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HealthcareSource Reports Record Growth in 2011

WOBURN, MA – February 14, 2012 – HealthcareSource®, the leading provider of talent management solutions for the healthcare industry, today announced that it had record new bookings and invoicing for fiscal year 2011. New bookings year-over-year were up over 100% and overall invoicing was up over 40%. The company also had strong adjusted EBITDA margins (earnings before interest, taxes, depreciation and amortization) and announced a number of significant accomplishments and initiatives to support continued growth in 2012 and beyond. As a private company, HealthcareSource does not release full earnings or financial information.
 
HealthcareSource added more than 100 new name clients in 2011, including a number of high profile health systems such as: Sisters of Mercy Health System, Lester E. Cox Medical Center, Methodist Medical Center, Medical Facilities of America, and University Health System. “HealthcareSource technology has helped us make huge improvements in how we recruit, orient and retain our people,” said new client Megan Groover, Director, Talent Acquisition and Relationship Management at Grady Health System in Atlanta, Georgia. “Position Manager® has given us a powerful automated applicant tracking system to take our process from paper to digital, while also enhancing the onboarding process to create a warm and welcoming experience for new hires. Additionally, TestSource® now allows us to do pre-employment behavioral assessments of candidates and to train hiring leaders in behavioral-based interviewing to focus on bringing in top talent.”
 
HealthcareSource also announced a number of accomplishments and milestones in 2011:
* Revenue renewal of 97+%
* Increased total workforce by 33%, growing to more than 150 employees
* Processed over 12.8 million job applications and 439,000 hires through Position Manager applicant tracking software, representing an annual growth of over 1 million job applications
* Dramatically increased adoption of TestSource, the leading behavioral assessment for healthcare, with more than 1 million assessments taken
* Grew adoption of Performance Manager®, a leading performance management and learning solution for healthcare, with over 40 new clients and 56% growth in performance appraisals conducted
* Released Sourcing Manager(sm), a new solution for job posting distribution and recruitment sourcing metrics
* Updated the HealthcareSource job board, one of the leading healthcare job boards, with a completely new look and feel and additional functionality for job seekers
 
“To be successful in a competitive market like cloud-based talent management solutions, you have to focus on innovating and keeping clients satisfied,” said Peter Segall, President and CEO of HealthcareSource. “This is easy to say, but not easy to do. We attribute our continued success to an unwavering focus on client satisfaction — it drives everything we do as a company.”
 
“Our research shows that the healthcare industry needs to evolve its talent management approaches,” said Kim Lamoureaux, Senior Director, Research Practices, Bersin & Associates. “HealthcareSource is dedicated to doing so and is cognizant of how quickly (or slowly) this can happen within such a complex industry, filled with cost constraints, regulation and old-school mentality. This awareness is vital for understanding the readiness and pace at which changes and improvements can be implemented. HealthcareSource offers a good balance of automation and best-practice implementation.”
 
HealthcareSource was recently rated in a KLAS Research report* on Human Capital Management in healthcare.  The report stated that “HealthcareSource is the clear market share leader in Talent Acquisition and received one of the highest functionality scores. Customers gave the product praise for its functionality and ease of use for both staff and applicants; they also gave the company kudos for working with them through the implementation and offering high-quality ongoing support. The combination of a solid product and responsive customer support helped HealthcareSource claim the top spot in Talent Management.”
 
About HealthcareSource
 
With over 1,700 healthcare facilities as clients, HealthcareSource is the leading provider of talent management software for the healthcare industry. Through its cloud-based solutions, HealthcareSource helps healthcare organizations source, hire, assess, develop and retain the best workforce possible in order to reduce costs and to improve patient satisfaction and safety. The company’s talent management software solutions include applicant tracking, onboarding, performance management, behavioral assessments, reference checking, physician recruiting, and candidate sourcing. A private corporation, HealthcareSource focuses exclusively on the healthcare industry and consistently earns high marks for client satisfaction and retention. HealthcareSource was named 2011 category leader for Talent Management by KLAS Research. For more information, visit www.healthcaresource.com.