definition and approval processes—all through an application with
the highest levels of accuracy and security.
The tight labor market in the healthcare industry is well documented and
employee turnover rates are increasing. In 2015, the current rate of
employee turnover in U.S. hospitals is 17.2%, up from 13.5% in 2011. An
overwhelming majority ( > 89%) of hospitals view employee retention as a
"key strategic imperative" and, as a result, compensation management
programs are playing an increasingly critical role in hospitals.
Employee salary and incentive expenses often comprise the largest
expenditure, enterprise-wide. Using the HealthStream Compensation
Planner supports the strategic outcomes desired from compensation
management, such as engaging and retaining the healthcare workforce.
From a tactical perspective, the HealthStream Compensation Planner
automates and streamlines manual compensation workflow tasks—as many
healthcare organizations are still using spreadsheets and manual
calculations, which bring inherent security and compliance risks to the
organization. Compensation managers frequently struggle to standardize
pay policies and structures across their facilities and are constantly
challenged to ensure that all of their data is complete, accurate, and
current. Compensation managers' requirements to competently execute
their responsibilities are made significantly easier with the
HealthStream Compensation Planner.
"At HealthStream, we understand that the requirements for hospitals'
compensation programs can be complex and there's no room for error,"
said Robert A. Frist, Jr., chief executive officer, HealthStream.
"That's why we believe that the HealthStream Compensation Planner™ is a
powerful addition to our talent management solutions for HR executives.
It's highly configurable, precise, and built with healthcare
organizations in mind."
The HealthStream Compensation Planner provides an on-demand, SaaS-based
solution that enables healthcare organizations to more effectively
align, reward, and retain their talent. It allows organizations to
implement complex, multi-level compensation plans that are consistent,
fair, and compliant across the enterprise. The HealthStream Compensation
Planner can also incorporate salary data from a customer's database or
most current salary survey. Managers and compensation planners are able
to stay within established budgets, adhering to compensation guidelines
and policies. Intuitive, automated workflows are built into the
application, enabling managers' access to insightful analytics,
dashboards, and decision-making tools to optimize their compensation
decisions.
The launch of the HealthStream Compensation Planner adds to
HealthStream's expansive talent management suite of solutions for
healthcare organizations, which include solutions for learning &
professional development, competency management, performance appraisals,
recruiting, succession planning, goals management, workforce analytics,
and employee communities. Approximately 4.5 million healthcare
professionals currently use at least one of HealthStream's talent
management solutions, making HealthStream the most widely adopted talent
management platform in the healthcare industry. The Company's exclusive
focus on meeting the unique needs of the healthcare workforce drives our
product development and is, in turn, helping organizations improve the
quality of care delivered to patients.
To learn more about the HealthStream Compensation Planner, go to http://www.healthstream.com/compensation-planner.
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 healthcare
organizations 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 patient experience/research solutions provide
valuable insight to healthcare providers to meet CAHPS 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; 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. 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 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 acquisition may not be consummated and 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/20150728005385/en/
HealthStream
Mollie Condra, 615-301-3237
mollie.condra@healthstream.com
Source: HealthStream
News Provided by Acquire Media
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