HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning, research, and talent management solutions for the healthcare industry, today announced that its talent management strategy has been advanced with an innovative credentialing application gained through the acquisition of Sy.Med Development, Inc. (“Sy.Med”). As a leading developer of credentialing related software products, Sy.Med serves a broad set of healthcare clients, which includes over 115 hospitals and integrated delivery networks — their fastest growing market segment.
Sy.Med OneApp™, Sy.Med’s credentialing application, centralizes data and automates the paper-intensive, time-consuming credentialing management processes for hospitals, physician practices, clinics, and other healthcare organizations. Hospitals and health systems are required to manage and track all credentialing applications and enrollment forms for physicians, nurse practitioners, physical therapists, and other professional healthcare providers practicing in their organizations. By adding Sy.Med OneApp™ to HealthStream’s talent management product suite, a powerful credentialing application is provided to hospitals to reduce credentialing paperwork and manual processes by up to 70 percent.
“HealthStream’s innovative, fresh approach to talent management is rapidly evolving into the healthcare industry’s premier talent ecosystem, of which I am excited to now be a part,” said Jim Aylward, chief executive officer, Sy.Med. “I believe our credentialing application has saved tremendous resources for our clients — and I am, therefore, pleased that it will reach a wider audience as part of HealthStream. Moreover, I know that our clients will benefit from expanded opportunities as part of HealthStream’s growing customer base while continuing to receive outstanding support and service from the same Sy.Med team.”
Credentialing is a particularly important component of talent management in healthcare organizations. HealthStream’s approach to talent management begins with evaluating a healthcare organization’s workforce along five dimensions: qualifications, competency, engagement, performance, and development. Credentialing is, necessarily, an important starting point as it is essential that healthcare professionals’ qualifications to deliver patient care be verified. As such, Sy.Med’s credentialing application provides a requisite tool to automate this process — particularly for the credentialing of physicians who comprise about 80 percent of Sy.Med’s client data — and who are increasingly employed by hospitals.