NASHVILLE: HealthStream has acquired substantially all of the assets of myClinicalExchange LLC, a Denver-based information technologies company, for approximately $4.5 million in cash, subject to customary purchase price adjustments.
Through the acquisition, HealthStream gains myClinicalExchange’s SaaS application that allows healthcare organizations to track, manage, and report the intern and clinical rotation educational requirements of medical, nursing, and allied healthcare students, as well as host required documentation for medical residents.
The myClinicalExchange application has been used by approximately 400 hospitals; 1,000 colleges and universities; and 50,000 medical, nursing, and allied healthcare students, annually.
“Right now, millions of healthcare professionals know HealthStream well and regularly utilize our platform,” said Robert A. Frist, Jr., Chief Executive Officer, HealthStream.
“By adding myClinicalExchange, tens of thousands of medical, nursing, and allied healthcare students will join our user network, which I believe will add value to them in their careers, while healthcare organizations will benefit from early access and development of the new, upcoming classes of healthcare professionals. It’s an exciting opportunity to introduce innovative synergies to the healthcare workforce.”
Every year in the U.S., medical, nursing, and allied healthcare students are required to fulfill clinical rotations in a healthcare organization (primarily hospitals) as part of their educational programs.
Hospitals, in turn, are responsible for managing their requests for rotations, tracking and ensuring compliance of their rotations, and ensuring that proper credentials are in place for their working in their organizations with patients. myClinicalExchange’s ability to streamline these processes for both the student and the healthcare organization has made it a market-leading solution for this niche, critical area of workforce management.
“HealthStream’s leadership as the healthcare industry’s premier workforce solutions provider makes them ideally positioned to add myClinicalExchange to their ecosystem,” said Shekar Jayaraman, founder, myClinicalExchange.
“Our myClinicalExchange application is consistently praised by some of the largest healthcare systems in the country—and the opportunities that HealthStream can now add will benefit everybody.”
Following the acquisition, current customer support for the myClinicalExchange application will remain in place. Executive oversight of the myClinicalExchange business will be provided by Trisha Coady, Senior Vice President & General Manager, Clinical Solutions, HealthStream. The myClinicalExchange application will be included in HealthStream’s Workforce Solutions business segment.
“We have an exciting vision for further supporting healthcare organizations in their hosting of medical, nursing, and allied healthcare students who are fulfilling critical components of their education with clinical rotations,” said Trisha Coady, Senior Vice President & General Manager, Clinical Solutions, HealthStream. “I would like to extend a warm welcome to myClinicalExchange’s customers, users, and employees as we work together to achieve that vision.”
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