HealthStream (HSTM) Completes Two Strategic Acquisitions

HealthStream (Nasdaq: HSTM), a leading healthcare technology platform for workforce solutions, today announced that it has acquired two leading clinical rotation management businesses: Total Clinical Placement System (“TCPS”) and The Clinical Hub, Inc. Coupled with myClinicalExchange™, HealthStream’s application for students’ clinical rotations acquired in 2020, the Company has meaningfully enlarged its footprint among nursing and allied healthcare students as they prepare for careers in healthcare.

Every year in the U.S., nursing and allied healthcare students are required to fulfill clinical rotations in a healthcare organization (primarily hospitals) as part of their educational programs. Hospitals and schools are responsible for managing the placement of students into clinical rotations, including scheduling, onboarding, tracking, and ensuring compliance of students and ensuring that proper credentials are in place for their working in their organizations with patients. Both TCPS and The Clinical Hub, as well as HealthStream’s myClinicalExchange application, help to streamline these processes for students, schools and healthcare organizations in this critical area of workforce management.

Already this year, HealthStream’s myClinicalExchange application has helped healthcare organizations and academic institutions facilitate over 285,000 clinical rotations for nursing and allied healthcare students, nationwide. With the additions of TCPS and The Clinical Hub, HealthStream will further expand its geographic coverage in Tennessee, and surrounding states, and in Oklahoma, enhancing clinical placement options for hospitals, schools, and students.

“HealthStream’s leadership in the healthcare workforce sector is unparalleled and, therefore, they are ideally positioned to bring additional opportunities to the students, schools, and healthcare facilities that use TCPS,” said Pam Taylor, Chief Executive Officer, TCPS. Similarly, Jim Durbin, President of The Clinical Hub, added, “Our clients will continue to receive the benefits they enjoy from The Clinical Hub while now gaining access to HealthStream’s ecosystem of workforce solutions that increasingly bridges the gap between school and practice.” Both Taylor and Durbin expressed confidence and gratitude that customers would continue to enjoy the same quality of uninterrupted service while beginning to see new and additional benefits with HealthStream over time.

“By adding the highly respected businesses of TCPS and The Clinical Hub to HealthStream, along with the continued growth of the myClinicalExchange application, we strengthen our position in supporting the development of future clinicians by working closely with academic institutions and healthcare organizations to efficiently facilitate clinical placement of students in rotations,” said Scott McQuigg, Senior Vice President, Digital & Network Solutions, HealthStream.

Terms of the Transactions:

• HealthStream acquired substantially all of the assets of Total Clinical Placement System (TCPS) from Cyber Healthcare Solutions, LLC for up to $1.65 million in cash (the full payment of which will require earnout achievement), subject to customary post-closing price adjustments.
• HealthStream acquired substantially all of the assets of The Clinical Hub, Inc. for up to $600,000 in cash (the full payment of which will require earnout achievement), subject to customary post-closing price adjustments.

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