HealthStream Expands its Total Addressable Market, Targeting 1,000+ Nursing Schools & 1,000,000+ Nursing Students

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.