HealthcareSource reports strong growth in 2009

HealthcareSource, a provider of talent management solutions for the healthcare industry, announced strong financial and business results for 2009. During the year, the Company achieved revenue growth of more than 26 percent in 2009 over 2008, while establishing a leadership position in the performance management for healthcare industry with significant client adoption and product enhancements. Additionally, HealthcareSource continued its tradition of strong client satisfaction by adding industry partnerships, client programs, and talent to its employee base.

"2009 marked a significant milestone in our company's growth," said Peter Segall, CEO of HealthcareSource. "It was a year when HealthcareSource became a complete talent management solution provider for the healthcare industry. The combination of strong client adoption of our performance management solution with our more than 1,000 Position Manager applicant tracking clients positions us at the pinnacle of the healthcare talent management industry."

HealthcareSource Business and Financial Highlights in 2009

New sales and client retention show strong results:

• 114 enterprise sales of Position Manager, Onboarding, and /or Performance Manager. These included 19 replacement sales, whereby new clients selected HealthcareSource to replace their existing applicant tracking or performance management solution.
• Strong client retention, with more than 96 percent of clients renewing or expanding their annual contacts.
• Expanded presence with large enterprise healthcare systems, with new or expanded sales to United Health Services, Caritas Christi Health Care System, Central Health, Trinity Health System, Dartmouth-Hitchcock Medical Center, OSF Healthcare System, St. John Health System, Oakwood Healthcare System, Resurrection Health Care, Catholic Health System, Virginia Commonwealth University Heath System, Clarian Health, Mayo Health System, and MaineHealth.
• Strong financial standing continued, including substantial growth in profitability alongside low debt and a strong cash position.

Leadership position in employee performance management established:

• Performance Manager 3.0 released – The latest product version, announced in November, added feature and usability improvements to competency management, reporting, scheduling, and configuration. New sales of Performance Manager doubled over 2008 sales. Initially released in 2007 as Version 1.0, it is currently used by more than 200 hospitals and healthcare facilities nationwide.

Company partnerships and programs provided clients with additional value without higher costs:

• HealthcareSource became the exclusive Preferred Integration Partner of the American Hospital Association (AHA) Career Center.
• Three Preferred Integration Partners for background screening (Certiphi Screening®, HireRight, and Universal Background Screening) made available to clients with no cost integration as well as more than 15 Certified Integration Partners.
• TestSource selected as HealthcareSource's Preferred Integration Partner for testing and assessments.
• New client-focused and client-driven programs launched including: HealthcareSource Strategic Advisory Council; HealthcareSource Talent-in-Talent Award; HealthcareSource Community Marketplace

HealthcareSource team and offices expanded:

• Senior management team strengthened with hiring of Mark Connolly as VP of Sales and David St. Pierre as VP of Engineering and CTO.
• Company headcount increased by more than 20 percent to help position the company for future growth.
• Corporate headquarters moved to the new TradeCenter 128 in Woburn, Massachusetts.

"HealthcareSource defied economic growth indicators and expectations in 2009. A key part of our success over the past year had to do with our mindset of investment – in development, resources, ideas, and leadership. By building upon our established foundation of great products and attentive client service, we cleared the path for HealthcareSource to continue growth and innovation in healthcare talent management in 2010 and beyond," Segall added.

About HealthcareSource
With more than 1,000 hospital clients, HealthcareSource is the leader in talent management for the healthcare industry. Through its software-as-a-service solutions, HealthcareSource helps hospitals acquire, develop, and retain the best workforce possible in order to maximize the quality and efficiency of patient care. The company's talent management solutions include performance management, onboarding, applicant tracking, and a leading healthcare job board. A private corporation, HealthcareSource focuses exclusively on the healthcare industry and consistently earns high marks for client satisfaction and retention. To learn more, please visit www.healthcaresource.com or call (800) 869-5200.