Press Ganey adds to patient experience portfolio with $65M acquisition: 4 things to know

Press Ganey acquired HealthStream's patient experience and engagement businesses as a part of recent agreements with the health IT company.  

Here are four things to know, as reported in news releases from both companies.

1. Through the acquisition, Press Ganey will add HealthStream's patient experience and engagement clients to its platform. Press Ganey already has more than 26,000 healthcare organization clients.

2. The acquisition is valued at $65.5 million in cash, with $50 million expected in after-tax proceeds. As part of the transaction, HealthStream's board is declaring a special dividend of approximately $32.5 million for shareholders from the proceeds. That is expected to be paid in April.

3. Under a second seven-year agreement between HealthStream and Press Ganey, HealthStream will offer Press Ganey's curriculum, courses and certificate programs on its workforce development platform.

4. Both organizations expressed enthusiasm over the agreements in separate statements.

Press Ganey CEO Patrick Ryan said the arrangement "offers our new HealthStream clients and existing partners the benefits of Press Ganey's integrated suite of solutions combined with access to HealthStream's leading workforce platform resources. We are excited about the opportunity to further support physicians and nurses at the front lines in their mission to deliver safe, high quality, patient-centered care."

HealthStream CEO Robert Frist Jr. said: "With insights derived from its more than 30-year history of working with healthcare leaders across the continuum of care, Press Ganey will enhance HealthStream's workforce development and knowledge resources."

 

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