HealthStream Expands its Total Addressable Market, Targeting 1,000+ Nursing Schools & 1,000,000+ Nursing Students
December 05 2023 - 9:00AM
Business Wire
HealthStream (Nasdaq: HSTM), a leading healthcare technology
platform for workforce solutions, announced today the expansion of
its market opportunity to include the nation’s approximately
1,000,000 nursing students of all levels as well as the
approximately 1,000 nursing schools, along with a multitude of
nursing certification and nursing associate degree programs.
The addition of nursing students has accelerated in
HealthStream’s network with the wide-spread adoption of its
application, myClinicalExchange. This unique application, which was
integrated with the hStream Platform in April 2023, is purchased
directly by students and by their academic organization on behalf
of students at an average of approximately $30 per user per year to
manage students’ onboarding, rotations, and internships—and its
adoption continues to grow. At its current annual growth rate of
approximately 27 percent, myClinicalExchange is expected to
generate 2023 revenue in excess of $4.0 million. For the first nine
months of this year alone, the administration of over 160,000
clinical rotations at 600+ healthcare organizations using
myClinicalExchange has been completed.
When a student uses myClinicalExchange, they are instructed to
sign up for a free hStream student account and establish their
unique hStream ID that remains with them throughout their
professional career. This has resulted in over 50,000 new
individual hStream student accounts (note: free student accounts
are not counted in the Company’s overall reported hStream
subscription metric) being setup over the last eight months.
Training, and other professional certifications that students earn
through HealthStream are then available to seamlessly transition
with them as they take the critical step of joining the healthcare
workforce. This generates new efficiencies for both the student and
the healthcare organization that hires them. From HealthStream’s
perspective, having these nursing students in the HealthStream
network with a unique hStream ID also opens the door via e-commerce
for their optional purchases that will enhance both their
capabilities and job prospects.
HealthStream’s market expansion also includes outreach directly
to nursing schools, who may opt to purchase education bundles at an
enterprise-level for their student nurses. For example, in the
third quarter of 2023, one of the largest nursing schools in the
U.S. completed an enterprise purchase of the American Red Cross
Resuscitation Suite from HealthStream. Following their examination
of marketplace options, they signed a four-year agreement for their
nursing students. HealthStream has subsequently launched a
marketing initiative to offer various education bundles to other
top nursing schools in the country as well.
Approximately 320,000 registered nursing degrees are awarded
annually, along with approximately 84,000 practical nursing (LPNs)
and nursing assistants (CNAs) associate degrees and certifications,
respectively. Across these disciplines (i.e. RNs, LPNs, and CNAs),
each of the nursing programs differs in the number of years of
education/training, examinations/certifications, and the number and
types of clinical rotations required—as well as individual state
requirements. Collectively, there are approximately 1,000,000
active nursing students in the U.S. at any given time.
“HealthStream’s passion has always been to support healthcare
professionals in delivering outstanding patient care—and now we’re
excited to start on that journey with nursing students before they
even start their first job,” said Robert A. Frist, Jr., Chief
Executive Officer, HealthStream. “We’d love to have all one million
nursing students in our network to give them a head start in
launching brilliant careers. Nursing students, as well as their
future employers, all benefit from HealthStream’s decision to
expand its network in this new market, which enlarges our overall
total addressable market from its prior 11.2 million healthcare
professionals to 12.2 million.”
About HealthStream
HealthStream (Nasdaq: HSTM) is the healthcare industry’s largest
ecosystem of platform-delivered workforce solutions that empowers
healthcare professionals to do what they do best: deliver
excellence in patient care. For more information, visit
http://www.healthstream.com or call 800-521-0574.
This press release includes certain forward-looking statements
(statements other than solely with respect to historical fact) that
involve risks and uncertainties regarding HealthStream. These
statements are based upon management’s beliefs, as well as
assumptions made by and data currently available to management.
This information has been provided in reliance on the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
HealthStream cautions that forward-looking statements involve known
and unknown risks, uncertainties, and other factors that may cause
actual results, performance, or achievements to be materially
different from future results, performance, or achievements
expressed or implied by such forward-looking statements, including
as the result of risks referenced in HealthStream’s Annual Report
on Form 10-K for the year ended December 31, 2022, filed on
February 28, 2023, and in HealthStream’s other filings with the
Securities and Exchange Commission from time to time. HealthStream
undertakes no obligation to update or revise any such
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231205950485/en/
Mollie Condra, Ph.D. Vice President, Investor Relations &
Communications HealthStream (615)-301-3237
mollie.condra@healthstream.com
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