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In the last year the company also purchased CME/CE companies Rievent Technology and CloudCME
HealthStream is a provider of workforce and provider solutions for the healthcare industry, supplying organizations with workforce development, training & learning management, nurse & staff scheduling, clinical education, credentialing, privileging, provider enrollment, performance assessment, and managing simulation-based education programs.
Over the last year or so, the company has put a particular focus on bolstering its CME (continuing medical education) and CE (continuing education) management software solutions through a series of acquisitions, starting with Rievent Technology, a SaaS-based continuing education management and delivery application, in December 2021, followed by CloudCME, an application for managing all aspects of continuing education within a healthcare organization, in May 2022.
On Tuesday, the company announced a third acquisition in the CE/CME space, buying what it refers to as "substantially all" of the assets of Electronic Education Documentation System (eeds), an online CE tracking system for healthcare professionals. The cost of the purchase was approximately $7 million.
The Ashville, North Carolina-based eeds allows its users to retrieve their CE transcripts and attendance certificates.
It's solution includes a self-reported credit feature that makes it easier to earn credit for self-study courses, journal clubs, and presentation research, while also allowing its users to get their certificates and transcripts instantaneously. It also provides an Audience Response System that displays questions on attendees’ devices and records real-time responses, while participating CE sponsors are allowed to make course materials available online, and speakers can also use eeds to upload materials for attendees.
CME and CE are important areas for HealthStream's customers because many hours of CME and CE are mandated, with the amount and frequency depending on the specifications of each state.
In 2021, approximately 204,000 accredited educational activities were held or offered, where approximately 49,800,000 individual CME/CE learning experiences were completed, a 10% increase year-to-year.
For hospitals or health systems to earn and maintain an “accredited” status by the Accreditation Council for Continuing Medical Education, which allows them to create, designate, and award continuing education credits, hospitals are responsible for demonstrating that they meet ACCME requirements for delivering independent CME.
Part of what eeds does is streamline this process and help support the hospitals get and keep this status.
“Rievent Technology, CloudCME, and eeds were all founder-led businesses prior to joining HealthStream,” Michael Collier, Executive Vice President, Corporate Strategy & Development, said in a statement.
“HealthStream’s ability to acquire three of the most respected CME/CE management companies in the industry in the matter of a year speaks volumes about the confidence that these founders have in HealthStream’s commitment to improve the quality of healthcare and be the best home for their businesses, employees, and customers going forward.”
Going forward, Karl Wilkins, the former CEO of CloudCME and a current Vice President at HealthStream, will lead HealthStream’s specialty business line of CME/CE management applications. He will be responsibie for the management, growth, and future integration of all three of these applications.
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