Brookdale Senior Living has signed a five-year contract with HealthStream to use the latter's learning and competency software products for its workforce training programs.
The two locally based companies, who did not say how much their deal is worth, say they also will jointly develop courseware that targets the needs of the senior living workforce. Brookdale employs about 50,000 caregivers around the country.
“Through our agreement with HealthStream, we are investing in the continued development of our associates who are continuously fulfilling our mission to enrich the lives of our residents and their families,” said Glenn Maul, Chief People Officer, Brookdale Senior Living Inc. “We look forward to working with HealthStream to implement their solutions and partner with them to develop learning tools that will benefit the senior living industry.”
HealthStream CEO Bobby Frist earlier this year outlined his plans to take the company into the post-acute care space, which hasn't developed a robust set of workforce compliance and education offerings. The move echoes HealthStream's other forays into new markets and products, the most notable of which has been a joint venture with Norway's Laerdal that is focused on simulation products.
Shares of Brookdale (Ticker: BKD) were up about 1 percent to $29.71 on Thursday afternoon and have risen almost 20 percent so far this year. HealthStream (Ticker: HSTM) was down slightly on the day, but still is changing hands near its all-time highs.