HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and research solutions for the healthcare industry, today announced that it has acquired Decision Critical, Inc., an Austin, Texas based company that specializes in learning and competency management products for acute-care hospitals. Through the acquisition, HealthStream adds a patented technology to its suite of innovative software-as-a-service (SaaS) based solutions as well as a customer base committed to advancing the development of their workforce.
“At HealthStream, we are passionate about developing the best possible products and capabilities to measure, manage, and develop hospitals’ workforces,” said Robert A Frist, Jr., chairman and chief executive officer, HealthStream. “Having recently launched the HealthStream Performance Center™ and SimCenter™, we are continuing to add products and capabilities to our innovative talent management suite through the acquisition of Decision Critical.”
Added to HealthStream’s talent management product suite is Critical Portfolio™, a patented electronic portfolio, which is an ideal SaaS based tool to store and view the qualifications, competencies, and skills of the hospital’s workforce, including their licenses, educational records, and credentials. Individual employees can maintain their individual profile, while hospital managers can access and use portfolio data for meeting regulatory reporting requirements or talent management needs such as succession planning and career ladder development. For HealthStream’s customer base, which represents over half of the nation’s acute-care hospitals, we believe Critical Portfolio will be a valuable add-on platform extension to our talent management suite of products.
For hospitals seeking and maintaining the Magnet™ designation, Critical Portfolio provides powerful capabilities. The Magnet Recognition Program® of the American Nurses Credentialing Center (ANCC) formally acknowledges healthcare organizations that epitomize nursing excellence. The extensive application process includes, among many other requirements, a comprehensive reporting of the qualifications and expertise of nursing personnel—including the ability to satisfy specific Magnet-required reporting.
We believe Critical Portfolio will support the approximately 400 current Magnet healthcare organizations—which include 237 that are currently HealthStream customers—that seek to maintain their status through their annual re-designation process, as well as those organizations that choose to initially embark on the prestigious Magnet journey.