How HealthStream is strengthening its credentialing business
Acquisition of Morrisey Associates helps it fill in gaps in workforce management line.
HealthStream has been in acquisition mode in recent years, and has just announced another move.
HealthStream has paid $48 million to buy Morrisey Associates, which offers Web-based provider credentialing software that operates from onboarding through reappointment by automating online applications, primary source verifications, contract and network management, credentialing packet reviews and peer reviews. The price represents about four times revenue for Morrisey in 2015.
Morrisey also offers the Privilege Content and Criteria Builder software to verify that clinicians are qualified to perform specific procedures. There are four major vendors of this in the industry, and the company now owns two of them, says Mollie Condra, vice president of investor relations and communications at HealthStream, a software vendor that offers workforce development, talent management and patient experience software.
One of the two vendors is Healthline, a workforce management vendor that HealthStream acquired in September 2015. Healthline’s products include a master provider database and a contact center called EchoAccess to support population health management for accountable care organizations, medical homes and integrated delivery systems.
Echo Access services include automated outbound calling of patients for post-discharge follow-ups, streamlined transitioning of care using best practice protocols from Cleveland Clinic, processes to enable shorter appointment wait times, coordination of referrals and support for physician-to-physician consults. Further, HealthStream previously bought SyMed, a credentialing/privileging subsidiary.
A notable addition for HealthStream in the Morrisey buy is a comprehensive, vetted library of delineated privileges for more than 100 adult and pediatric specialties, Contra says. “We didn’t have this type of library.”
The library, she explains is an online resource for competency statements, which are criteria lists to aid provider organizations in determining, for instance, if a knee surgeon is competent enough to be granted privileges.
HealthStream has paid $48 million to buy Morrisey Associates, which offers Web-based provider credentialing software that operates from onboarding through reappointment by automating online applications, primary source verifications, contract and network management, credentialing packet reviews and peer reviews. The price represents about four times revenue for Morrisey in 2015.
Morrisey also offers the Privilege Content and Criteria Builder software to verify that clinicians are qualified to perform specific procedures. There are four major vendors of this in the industry, and the company now owns two of them, says Mollie Condra, vice president of investor relations and communications at HealthStream, a software vendor that offers workforce development, talent management and patient experience software.One of the two vendors is Healthline, a workforce management vendor that HealthStream acquired in September 2015. Healthline’s products include a master provider database and a contact center called EchoAccess to support population health management for accountable care organizations, medical homes and integrated delivery systems.
Echo Access services include automated outbound calling of patients for post-discharge follow-ups, streamlined transitioning of care using best practice protocols from Cleveland Clinic, processes to enable shorter appointment wait times, coordination of referrals and support for physician-to-physician consults. Further, HealthStream previously bought SyMed, a credentialing/privileging subsidiary.
A notable addition for HealthStream in the Morrisey buy is a comprehensive, vetted library of delineated privileges for more than 100 adult and pediatric specialties, Contra says. “We didn’t have this type of library.”
The library, she explains is an online resource for competency statements, which are criteria lists to aid provider organizations in determining, for instance, if a knee surgeon is competent enough to be granted privileges.
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