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TheStreet Open House

Assess Systems And HealthStream Enter Into Exclusive Distribution Agreement

Stocks in this article: HSTM

HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning, research, and talent management solutions for the healthcare industry, today announced the launch of behavior-based, non-clinical assessments designed for use in the healthcare industry: Select for Healthcare™ and Assess for Healthcare™. These software-as-a-service (SaaS) based assessments are available through a distribution agreement signed with Assess Systems, a Dallas, Texas based talent assessment and consulting company. These products expand HealthStream’s talent management suite of products with solutions for healthcare organizations to make better hiring, placement, and promotion decisions for their workforce. For the acute-care market, HealthStream will be the exclusive provider of these assessments from Assess Systems.

At a time when hospitals are required to do more with less, the importance of having the right individuals in the right job becomes both a quality of care and bottom-line financial concern. According to industry experts, it takes one-and-one-half times a nurse’s annual salary to recruit and train a new nurse. Turnover rates have been as high as 60 percent, costing a typical hospital $5.4 to $7.2 million, annually. The larger cost may be paid in decreased quality of care. The American Association of Colleges of Nurses reports “an increase in RNs contributes to a decrease in hospital-related mortality and reduced lengths of patient stays, whereas inadequate staffing is known to compromise patient care.” Hence, the need to hire well, retain talent, and develop employees has become an urgent business need for healthcare organizations—and these tasks are made easier with Select for Healthcare™ and Assess for Healthcare™.

“Our assessments are scientifically based, valid measurement tools that have been used with proven effectiveness in the healthcare industry where an organization’s people make a defining difference in business outcomes,” said JoAnn McMillan, Ph.D., chief operating officer, Assess Systems. “The growth and job outlook in the healthcare industry are attracting a wide range of applicants for healthcare organizations, making it difficult, costly, and time-consuming to find the right candidate for each position. HealthStream’s offering of Select for Healthcare™ and Assess for Healthcare™ provide outstanding solutions to improve and advance this process.”

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