Good morning, everybody. Welcome to HealthStream's Investor Day. I'm Mollie Condra. I'm Vice President of Investor Relations and Communications. Thank you all for joining us today. We have a great lineup of speakers, and I'm really excited to get started. One thing you should know about the program today, we will be having a break, and we'll have an insightful video playing during that time. I'll tell you what, I'll just give you a heads up about that video that's coming. You'll see our management team in a whole new light, and that's all I'm gonna say about that right now. If you have questions today throughout the program, I would urge you to keep notes, write them down, and then you may wanna follow up with me directly to consider scheduling a meeting with management. I would love to hear from you.
Before we get started today, I want to remind you that this Investor Day program and presentations may contain forward-looking statements regarding future events and the future performance of HealthStream that involve risk and uncertainties that could cause the actual results to differ materially from those projected in the forward-looking statements. Information concerning these risks and other factors that could cause the results to differ materially from those forward-looking statements are contained in the company's filings with the SEC, including Forms 10-K and 10-Q. Additionally, we may reference measures such as adjusted EBITDA, which is a non-GAAP financial measure. For more information about the non-GAAP financial measures presented, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in these presentation materials, which are available on the HealthStream Investor Relations website.
With that in mind, I'll present to you our first speaker, CEO Bobby Frist.
Well, welcome, everyone. I'm so excited to be here and kick off this process. We've got an incredible agenda lined up by lots of great management team members. We're calling from downtown Nashville, Tennessee, with a backdrop here of growing and hustle and bustle city, and we're gonna share the vision for HealthStream and the things I'm most excited about. In many ways, even after 32 years, this is the most exciting time in the history of HealthStream. New technologies are emerging that make new business models possible, and at the same time, we've assembled an incredible array of employees to help execute our vision. I'm gonna summarize the talk in kind of four bullets, and then we're gonna expand on it for the next three hours.
The first I wanna tell you about is that if you wanna invest in a company, you should invest in a company with 1,100 employees that are all pulling in the same direction. It's an amazing accomplishment. We've built this incredible culture and company behind this vision statement. Our employees enjoy working at HealthStream and enjoy shaping the future of healthcare. We're so well aligned in what we're doing. We have great employees that love our vision. Let's take a look at the vision. Our vision is captured in a document we call our Constitution. We've had this document for nearly 15 years. If you like investing in a team that has consistency, purpose, and trajectory, you're investing in a team that does that. Our employees know and believe in our vision statement, and you can see two things from our vision statement.
First, it places us squarely in the healthcare industry, and second, we're all about the people of healthcare. In fact, the people of healthcare are the ones that take care of us when we're sick, and HealthStream is the company that takes care of them and helps them do their jobs better and more efficiently. 96% of our employees say that our vision statement inspires them. Our employees are amazing in lots of ways. We have an employee-driven culture. Our teams rally around everything from making sure our company is compliant and forward-looking in its DEI programs, to making sure we have community outreach and programs like our Streaming Good program. You'll hear more about that later. Our employees rally around the cause. The cause today is our Constitution. Our Constitution outlines our business practices, how we're going to get there, and where we're going.
All of our employees are familiar with and study our Constitution. It'll be referenced many times throughout this morning. You can see here that our employees think highly of us as an organization, and I think highly of them. They are amazing. They build beautiful products that change people's lives. Our employees really care about what they're doing, and they make great things happen. The second thing we're gonna talk about is the industry we're in and the way we approach it. We have three primary subscription-based SaaS application suites. When I say suite, I mean suite. They're robust suites that focus on the areas of learning, credentialing, and scheduling. Underneath each of those is a robust set of applications and capabilities that we'll expand on throughout the morning.
The healthcare industry, of course, is massive and large, and you'll hear about how we focus in on about 10.9 million healthcare workers that are focused on the delivery of care through these three primary service applications: learning, credentialing, and scheduling. You can see here, next, the size and scope of the industry and its rate of change. It's really an amazing industry. It's an exciting time. The models for care delivery are changing, and HealthStream has to help the workforce be there with those care delivery changes and the models that are changing. Here, brief descriptions of the three primary application stacks. You can see the focus on learning, the people of healthcare. We really need to help them have time to competence.
We need to help the nurses get away from the classroom and to the patient bedside in the most efficient way possible. You hear about our emerging technologies and use of AI in training and developing and cross-training staff. Our impact during COVID, when staff were short in one area of the hospital, they had to get ready to practice in another area, and our intelligent learning systems can help them get ready for those new jobs and new roles. In credentialing, we have to make sure the right people are on the job. It's kind of the gatekeeper to quality credentialing, the whole process of making sure you are who you say you are, and you can do what you say you can do. The credentialing process is vitally important to maintaining quality in healthcare.
In scheduling, there's nothing more important than making sure you have the right people in the right place with the right skills at the right time. Scheduling kind of brings it all together. We have both business principles and hypotheses we're testing in each of these fields to advance them and make us number one or number two in each of these three dynamic areas in healthcare delivery. Next, you're gonna hear about our emerging platform that's pulling it all together. Our HealthStream hStream platform strategy. It's both a platform, meaning a technology, and a subscription. You're gonna learn a lot about the hStream platform strategy. Essentially, it's the thing that brings everything together and makes them interoperable. It gives us leverage between the different application stacks, and it makes portability of data easy across these application suites.
Our platform strategy is what will enable us to ultimately build a very powerful ecosystem. The participants in the ecosystem, as you can see here, health systems, millions of healthcare workers, and all kinds of partnerships to bring value to one another in this ecosystem. The hStream platform is kind of the part, the system, the infrastructure that will bring that all together and create both interesting new business opportunities and also ways for people to participate in our ecosystem in new ways. We're also announcing, and we'll have a detailed look at the financials of the company, but we're announcing enhanced medium-term objectives. Medium-term objectives are different than guidance.
We wanna be clear, we will not be providing guidance in this call, but we have decided to provide a little bit of a look at the type of company financially we want to become. You can see here in the next slide that we're beginning to outline kind of longer term objectives. We feel we're getting to the place of growth in our company that we can set forward these kind of targets. I'll review them quickly. From a revenue standpoint, we believe we'll grow 7%-10% per year for the next three years. Now, that's a mixture of inorganic and organic growth. We project 5%-7% organic growth across our portfolio of products, and 2%-3% per year on average, through inorganic growth.
Together, we're looking at a 7%-10% total growth rate across the company in the next three years. Remember, these are objectives, not guidance, but they will shape our behavior. The other thing that you're seeing is that we believe our gross margin profile can be boosted again in the same three periods. We have moved our gross margin from mid-50s%, say 57%, up to the 61%-62% in the last year and a half. What you're gonna see here is in this projection, we can see another improvement in the range of gross margins that we think we can deliver through this emerging platform strategy that we'll talk in great detail about. Then finally, on adjusted EBITDA margin. The last time we provided objectives, this number was the 17%-21% range.
Here you can see we're providing additional color that we believe that over the three-year periods, we can deliver a higher adjusted EBITDA margin on the businesses that are growing at the 7%-10% rate. We're excited for these objectives. Remember, this is not next quarter's guidance or even a reaffirmation of this year's guidance. These are objectives that we believe we will achieve over this medium-term range. This is important to state because those of you who followed the company for a while know that we're coming off a period of great transition in both our business model and throughout that transition, we've made some improvements to gross margin.
We've had some revenue challenges over the years as our partnership models have changed, that in the last 24 months have created an apparent top line, that looked a little flatter than maybe in the prior decades. However, we're emerging out of that now, and the past is the past. We think we have a more diversified, stronger model that will have improving gross margins and stronger EBITDA contributions from our product sets. We couldn't be more excited about this financial profile. Now, I think what I'll do here is take a look at this slide. It kind of captures the essence of the business from lots of different dimensions. One, you see here, a health system out in Oklahoma with nearly 9,000 employees.
The first thing you might note is that we've grown the value per person, per year of that account over a long period of time. The first thing you see is we've had this customer since 2007. What is that? 15 years to 2022. Over 15 years, we've been able to layer subscription after subscription on these application sets to grow the revenue per employee to $131. The other thing that this tells you is that we have the existing product mix already built, ready to deliver, that we can cross-sell and grow the revenue per employee up to 8x where we start them.
That's exciting to me, too, because there's a lot of built-in growth to our business as we get better at how we manage the bundling and strategies to get more of our products consumed in these health systems. Next. Now one more. It's the same kind of thing here, but you can see the larger employer, 28,000 employees. Again, since 2006, longtime customer. You can see some of the product subscriptions they've added over time at the bottom there. A nice blend of our different solution sets and product families. Here is another, you know, eight, almost 8x, 9x growth in the revenue per person per year, times 28,600 employees.
An incredible story of account management. Long-term development, a great opportunity, synergy between and among products, and all of that will only be enhanced by our emerging hStream platform technologies and our hStream subscription services. We can't wait to have each person stand up and tell you more about what we're building, how we're gonna get there, and these objectives are gonna shape our behavior and operations over the next several years. I want to go ahead and spend just a minute, introducing our Constitution. Again, this document will be available to you. It's a robust document. It tells where we're going and how we're gonna get there. It was created in response to employees coming to me over the years, asking how can I contribute to the growth of HealthStream?
I've always told them since this document's been out, if you take your idea and you turn the pages of the document, and you start on the first page, improving the quality of healthcare by developing the people that deliver care. If you start there and you pass, it's healthcare, and you get to the very back of the document, and you're still, your product idea and your service does these things, delights customers, has an impact on on actual outcomes. You go to the very, very back, and our strategy is encapsulated in these, almost a layman's version of our strategy. What I'm most excited about here, if you look at some of these business principles, we call them business principles. They're our strategy in layman's terms. They allow every employee to contribute to the strength and direction of the company.
What I would say, which is really exciting, these have been largely the same for 15 years. The era of building an ecosystem and creating a network effect is here today. You'll hear about the new emerging products and platform technologies that will help us build a truly dynamic ecosystem with millions of healthcare professionals involved in that ecosystem. Not just through the three application stacks, but by engaging in the lifelong development story for these people and these professionals. I couldn't be more excited to introduce our next speaker, Trisha Coady. One thing you'll notice about our leadership team is they are amazing. They can steer a ship. They know where they're going and how they're gonna get there. You're gonna hear that from each of them.
You know, Trisha Coady, for example, is a former flight nurse, so she's an RN. She is a former CEO. I believe four of our executives that you'll be hearing from have been CEOs before. They've raised money, they've made payroll, they've built business, and they've sold them. A lot of experience. Two of our senior executives have been CFOs of public companies. Financial discipline is built into our DNA. They're all amazing with advanced degrees, but most importantly, they care about people and results. We are building a company through these great people that are gonna deliver great results. With that, we'll take a little pause as we transition to video and introduce Trisha Coady, and she's gonna tell you about lots of areas of our business that we think are highly related, our learning and workforce development portions of HealthStream.
I look forward to seeing you at the end of this video as you pull out your wallet and make investments in HealthStream stock. Thank you.
Hi. Thanks, Bobby. I'm really excited to be talking to you today about our learning application suite. As a brief overview of learning, we offer SaaS applications for learning management, enabling authoring, delivering, tracking of both learning assets and CE and CME credit. In essence, our customers leverage these applications as their organizational learning hub for all of their employees and volunteers. They will use our applications for onboarding new staff, upskilling existing staff, and ensuring regulatory training needs are met annually. Because of that, we've been able to establish the most comprehensive content marketplace in healthcare, and I'll dive into that a little bit more later on. Our buyers generally include the chief learning, HR, nursing, or quality and compliance officers, as well as various specialty line leaders. Our key competitors include Cornerstone OnDemand, Relias, symplr, and RLDatix.
I'll talk to you a little bit about some of my favorite solutions in the learning application. The first one I'll speak to is the HealthStream Learning Center, our cloud-based learning management system, and by far the most adopted learning application in the industry. We count thousands of healthcare organizations as customers and their millions of employees on three-year subscription-based contracts. As I mentioned, HealthStream has the most comprehensive content marketplace in healthcare, which is made up of over 75 world-class partners, as well as our own HealthStream-developed content. Together, we're able to provide over 20,000 courses to meet our customers' varied needs and across their employee population. As an example, we've had a partnership with AORN, or the Association of periOperative Registered Nurses, for over 10 years now.
As the national experts in perioperative nursing, they've developed leading orientation and professional development programs, while HealthStream has been their exclusive distributor. Marketing, selling, and delivering their programs across our network and at scale through our learning application. By leveraging these synergies and being focused in healthcare, we're really able to drive deep engagement across this broad audience in healthcare. Second is our safety and compliance education that HealthStream itself has developed and managed for over 30 years. With these solutions alone, we see over 8 million completions each year, making us the trusted brand in the space. We've come to understand the complexities of both meeting federal requirements and customizing information like evacuation plans for local consumption. These high-margin solutions that we refer to as SafetyQ and ComplyQ leverage our internally developed content, our adaptive learning technology, and related data insights.
Essentially, we're helping organizations meet their OSHA and Joint Commission training requirements for every employee every year. Much like HealthStream Learning Center, we sell these solutions as an enterprise-wide subscription under a three-year contract, now approaching 3 million subscriptions annually. Third solution that I'm really excited about is relates to the work that we've done in resuscitation education. It's important to know that any clinical employee who interacts with patients or residents in a healthcare setting must be certified in CPR or life support at least every two years. Historically, we had enjoyed a long-running partnership offering AHA's resuscitation training, which was also one of the only programs being adopted by healthcare organizations at the time. In future slides, you'll see that I refer to this program as Legacy.
To help drive innovation and choice, however, in the market, we ended up launching an alternative to resuscitation education in January 2019 in partnership with the American Red Cross. I am so excited to share that in the first three years, the resuscitation suite was adopted in all 50 states, delivering a three-year CAGR of 127%, which we believe really speaks to the strength of our customer relationships as well as their desire for continued innovation. To give you a sense of scale, we're approaching 650,000 certifications issued since launch, and that is after taking the time to sell, implement, and roll out the program.
Finally, one of my personal goals was to cross the equitable margin mark in the first five years, and I'm proud to report that we accomplished that in the first half of this year. To dive a little deeper into that margin mark I was just referring to within our resuscitation portfolio, you'll see the Legacy portfolio on the far left here reached its peak in 2019, with HealthStream retaining only $21 million. Only three years later, the margin of our new resuscitation portfolio is delivering $22 million on the far right. I need to take a moment and give a shout-out to the HealthStream and American Red Cross teams on their very important work and amazing performance that they've delivered over these last few years. The American Red Cross has been such an incredible partner to work with.
They've really embraced innovation and the feedback our market had shared with us over the last number of years. We're very proud of what we've been able to accomplish together. Fourth and final solution that I'll share today, and you might have heard on other earnings calls, is about Jane. There are many reasons, you know, why building specifically for healthcare matters. One I'll call out is the average span of control. In healthcare, that exceeds 40 employees on a 24-hour clock versus other industries that average 10-15. That essentially forces healthcare to rely much more on self-driven or automated models for learning and engaging staff. That's one of the problems our Jane Solutions is really trying to solve. To summarize, Jane is a patented and award-winning intelligence that accelerates and individualizes competency development.
To put it more simply, Jane assesses a nurse's knowledge and critical thinking and then produces a personalized development plan. It also uses artificial intelligence and is tied to our platform taxonomy that you'll hear about a little later on in order to match learners with content. This allows us to focus each nurse's time focusing only on their gaps. Really critical in this space, given the amount of information a clinician needs to know in order to minimize the costly risk of medical errors and value-based reimbursement. We officially launched Jane in 2019 after acquiring and building upon Nurse Competency and PBDS, Performance-Based Development System, both of which were assessment-based businesses with more than 6,000 valid and reliable question assets. We also acquired two clinical content libraries to both improve our margin and flexibility with a strong foundation of recommended learning.
We were thrilled, of course, to achieve a patent, along with over a dozen awards for technology excellence through 2021 and 2022. The work our teams did to understand and consume the decades of acquired nursing assessment results and translate those into an AI model specific to healthcare workforce development has been just tremendous. Proof that Jane could solve such a big problem in healthcare came very quickly, as COVID pandemic began in 2020. With over 60% of clinical employees across the country needing to cover other units of care during the pandemic, focused cross-training was paramount. The University of Louisville Hospital, for example, as you'll see here with their quote, is an academic teaching and research hospital and part of UofL Health. I'll call your attention to this quote where they really helped to affirm what we were hoping that we would solve.
Jane allowed us to quickly evaluate and prepare nurses for transition into new care areas in response to COVID. It was great for us to get that feedback from our market. Finally, it's also been great to see how these acquisitions have improved our leverage. Since we now own the majority of the foundational content in our Netflix for CE model that Jane uses in its recommendations, we've been able to materially improve margin from 51%- 80%. By further layering in the acquired assessment content and building that AI and leveraging our platform, we've also been able to increase the price point given the added ROI that we've been able to deliver to our customers. I appreciate you all listening to the four solutions that I'm really excited about in our learning business.
Thank you all for listening. Really excited about the unique strength of our customer and partner network that has really made a lot of this possible. Now over to Michael Sousa, our SVP and President of VerityStream.
Thanks, Trisha. Hi, everyone. I'm Michael Sousa, Senior Vice President of HealthStream and the President of VerityStream. I'm excited to be with you today. Although I'm saddened, I'm the one management team member who is not in Nashville today. I'm visiting a client in Phoenix, and the backdrop is my hotel room in Phoenix. Next slide, please. I'm gonna talk about credentialing. You've heard us in earnings and our 10-Ks describe this as our provider solutions segment, and that's what I'll be discussing today. By way of background, our credentialing unit was formed through four acquisitions. We acquired Sy.Med in 2012, HealthLine Systems in 2015, Morrissey Associates in 2016, and CredentialMyDoc in 2019 for a combination of a $154 million investment.
What we have done in this unit is is deliver SaaS solutions to assess, onboard, manage, evaluate provider credentials and their competencies. Our typical buyer is chief medical officers or VP of revenue cycle, and we compete with companies such as symplr, MD-Staff, RLDatix, and plus a growing array of startups. What we did when we made these acquisitions is leverage all of the great components of these legacy solutions, and we said, "We're gonna build a best-in-class solution following the HealthStream playbook." What we did was build what we've described as a provider-centric solution. Historically, a lot of these solutions were built for the back office staff simply for compliance purposes.
We saw a different vision that increasingly the providers themselves are responsible for their credentials and their reviews and more, and we built from the ground up a solution to do that. The market response has been great. We saw a revenue growth of 90% in 2021, 80% projected for 2022. Over 575 clients have contracted for CredentialStream, which is what we call this best-in-class application suite. Today, our amazing sales team closes over three new deals a week. Not upsells, not renews. More than three new logos each and every week. It's incredible what our sales team is able to do and the response in the marketplace. Some of the things I'd highlight is CredentialStream is the first solution that accelerates the entire physician onboarding process.
Yes, credentialing, yes, enrollment and privileging, but that's not all. There are many other onboarding tasks to get to time to revenue, such as required learning, provisioning an EMR, setting up for marketing purposes, underwriting for insurance, and more. Our solution supports the entire life cycle of getting the physician ready to see patients and bill. First solution to do that comprehensive. We also, in doing that, we found that particularly in the last decade, most hospitals and health systems now have their own health plan. Historically, you've seen Kaiser and Intermountain Health and what have you and others have. A small number of others have a health plan, but now most health systems do. Do you know what we did? We built the industry-first solution to support health plans within hospitals. Why? 'Cause that drives time to revenue.
Lastly, because we have built the SaaS solution, all clients on the same version, all clients using the same shared data tables, we've been able to deliver the first national benchmarks on credentialing processes, privileging processes, enrollment processes, and more. We're excited about CredentialStream, and we're very excited about the market response. Next slide, please. I know there's a lot on this slide, but I wanted to highlight for the investor community, there is a lot of value to be unlocked in what we have built. I wanted to give you a sense of that because while I was so excited about the solution that supports the entire physician life cycle, I'm even more excited about embedded and unique and curated data sets that power CredentialStream.
For example, we have the preeminent library of privileges, qualifications, mapped ICD-10 codes across care settings, specialty, and provider type. In fact, when a privilege-granting organization contracts for CredentialStream, they leverage, they are required to leverage our privilege library. We also have a library around competency conditions, like what's required if you get a privilege, and it's the preeminent library there. We also have a library of performance indicators. For each provider in each specialty and each care setting, we have built a preeminent library of the metrics to be utilized for evaluating providers. That comes with CredentialStream. We also have built what we call vSource. These are shared data tables that all clients use. Let me just take a moment to describe.
In a credentialing or enrollment solution, you need to build data tables that have medical schools, facilities, payers, malpractice vendors, and many more. Historically, in the industry, clients were required to populate those data tables themselves. We have flipped it. For us, all clients receive more than 65 data tables that are embedded within CredentialStream. Everybody's on the same data tables. It could be crowdsourced, so within the application, people can request updates, and we have a team that's always curating this. There's updates every week. What that does, it allows us out of the box to drive automation and to exchange data among clients. Why has this not been done before? Because everyone was using different data tables. First solution to have shared data tables across all customers. It also includes every licensed provider in the U.S., continually updated.
We call that VerityStream Validated Providers. That's embedded within CredentialStream. It's not an empty vessel. Every provider is already in there, and we update that 5 million times per month. We've also built a blockchain specifically around work history and affiliation. Why did we start there? Because that's the most difficult to verify for our clients. As that's verified, it gets added to VVP. We have built a library of vContent, and what that is embedded workflows, applications, dashboards, supplements, surveys, payer forms that literally on day one, clients can leverage, again, because of those vSource tables. These are out of the box. For those of you who may be familiar with EMRs that like Epic that have content that you can leverage, it's very similar with thousands of pieces of that.
Lastly, we've built a roster library. Rosters are datasets for the payers. We built a solution for rosters and a library that people can, out of the box, have, rosters that can be automatically sent to the payers. It's in its infancy, but we have a growing library. The vision is in the launch of every roster that you could potentially have, we already have for you, and you can use it on day one. These curated proprietary data sets, data sets we believe are gonna unlock additional value in the years to come and one of the reasons we're very excited. Next slide, please. It's not just a great solution for time to revenue and these incredible, curated data sets.
We've also built CredentialStream, leveraging a lot of the vision that Trisha just talked about, as a one-stop shop for provider competency. What I'm talking about privileging, the privileging process, ongoing or periodic reviews for Joint Commission clients, that's OPPE-focused reviews, and case review. What we have done in this provider-centric model, combined with integration with EMRs, is that CredentialStream delivers unmatched capabilities to assess provider competency. What do I mean by that? Well, I talked earlier that we have this privilege library that's continuously updated that serves as a construct to assess providers for the procedures that can be performed at hospitals. But in addition, an industry first, we enable CredentialStream clients to, in near real time, see a dashboard of procedures performed by granted privilege.
Historically, in the industry, this was a very manual process. You press a button in CredentialStream, and it gives you a link to every procedure that related to that privilege. That's important to, for ongoing monitoring of competency. You can sometimes identify if there's a minimum requirement of procedures you need to perform, you can see that instantly. Sometimes there's a procedure performed, and it's not a granted privilege. In CredentialStream, that is instantly determined. In any other system, it's a manual process to track that down. We also have conditions that are automatically assigned and tracked to newly granted pros. You're gonna say, "What does that mean?" Well, sometimes when people get a privilege, the condition is the first five or 10 procedures will be proctored. Often that happens, but who's really tracking to see if it was proctored? CredentialStream does.
Instantly tracks, and there could be other conditions as well, go to the sim lab or more. We automatically track it and fulfill it. Lastly, what we're launching, and we're so excited about, in Q4, is what we call Smart Logic. With privileges, there's often a list of qualifications based on background, education, or certifications and more. How it works in all hospitals today is somebody looks at those qualifications and compares it to the provider's background manually. Or if you're actually in a medical staff office, you'll see two screens. People are looking at one and looking at another.
We have built a solution and built unique datasets that instantly compare those two, and so we can instantly confirm, yes, they meet those requirements, or here's some flags that they do not, both to reviewers and to the providers or the provider herself. Does not exist in the marketplace. We call it smart logic. In combination, CredentialStream isn't just the best solution to accelerate time to revenue and some of these unique, powerful datasets, but it's also the premier one-stop shop for provider competency assessments. Next slide, please. What I wanted to just highlight some data that you might find useful is that I said before that we built this provider-centric solution. In a little bit, we were the first to market with such an approach and wanted to see would the market follow the vision that we had created.
What you're seeing on the screen is the blue bars are the monthly active users in CredentialStream of administrators, and the green bar are the providers themselves. Our vision is becoming a reality. Just in August, nearly three times as many providers were in the solution as there were administrators. This isn't a hypothetical. This is real, and this is our day-to-day. We think this is going to unlock tremendous value for investors in the years to come. In the blue circles, we also because it's provider-centric, we have an unrelenting focus on the provider experience. We have a Net Promoter Score myself and my leadership team review every morning. What we've seen is the Net Promoter Score increase to over seven for, from, in the sixes.
You may look at those numbers and they're not off the charts, but you gotta remind, most of these providers aren't excited to have to do the credentialing or enrollment or more work, and so to be over seven, we think is great. We're going over eight because the providers like it, the reviewers like it, and we do believe this is transforming the market, and it's going to unlock value creation for us and for investors in the years to come. Next slide. This slide is one we're excited about, but you see we have some work to do. I've told you about the things I'm excited about. What this chart shows is the contracted CredentialStream subscriptions by quarter, and we're over 700,000. The market reaction has just been a lights out.
The blue is those that have been activated, and we bill upon activation, and the orange are those that have contract but are not yet activated. Really amazing growth, really amazing market reaction. We need to continue to work on getting clients activated. It can be a heavy lift. CredentialStream often replaces three or four or more legacy solutions at our clients. The effort to do that and to pull in the data can be a lift for a customer. We have an unrelenting focus on how do we help our customers do this and do it more effectively so that they can achieve and realize the value embedded in CredentialStream.
For investors, know that this is a key area of focus for me and my leadership team, and we're gonna see continued growth in the contract subscription and continued growth in the activated subscriptions as well. Next slide. We also have built a user community that we think is now the premier community for credentialing, privileging, and enrollment. This is the administrators, not the providers. We call it Thrive, and we provide a lot of thought leadership from VerityStream and more. We have more than 2,000 community members. This has been in place for only a year. We have nearly 400 active discussions. Clients have ideas, and people vote on them. We've had over 450 ideas submitted. Guess what? We deliver.
I'm incredibly proud of our product team, UI team, development team. Over 100 client-inspired enhancements every month. Where do these come from? They come from our community. So it's a crowdsourced solution. Think of it as a crowdsourced solution. That's why as great as CredentialStream is right now, it's going to be even greater a month from now. Why? Because there's gonna be 100 new enhancements next month and then the next month and then the next month, creating a real opportunities for value creation. Next slide. I'll just very quickly talk about something we're very excited about, we call HealthStream Workforce Validate. When we put together those acquisitions that I mentioned earlier, we wanted to create a market-leading company and solution, credentialing, privileging, and enrollment, and we believe we've done that.
We also want to create a parallel solution to do license verification, sanctions exclusion monitoring, certification tracking for all employees within a hospital or ambulatory surgery center. We have done that. We launched in May 2021, so we leveraged the assets, our APIs and expertise that we put into CredentialStream, and we created Workforce Validate. In just 14 months, we had 100,000 activated subscribers. Today, we do more than 2.5 new contracts, new logos per week. Quarter of a million contracted subscribers. This is leveraging the power of the hStream ecosystem that Bobby talked about earlier. If you're an hStream subscriber, you get license verification can be turned on, and we integrate with hundreds of primary source sites. Then the upsell is for certification verification, sanctions exclusion monitoring or more.
We're really excited that we've built this, and we're leveraging the power of our ecosystem very quickly. For investors, we did this with Workforce Validate. We have a number of other ideas right behind it where we can very quickly get to over 100,000 subscribers. Next slide. This is my final slide. This is a picture of the growth of those subscriptions for Workforce Validate. Again, the solution for license verification, sanction exclusions, and more for all employees. You see just that hockey stick growth. This is gonna continue to grow at a very rapid pace because of the power of hStream, which is this is built on the hStream platform and the hStream ecosystem. We're excited what we've done. We're excited about Workforce Validate.
We're also excited about what it shows this hStream ecosystem can be utilized for future solutions. For investors, here's what we do with Workforce Validate. I think we got a whole bunch of other ideas right behind this. That's my update on the credentialing space. I'm so excited about what we have done, but even more excited about what's to come. With that, I'm gonna turn it over to Scott McQuigg, who is the Senior Vice President of HealthStream and our general manager for our scheduling business. Scott?
Good morning. Thank you, Michael. I'm Scott McQuigg. I'm the senior vice president and general manager of HealthStream's Scheduling Application Suite. On behalf of my colleagues who work in our Scheduling Application Suite, I'm excited to share with you more about HealthStream's newest application suite, and that is Scheduling. As you may recall, in 2020, we made a powerful move into Scheduling with the acquisition of three products: NurseGrid, ShiftWizard, and ANSOS. Two of those products are SaaS nurse and staff scheduling products. That is ShiftWizard and NurseGrid. ANSOS is our legacy installed scheduling software. Our products are used in large health systems, in urban hospitals, in community hospitals, in rural hospitals, in skilled nursing facilities, and even in a variety of clinics in post-acute settings.
Oftentimes, we're working with the chief nursing officer or the chief human resource officer with support from the chief financial officer and obviously, information technology leadership. Our key competitors in this space are UKG Kronos, symplr's API Healthcare, and in the post-acute space, we compete with OnShift. I'm gonna share with you a couple of exciting overviews of our products that are a part of our HealthStream Scheduling Application Suite, and first wanna start with ShiftWizard. ShiftWizard is our fast-growing enterprise SaaS nurse and staff scheduling application, which is known in the industry for our streamlined workflow and our modern experience. Streamlined workflow is really focused on reducing the burden that too often comes with scheduling applications for the nurse manager. Modern experience is really another way of saying we're focused on taking complex scheduling needs and creating an intuitive, easy user experience.
We acquired ShiftWizard in October of 2020, and since then, we've been moving upmarket, meaning selling to larger healthcare organizations. Matter of fact, our average annual recurring revenue from customers has increased 25% over the last 18 months. Since our acquisition of ShiftWizard, we've won two of the largest sales in ShiftWizard's history. We continue to make investments in scalability and evolving the great product experience that's part of ShiftWizard. Examples of that are our new predictive census capabilities that we are introducing as part of ShiftWizard, where we help hospitals schedule to the predicted census. We're launching a new module called Acuity and Assignment Manager. It's a tool for charge nurses to take scheduled staff and actually place them based on their competency with patients based on patient acuity.
That's a very quick overview of our fast-growing, SaaS-based enterprise nurse and staff scheduling application in ShiftWizard. Next, I wanna take a few minutes and share with you an exciting story about NurseGrid. NurseGrid is the most adopted app for nurses. Matter of fact, we have over 400,000 monthly active users, which equates to one in eight U.S. nurses who are actively using NurseGrid. Nurses love NurseGrid. A matter of fact, we have 4.9 stars in over 80,000 reviews in the Apple App Store alone. NurseGrid is available on Apple and Android. Nurses love NurseGrid because it helps them manage their work and personal calendars. It helps them connect with their colleagues. One of the leading features of NurseGrid is the ability to share your schedule with your colleagues, and then nurses can coordinate work and non-work activities.
Matter of fact, we're able to help nurses complete shift swaps to give away shifts and also raise their hand to take an open shift. In addition to building network capabilities and connecting with your colleagues and managing your work and personal calendars, you're also able to store credentials and your work history. As I said, NurseGrid is available in the Apple App Store. It's also available on Android phones. Just this summer, we released a version of the app that's available on the watch, both the Apple Watch and Android watches, where you can quickly glance at your wrist and see your schedule and even accept an open shift. One of the most exciting things about NurseGrid is the continued growth of NurseGrid among nurses. As we've said, it's the most adopted app among nurses.
Today we have over 418,000 what we call monthly active users. That number is up 54% since we acquired NurseGrid in spring of 2020, and it's up 35% this year. What's maybe even more impressive than the top line growth in terms of total active users is the way nurses use the NurseGrid application. Matter of fact, 85% of our monthly active users log in on a weekly basis, and 45% of our monthly active users log in on a daily basis. We believe that kind of data demonstrates just how valuable NurseGrid is to nurses, and that is they're using it on a daily and weekly basis to check their schedules, connect with their colleagues, and coordinate work and non-work activities.
That's a very quick overview of NurseGrid, and as we said, it's available for nurses in the Apple App Store and on Android phones. I want to take just a moment and share with you a little bit more about ANSOS. You may know that ANSOS is really the originator of online nurse and staff scheduling. ANSOS has decades of experience building, helping customers and working with customers to address very complex scheduling needs, and in doing that in large healthcare enterprises. Matter of fact, we have over 100 large healthcare systems that use ANSOS' installed legacy scheduling software. As we move forward, we're working with our ANSOS customers to share with them the new features and enhancements, the productivity gains, and also the lower total cost of ownership that comes with our SaaS applications.
That's a very brief overview this morning of scheduling here at HealthStream, which includes ANSOS, ShiftWizard, and NurseGrid. Now I have the honor of introducing Terry Rappuhn. Terry joined HealthStream's board of directors in January of this year. Terry is gonna share some of her perspectives as a board member here at HealthStream. Thank you.
I'm a health system CFO and operator by background. By health system, what I mean is hospitals, inpatient and outpatient, rehab, home health, skilled nursing, really the continuum of care. I'm coming to the HealthStream board with the customer's perspective. I joined the HealthStream board because HealthStream provides solutions for the healthcare workforce. In a health system, what you really need is you need enough people, which is a challenge these days. You need people with the right skills to do their jobs, and you want people who are engaged. To have a healthy system, you really have to have all those factors, and you really need to take care of your employees. Anything that we can do to make the lives of people who work in healthcare better, that's what we should do.
If you think about what HealthStream does, what we do is learning. We're giving people the right skills to do their jobs, and we're doing it in a way that's engaging, interesting, and easy to digest. We're doing credentialing. I gotta tell you that credentialing can be a real nightmare. The manual parts, the follow-up, the interruptions, and people can't do their jobs, and you can't bill until you get the credentialing right. Credentialing and doing it seamlessly allows people to do what they wanna do, which is take care of patients. Then lastly, scheduling, giving the managers the information they need to fill their shifts. Really, you really wanna fill your shifts with employees and not use any more agency labor than you have to.
The credentialing solutions that provide the nurses and others more flexibility in their schedule and more control over their lives, these are important for our healthcare people. I was also drawn to Health, to HealthStream because of the technology. Back when I was a CFO, our CIO used to say that one particular unnamed vendor had the most integrated sales brochure that you would ever imagine. It's one thing to buy companies and technology, but it's entirely another thing to make those products interoperable across all of your products. The hStream platform is providing enterprise-wide workflows and data flows, which that's where you can really add value to the customer. The last reason that I'm on the HealthStream board is because the culture of the company.
I knew a couple of the board members just running across them in different healthcare situations over the years, and I knew that they were people of integrity, and I knew that they had a commitment to excellence. Now eight months in, I have to say that I'm happy I joined the board, and I'm looking forward to the journey of improving the lives of the people in healthcare. Next in the program, we've got a five-minute break. We're gonna have a short video of our Streaming Good program that will be playing on a loop throughout the break. We will look forward to seeing you again in five minutes.
Hello, everyone. I'm Bobby Frist, sitting here with Jeffrey Cunningham, our Chief Technology Officer. We wanted to bring up a couple interesting topics for investors related to the development of the technology platform. Before we do a deep dive with Kevin O'Hara, who's gonna talk a bit about the features, capabilities, and subscription model we're building around this integrated, exciting platform we call hStream. So Jeff has been with us about five years. We recruited him away where he was solving major problems for integrating identity management systems across healthcare. He served as CTO for several different companies, and we're so proud to have him on board. His organization has over 300 employees that build, develop, and manage all the technologies we've talked about today. He's done an amazing job organizing our teams with a mixture of both in-house development.
Although I think about in-house, and I don't know what it means anymore. You know that picture of me with that tie is from the day when we were all, you know, wearing ties in offices, and today we're almost completely virtual. Jeff has led a nearly fully virtualized development shop now for over two years of his five years here at HealthStream. Jeff, I was thinking, I have a couple of questions for you that I think would be interesting to shareholders. The first is, of course, how can we build to scale? The second is about our security model. I think both of those are really important in the healthcare world today. First, why don't you tell us a little bit about how you've achieved a scalable platform technology and the architecture you've taken?
Sure. Well, I think one of the things that is important that we talk about all the time in development is everything we roll out has to support hundreds of thousands of user interactions from day one. The three things that we really focus on that is one, making sure that we have a high degree of automation and we're leveraging cloud-based scaling capabilities so that as load ramps, we have the ability to just simply have an automated way of scaling out. Second is redundancy. If anything fails, that we have automated ways of filling in the gaps or providing fault tolerance. Finally, testing. You know, for all the great theory, it all comes down to testing.
We've really expanded out how we do performance testing, how it's baked into everything we do, so that we know that everything that rolls out can handle the scale that we have in front of us.
Any particular infrastructure partners or technologies that we're using in the development of our delivery?
Sure. We're a multi-cloud environment. We have extensive capabilities both in AWS as well as Azure. We use a product called Terraform that allows us to provide automation that goes across multiple clouds so that we can scale across different clouds depending on the need of the application.
It's been fun to watch Jeff build this team and lead us through this. You know, another issue that's really big for our customers in healthcare, with all the different privacy rules is security. I thought maybe Jeff could tell a little bit about our philosophy around security, something about the team that does it, and/or the methods by which we keep our system secure and safe.
Sure. Well, you know to me, you know, security is kinda ground zero. For all the things that we want to build, if it's not secure, then you know, that creates a problem that kinda cascades. It is something that is baked into everything we do. We have a very professional, very experienced security team. But even more than that security team has been able to implement security processes that are taken on by each development team, so that it's built into how we automate code, how we deliver code, how we test code to make sure that everything we deploy is secure. We see that.
You know, if you look at an external public site like SecurityScorecard that ranks sites, we maintain consistently high scores as a part of that. As we bring on new products, new partner applications, we have a process that we go through that steps through everything from perimeter security to detection and control to application security that makes sure that in each of those levels that we're maintaining a standard that we've set in the organization.
Well, with Jeff's leadership, we've earned the confidence of our customers on the security side. It is interesting to know, like in the purchasing process now, there are websites out there where you can check the security profile of the applications that you're buying. They're publicly available, and they're rated, and HealthStream always watches those ratings to make sure we keep them very high, 'cause customers watch them, and it affects the purchase decision. Jeff's done an amazing job making sure we're well positioned, our security practices are top-notch, and our applications are safe for all those that use them. Jeff, I wanna thank you for your leadership. You've got a massive responsibility to keep all these applications moving forward and building beautiful applications along the way. Thank you for your leadership.
All right. Thanks.
All right. Well, I'm gonna take just a moment. We're gonna switch over, and we're gonna hear from Kevin O'Hara. Kevin has worked at HealthStream. He was here for about a decade, and then he left to be the CEO of another company for over seven or eight years. We recruited him back. He's back to lead our efforts in building this platform you're hearing about, hStream, which is both a platform or a technology, but it's also a subscription service. It's gonna be interesting to hear about how he's positioning the platform technology as a subscription value add to our customers. In just a minute, we'll be hearing live from Kevin O'Hara, and then I look forward to seeing you guys again at the end to wrap up the investor day. Thanks, Jeff.
Hi. I wanna thank Bobby for that introduction. As he mentioned, my name is Kevin O'Hara. I'm the Senior Vice President and General Manager for Platform Solutions here at HealthStream. I'm gonna talk, as Bobby mentioned, about hStream. As Bobby indicated, hStream is two things that are very closely related. First, it's a subscription product that we offer to our customers, and second, it's a platform, a technology platform that underlies all of our products. First, on the subscription side. We've been very successful in selling hStream as a subscription to our customers, primarily today on the learning side of our business. On the learning side, we've sold over 4.4 million subscriptions, about 83% of the total number of subscriptions that we've sold. You can see from the chart how this has grown just over the last few years.
We've also sold hStream for credentialing. Now, each of these subscriptions is sold alongside our primary applications in each of our application suites. In learning, we sell it along with the HLC and some of our key content products. On the credentialing side, we sell it along with CredentialStream. You can see, again, 880,000 subscriptions that we sold to hStream for credentialing. We're also excited that we're gonna continue to expand this with hStream for scheduling, launching next year. We'll sell that along with our key products among our scheduling application suite that Scott McQuigg talked about earlier. What makes up an hStream subscription? An hStream subscription is intended to enhance the products that we sell it alongside. We've got three areas of components that we sell in a subscription.
The first are applications and content, and we'll go into all of these in more detail in the next slides. Second are member benefits. These are benefits like discounts or collaborative buying that we offer along with the subscription that are exclusive to those that are subscribers. Finally, our platform services. This is where the two elements of this, the subscription offering and the technology platform, come together. What are the benefits of a hStream subscription product? For our investors and for the company, this is a very high-margin product. As I noted before, we've got expansion opportunities across all of our application suites. We expand as CredentialStream expands, we expand as the HLC expands, and we will be expanding next year to cover our scheduling products as well. We also have pricing expansion opportunities.
We're always adding new value components to each of the subscription offerings. The components that you saw on the prior slide will be expanding over time. We've got several in the hopper already. Trisha Coady mentioned before our taxonomy. Taxonomy is one of the platform elements that we're working to add into the subscription over the next year. What the platform enables us to do is also offer differentiated products. What hStream does is add a layer of functionality on top of the base products in each area. This allows us to have a differentiated offering from our competitors. There are features and functionality that we're able to offer in a learning management system, for instance, that are not only specific to healthcare, but are unique among LMS offerings. I'll talk about that a little later.
What are some of the sample value components? Looking at the hStream for learning subscription, how do we translate the icons that we showed on the earlier slide into actual value for the customer? We'll talk about each of these areas as we move forward, but my team, for instance, is an application that's driven by widgets. For each of the subscription areas, that gets populated with widgets for that particular area. We've got 15 widgets that are available in my team that are driven by our learning applications. And the same thing follows through. I wanna highlight briefly on the content side, content is one element of a subscription offering. It's very valuable on the learning side. We have over 800 courses that we offer free of charge to our customers as part of their subscription.
A lot of these are for critical medical technology products that they use in their hospital, pumps and other products that are used every day by many of the individuals that are covered by this subscription. We'll run through more of these later, but I wanted to indicate that each of these areas has elements of these value components that are unique to that subscription offering. I'm gonna dive in and talk first about applications and content. We'll highlight that. The first application I wanna talk about is our MyTeam application. This is an exclusive hStream app that is available only to subscribers. What it is, it's an innovative tool that is for managers. What we found over the years with HealthStream, and particularly on the learning side, was that a lot of action happened through managers.
If you wanted to drive an initiative, the way to do it was really through managers. We had good relationships with the learners, and we had good relationships with the folks that administered our system. What we were missing was this area in the middle where all the action happened, which was around managers. You can take a 1,000-person organization and break that out to the managers, and you've got someone who's much closer to the action in terms of driving results and driving outcomes. We built MyTeam to fill that space. MyTeam is a application that exists at the platform level.
It's made up of a number of widgets, and those widgets are on very specific topics or tied into specific applications, and they're designed to enable the managers to have the data and information they need and to take the actions that they need to help drive improved outcomes. They also boost engagement with staff. This is intended to be a staff engagement tool, sharing information with staff, wishing them a happy birthday, all of the types of things you would expect around engagement. Managers love the MyTeam application. This has been an incredibly successful offering for us. We have nearly 60,000 monthly active users. That's grown steadily over time since we introduced the product a couple of years ago. Almost 1,600 organizations among our customer base that have accessed MyTeam, and you can see the activity.
We have 460,000 on average follow-ups with staff. You know, these are things where a manager is seeing that someone is behind on their training or wants to wish them a happy birthday and can send out a notice to them. Lots of engagement among managers with their staff through the MyTeam application. What we also know is that MyTeam is very valuable real estate for our products, not only our products, but for our partners' products. If you think about it, 1,600 organizations, thousands, tens of thousands of managers that are using this application, it's very important to be able to get your widget, to get your product in front of those managers and to give them something that they can do on the application, on the MyTeam application.
We recently introduced new widgets for SafetyQ and ComplyQ that Trisha mentioned before. These are widgets that enable the manager to understand who among their team has completed what they've needed to complete, and if they haven't, to send them reminders and notifications to get in there and do it and get it done. You see these widgets across lots of different applications, and again, they provide a place for managers to go in and to engage with their team and to drive compliance and utilization. We also allow our customers to create their own widgets, and so we found this to be incredibly helpful. A lot of this is done around initiatives. You've got initiatives to roll out a new EHR.
You've got initiatives around, in this case, with Bayhealth, around CPR and making sure that individuals had their CPR certifications consistently up to date. What you can see here on this chart is pretty amazing. They went from having an average of between 10 and 15 learners, staff members in the hospital that were not current on their CPR certifications, and when they implemented a custom widget in MyTeam, that went over a five-month period to zero. It went down immediately to two and ultimately to zero. What I think this shows is not only the power of the application but the power of the manager. We have very deliberately aimed this at managers and given managers tool to drive this type of impact.
I wanna move to the next part of the subscription bundle, and that is member benefits. I'm gonna talk specifically about collaborative purchasing. Collaborative purchasing is a really unique tool we've got here at HealthStream that we offer as a benefit to our hStream subscribers. The idea is that we've got, and there are very large healthcare organizations, and they have distributed responsibility to get things done. There is, you know, among very large health systems, always a dynamic between corporate and individual facilities, and then even at the facility level among departments. What we've done with our collaborative model is help to organize the purchasing not only across individual hospitals and departments, but across health systems.
It enables health systems to pull all of their demand together with us helping them to organize that in a tech-enabled way to get better pricing. We do pricing where we've got discounts for time and volume, and what we allow customers to do is to aggregate that volume in making their purchasing. This improves the transparency of system-wide initiatives, and we make sure that it aligns with their corporate budget process. We're running these collaboratives throughout the year to make sure that we're aligned with our customers' annual reporting periods and annual budget periods. We've got tremendous success here, and it's success that we wanna build on. In 2022, we'll do 18-20 collaboratives, and what the key number here is that we've engaged over 10,000 buyers.
Each year that we've done this, we engage over 10,000 buyers. As I mentioned, one of the things we're trying to do with collaboratives, both for the benefit of our customers and for the benefit of our partners and for our business model, is to engage with more buyers. We are going out, and we're usually being led by our customer and a leader at our customer organization, be it the CNO or another chief clinical officer, who is making sure that they're communicating out to the buyers across their enterprise that this collaborative is going on, and it's an opportunity to do collaborative purchasing, group-driven purchasing. You can see we've got tremendous order value here. We do this in partnership with our content partners.
Critical products like AAC and Echo and AORN Periop 101, these are products that, again, could be very distributed in their purchasing. Organizations provide a lot of autonomy to different organizations, but if we can help them pull together all their critical care leaders or all of their operating room leaders, we can help them get better pricing and organize not only what they're purchasing, but how they're purchasing it. Now I wanna dive into the last part of this, is where we both tie in and make the transition to our platform services and talk about the platform itself, the technology platform. I wanna share with you this graphic that we use internally to talk about what the platform is. You'll see the areas that are not grayed out are what we call the platform.
Those are platform services at the bottom, our API layers, and the applications that we talked about, my team, and we'll talk about my portfolio. What are the benefits of having a platform? Having a platform like the hStream platform that we've built and showed on the prior slide is that it makes all of our products stronger. Integrated products are stronger products. We also know that we can make differentiated products and experiences. We can pull data together and offer that in our various application suites in a way that not having unified platform would not allow. Interoperability also gives our customers a reason to buy more than one product from us. As we've talked about, and my colleague Michael Collier will talk about, we've built businesses through acquisition.
Making sure that it's more than just a collection of disparate products, but a set of products that work together is very important. We wanna make sure that we are getting a greater share of wallet from our customers by offering them applications that are integrated that give them a reason to buy multiple different products across our application suites. It also allows us to increase the speed of development of our new applications. When we think about it, you're gonna get a lot sort of for free out of the platform as a developer, and you can focus on just the layer of additional functionality you wanna add because you're not worried about user management or organization management. You can focus on a specific domain and your development there.
That helps us both internally and as we encourage third-party developers to build on our platform. We're gonna talk about in a minute our API services, but the other thing about having a platform and having services and APIs is that we can encourage customers to integrate into our platform, which helps us in a number of different ways. We also are beginning to develop new high-margin revenue from our PAS offerings. I wanna highlight now, going back to our chart here, our APIs. Just as a reminder of where our APIs fit in, we have two types of APIs. We have platform APIs that communicate with our platform services, and then we have application APIs that communicate and expose the services in each of our application suites. I'm very excited to announce that we are launching our hStream developer portal.
Like many companies, for many years, we've had lots of APIs that are used internally. What we're doing now is we are exposing those APIs to our customers and to third-party partners and developers that want to build using those APIs. It's very exciting for us, not just in getting the developer portal launched, but everything that goes behind that in making sure that our APIs are ready for public consumption. That's everything from documentation to being able to meter them and permission them properly. We're very excited about this. We are launching with a relatively limited set of APIs, but key APIs for our customers. Our learning API and our two APIs that are focused on our CredentialStream product. Between these, they give developers and customers access to a lot of functionality in those application suites.
You'll see us continue to roll out additional APIs over time in our developer portal. The developer portal is actually already available today at developers.hstream.com, and we're using it with several customers and partners in beta mode currently. What do APIs do for our customers and our partners and for us at HealthStream? Let me give you an example of how this works on the learning side. It's very common for our customers to want to make sure that their staff have been trained on certain applications before they're able to be scheduled and to get on the floor of the hospital, whether that's their EHR, might be time and attendance systems.
What these APIs that we've launched allow our customers to do is to create a new individual in their HR system, have that HR system automatically talk to our system, create the user in our system, and then there are automatic assignments that would happen to that individual that are their onboarding assignments. Their HR system can call our system and see if that individual has completed those onboarding assignments before they issue them their credentials to, again, be scheduled and show up and work in the hospital. This is a very common use case that we see, and we have customers doing this today in a beta model with us.
What this does is obviously it enables a tremendous amount of integration, cuts out a lot of manual work, reduces errors, speeds up the time to get someone from being hired to being on the floor and being a productive member of our customers' team. I want to move next to talk about platform services. At the lower low-level here, these are the services that underlie all of our applications. An example of that is identity. Two very important goals of the hStream platform are data interoperability and essentially easy movement between our applications, which is driven by federated single sign-on. In order to have this data interoperability and the ability to move between applications, you've got to understand a user at a common level, at the platform level.
The key is creating a single identity in the platform for each user across our system. We've got a lot of users, we've got a lot of applications. We have about 10 applications just internally that we run here at HealthStream, between some of our larger applications like the Learning Center and CredentialStream, ShiftWizard, our core applications, in each application suite, but we have a number of other applications as well. Those applications, either because we acquired them or because they were developed distinctly, have their own concept of a user, and it's important for us to link those users together. We do that using what we call our platform identity service.
If you look across all of our applications, we've got about 22 million active users when you combine the users in all of our applications together. Those 22 million active users or user profiles need to be linked to a single representation of a person in our system, and our identity service does that for us. This is a project that we've undertaken as a company. It's a great challenge for us to link all of those 22 million users to a single user identity for each user at the platform level. We're working on that today. What that affords us is the ability to then launch a series of additional platform-level services behind that. The first one that we've already launched is our platform license service. As you can imagine, healthcare is a highly regulated industry.
Most individuals working in healthcare have some sort of license, typically issued by a state and a governing board at that state level. If you look across all of our applications, we have about 8.6 million licenses that have been stored in various applications for various reasons for the functionality of those applications. Again, fantastic for us to be able to pull those together, both for us and for our application owners and ultimately for our customers, to be able to operate essentially a clearing house at the platform level to make sure that all of our applications have the most up-to-date information about these licenses. We've built a service at the platform level that allows all of our applications and third-party applications to both read and write from that service.
What we also did, the CredentialStream side of the business, credentialing, had developed what's called the Validate API. The Validate API calls out to over 2,500 individual state and board endpoints to verify licensure. We have taken that service that existed in the credentialing part of the business and tied that into our platform or professional license service. Now an application in our ecosystem, instead of having to directly integrate with that, can integrate with the platform license service, write their licenses to that, read licenses about users, and not only that, get primary source verified licensure status from these 2,500 state endpoints.
This is in place, and this is now manifest in our learning management system, where a user can see their license status in my team, the application we talked about before, and in our Workforce Validate application that Michael Sousa referenced earlier. We're excited to be exploring the opportunity to expose this to third-party applications as well. This is just an example of the type of functionality that our platform brings that you wouldn't normally find in a learning management system, for instance. I appreciate you taking the time to listen to that and understand a little bit more about both our hStream subscription and our hStream platform. I'm very excited about the work that we're doing here and how it will not only grow the subscription model that we have, but also enable greater functionality, stickiness, in all of our applications.
I wanna take a moment now to turn it over to my colleague, Michael Collier, who serves as our Executive Vice President of Corporate Strategy and Development.
As Kevin mentioned, I'm Michael Collier, Executive Vice President of Corporate Strategy and Development for HealthStream. It's my pleasure to have been with the company for the past 11 years. Today, it's my pleasure to talk with you about our hStream ecosystem and corporate development program. Our corporate development program is multifaceted, it's extremely active, and it's a key way we build our ecosystem to drive organic and inorganic growth. We'll talk about the way that happens throughout the presentation. When you think of our corporate development program, it's helpful to remember there are three primary components. One, partnerships. Two, minority investments. The third component, mergers and acquisitions. Let's talk about each one of those in turn, starting with partnerships. Partnering is in our DNA. It has allowed us to reshape our competitive dynamic, turning competitors into partners.
I'll talk about how we've used the hStream platform to do that as we go. Now, I love this program. It's an example of everybody winning. When we add a partner, HealthStream wins, the partner wins, and our customer wins. That not only feels good, but it drives really nice business results and outcomes. We're selective about who we partner with, though. Today, we have about 75, a little more than that, active partnerships and growing. There are multiple ways we partner. There's a couple of main flavors. Let's talk about each of those. First, our marketplace partners. Now, these are our most integrated partners. They are the partners poised to take full advantage of the many value propositions, a lot of which Kevin O'Hara just talked with us about.
Now, a couple of ways all marketplace partners take advantage of these benefits is, one, by leveraging our 200+ person sales team to market and sell their products. Now, think about it. This is over 200 people solely dedicated to selling into healthcare organizations. They understand the organizations, they understand the customers, they understand their needs, and they understand how our products fill those needs. I well and truly refer to them as a sales force. I think they're a force, and I think our partners appreciate that. Now, another way all of our partners benefit is by delivering their products over the hStream platform. This is the way customers want to receive the product, so this is a big benefit. Now, some of our partners take additional advantage of the hStream platform by enhancing the inherent value proposition of their products.
There's a lot of ways this can happen. I'll give you a couple of examples. They could add national benchmarks to their products. They could utilize our community of users that are solely dedicated around a topic or a product and dedicated to enhancing that topic or product. Or they could establish application-to-application data flows to further enrich their product. No matter what they choose to enhance their product through the hStream platform, you know, we think it gives the partner that extra competitive edge in the market that everyone is looking for. Now, let me just give you a couple more examples of how partners benefit, how marketplace partners benefit from this program. One, they're able to utilize our infosec infrastructure, and we all know how important information security is to everyone in this day and age. Jeff Cunningham talked about it a little earlier.
Another way is they leverage our back-of-the-house services like billing and collection, so they don't have to do that. Now, a third way is they utilize our world-class customer support team. I want to point this one out just a little bit more detail. These are 100 people dedicated to customer support. So no matter how many products a customer buys from us, 15, 10, 20, they can pick up the phone. On the other end of the line is going to be a person, one person, waiting there to help them with any questions or issues they have. Now, you contrast this to the approach many of our competitors take, which is, you know, a little dropdown text box in the right-hand corner of your screen where bots interface with you.
We just think that our white glove customer support team far outstrips that. We think our partners and our customers both appreciate that. The final piece of leverage I'll talk about in this part of the partner program is with regard to our existing contract structure. Now, how on earth does that provide an advantage, you might ask? Well, I'll tell you. HealthStream has master services agreements in place with many, many healthcare organizations. Those master services agreements are like legal umbrellas. They have the legal terms, they have the security terms, and it takes a while to get those in place. Once you get them in place, going forward, you can sell products on a one-page purchase order. What does that do? Well, that makes your sale more certain, and it makes it faster.
Who's not looking for faster, more certain sales? We think our partners also appreciate that. Now, down at the bottom of the slide, you'll see a handful of examples of partners that we currently maintain. This is a small sample. I picked it because I thought it did a nice job of representing the diversity of our partners. You've got everyone from household names like the American Red Cross. You've got world-class nursing associations like the AACN and AORN, and you've got world-class health systems like MedStar Health. MedStar Health is a partner, and they're also a great customer. Now, finally, how does the business model work on this partnership model? Well, as I told you earlier, we do the marketing, selling, contracting, billing.
When we collect for sales of partner products, we take a portion of that revenue, and we remit it to the partner. All right. Let's go to our next form of partnership, which is access partners. Now, these partners prefer to use their own sales team to sell their products directly to customers, but they want to deliver those products through the hStream platform. Now, why do they wanna do that? As I said earlier, that's how customers want to receive those products. In some cases, it's how they require to receive those products. We really like this kind of partnership because it broadens our ecosystem and gives customers more choice. Again, at the bottom of the slide, you see some representative examples, again, household names like Press Ganey, Elsevier, Baxter.
The business model on this partnership, how does that work? Well, it's almost the complete inverse from the marketplace model we just talked about. In this case, the partner does the selling and collections, and they remit the revenue back to HealthStream. All right, let's move on to the second component of our corporate development program, and that's minority investments. We started this investment program because we wanted to be able to put financial backing behind companies we think are uniquely positioned to leverage the hStream platform in new and unique ways. To date, we've deployed about $11.5 million of capital in this program. We usually will make a $500,000-$2 million dollar investment in any given company.
We'll try to take between 10%-20% ownership, and we'll generally take a board seat as well. Today we maintain around five minority investments, and that's about how many we try to keep at any given time. Over to the right on the slide, you'll see some nice examples of past and present minority investment companies. One of the present ones is Psych Hub. That's a behavioral health company founded co-founded by Senator Patrick Kennedy. We believe their behavioral health education is best in class, and we're working with them to tailor behavioral health programs to specifically address the challenges our nurses face. Look, with COVID, staffing shortages and what have you know, nurses deserve a solution tailored specifically to them, and that's what we strive to deliver with our partner, Psych Hub.
If you drop to the bottom of the logos on that page, you'll see a couple of names you may recognize from press releases, NurseGrid and CloudCME. Now, we completed our acquisition of both of those companies. Before we acquired them, they were minority investments. We like them so much, they fit in so well that we went ahead and completed the acquisition. That's another way that our minority investment program works. It helps feed the M&A pipeline. We'll talk about M&A next. One thing I wanna leave you with on this is just remember, we are strategic investors. Every minority investment we make always comes with a partner agreement. That partner agreement spells out the way the hStream platform will be leveraged to both the company we're investing in and HealthStream's mutual benefit.
All right, let's move to the third and final component of our corporate development program, and that's mergers and acquisitions. Now, I started by telling you that this was an active program, and I think this does a nice job of illustrating it. 18 acquisitions completed in the last 10 years, and we maintain a robust M&A pipeline as well. When you're really trying to get your head around our M&A program, I think it's useful to look at it in terms of themes. I've got four of those to share with you today. The first theme, and we've talked a little bit about this already today, is creating new solutions. First we created our new credentialing solution by acquiring Sy.Med, Morrisey, HealthLine, and CredentialMyDoc.
What we did was take the best components out of each of those companies and put them together in a SaaS solution, CredentialStream, that we believe is best in market. You heard Michael Sousa talk about that earlier. Now, more recently, you heard Scott McQuigg talk about scheduling, which we formed in 2020 by completing three acquisitions, NurseGrid, ShiftWizard, and ANSOS. Let's move to the next theme. We also use M&A to extend our ecosystem. What do I mean by that? Well, we think there are certain companies out there that are just really organic fits with what we're doing now. We think they address needs that our customers have, and we think we've got a nice infrastructure to get their products to our customers based on what's already in place.
Some examples there are CME management companies like CloudCME and Rievent, which we recently acquired, and Policy Management ComplyALIGN, which we recently acquired. Next one, we'll talk about expanding into new markets. I'll give you a couple of examples here. When we acquired Providigm, their product abaqis gave us a really nice footprint into skilled nursing facilities. It's kind of a new market for us, and we got a good foothold through Providigm. Now we're pleased with abaqis sales, but we're also pleased that getting that foothold allow us to cross-sell other products into skilled nursing, which, you know, really serves to talk about that growing per user price that Bobby mentioned earlier. The other example of expanding into new markets that I'll talk about is myClinicalExchange. I'm really excited about this one.
It's the first time that HealthStream has sold to nursing schools and directly to nursing students. That in itself opens up, we believe, a lot of opportunity. One that's less obvious there is the fact that each cohort of students that comes through nursing and med school each year uses myClinicalExchange. We believe we can add from each cohort, making that cohort members of the hStream platform because we think we've got great solutions like NurseGrid that they're gonna love as students, and that's gonna go ahead and follow them throughout their whole career and benefit them throughout their whole career. Now, the last M&A theme I'll mention is acquiring component assets to fuel organic growth. This one's a little less obvious just because it requires a lot of R&D in our part to really reach our vision and goal.
A good example is Jane + CE Unlimited, which Tricia Cody talked with you about earlier. To form the building blocks of Jane, we acquired two small companies, PBDS and Nurse Competency. We put a lot of R&D into that to develop a one-of-a-kind patented AI-driven solution we call Jane, which assesses multiple types of competencies. Now, Jane recommends continuing education from our CE Unlimited library. The more robust that library is, the more titles we have in it, then the better those recommendations can be. We were able to grow that library by acquiring a couple of content companies, Ed4Online and DigitalMed. By acquiring all those assets, putting our own R&D over them, we were able to take Jane plus CE Unlimited from 51%- 80% margin in the last five years.
I just think that's a really impressive story. Well, look, thank you so much for listening, today. Genuinely appreciate it. What better way to transition to a CFO discussion than to end on a nice margin story. Now I'm going to cede the platform, sorry, not to our CFO, but to our COO. Scotty Roberts, our CFO, will be on after that. Eddie Pearson. Eddie, over to you.
Good morning, everyone. My name is Eddie Pearson, and I'm President and Chief Operating Officer here at HealthStream. I'm excited to talk to you today about our operations, about how we support all the exciting new developments and exciting opportunities in front of us here at HealthStream. The first thing I wanna talk about is a tool that we have that is important for managing our operations and managing the entire company. Bobby alluded to it early on, and that is our Constitution. Within the Constitution, we not only have our vision statement, which is our North Star. It guides us toward the destination that we're trying to achieve, an aspirational goal of improving the quality of healthcare by developing those who deliver care. It also includes a second component, which are our core values.
What are our behaviors as individuals here at the company that we hope will manifest to also be characteristics of our company? Behaving with integrity, continuously improving, delighting customers, and one that we showcased during the intermission of Streaming Good, doing good, continuing to give back to the community and the industry that has served us so well. What I want to talk a little bit more about is elaborating on the business principles. The business principles is that third component of our Constitution, a set of principles that really can be characterized as our business strategy. Over the years, we have done great things, and some we've showcased today in how we solve big problems.
Many of our application suites and our general managers and the teams in those application suites focus on a particular problem set and a buyer with leading that solving that problem within their healthcare institution. Their job is design products and solutions to solve those big problems. We think it's important as a business principle to acknowledge and to continue to drive toward delivering effective product-based solution. That says several things. One, we're a product-based company. We have a small amount of services that is represented in our financial statements, but by and large, we are a SaaS-based application company, product-based, that puts us in a position to provide recurring value. Why is that important? Well, providing recurring value means that it provides us as a company with recurring revenue.
Doing something important every day, every week, every month, every year, has afforded us the opportunity to be in a position to contract for long terms with our customers. Now, these last two business principles you've heard a lot about today, and that has been an emphasis of ours over the past few years, building an ecosystem and creating a network effect. Through all those application successes, we've brought a lot of different parties to the table. The ecosystem is to create an underpinning platform to bring that value to bear through our application suites, both to our customers and to our partners. Creating network effect is that interoperability so that it gives us more reason and customers more reason to stay with us and to buy more from us.
Let's talk a little bit about operating then as a single platform company, which is a key initiative of ours. How does that help us achieve the financial objectives, the midterm financial objectives that Bobby talked about earlier? We believe in a unified account management structure, one that looks at our accounts holistically, not isolated and siloed within each application set. We believe in a pricing strategy and using those pricing strategies to incentivize growth and to bring the ecosystem benefits to bear for our customers. We believe in deploying our capital and spending our money and how we develop and what we develop by prioritizing investments as it relates to both our application set and our platform.
Finally, we believe in a management structure that we're excited to be using that will bring focus to those last two business principles and make sure that focus goes all the way down through our organization and every one of our 1,100 employees are contributing to that. Let's talk first about our unified account management structure. We have a lot of information about our customers, what products they have. First and foremost, our account managers have a good view of the total product footprint within any account. Secondly, they're able to assess the account performance as they are increasing, decreasing, accelerating, decelerating, and really get a sense, renewals, what's coming up for renewal.
Bringing more and more data about our customers, what they have under contract with us, to manage them as an account, again, holistically across all of our application suites. Finally, probably most importantly, as it relates to achieving our midterm financial objectives, is targeting cross-selling opportunities. If we know what we have, we know what they don't have. This white space analysis is important for our account managers to then bring in the solution executive team colleagues to expand our footprint within our accounts. Second is pricing strategy.
We believe, obviously, the pricing strategies can have an impact on top line growth, not only incentivizing volume and term, and rewarding for multiple product purchases, which are largely in practice today, but increasingly, provide incentives and motivation for migrating from some of the legacy applications we've talked about to our market-leading SaaS-based applications and solution sets. Then finally, it's a period of inflation, so we're looking at our pricing strategies and making sure that even with long-term agreements, we're able to, provide for price increases within those terms, in an appropriate way that stays in line with value. Third is how do we spend our money, on these, important applications, right?
First and foremost, we think we are advantaged by the investments we've made in our platform, and our teams, our application teams are able to leverage investments in those platform and the services that Kevin O'Hara talked to you about earlier, and we build once, and we use it many times. Over time, this investment that we've made in the platform will help us manage the overall total spend so that it's most effective and most efficient for unique capabilities and not repeating and reinventing the wheel. Obviously, our product lifecycle management process and solution for our solutions, we look at how we balance our investments across those products which are mature.
which are advancing and developing and early in their stage of life, those that are mature, and then those that are sunsetting, and making sure that we are balancing our overall capital deployment along those three areas. Finally, down to the execution level, our product managers are keenly aware through their scorecard of their return on invested capital. Not only that, and probably just as important, is how do they leverage the platform. A grading system, if you will, of how well are they contributing to the platform, contributing to the ecosystem, and deriving value from it. That's how we're going to assure that the value that we expect out of the investments in our platform is fully realized through our capital deployment.
Last, our management structure includes, for our application suites, objectives and key results, OKRs, something that's very common and most of you would be very familiar with. The reason I'm highlighting today is that we make sure now that our application suites, our general managers who've spoken to you today, have as part of their key objectives and their key goals in a given quarter, those things that are gonna drive their applications, but also those things that are gonna drive the platform. Specific objectives, key results, looking and making sure that we're not just establishing KPIs that are something we can commit to, but encouraging stretch. Stretching the goal setting so that we're reaching for and reaching further each quarter to deliver key results.
Finally, as it relates to initiatives that support those key results to achieve those objectives, making sure that the initiatives span across all the cross-functional teams that are rallied together under the leadership to deliver value and to achieve those objectives, even including part of our incentive programs, incentive compensation programs tied to key aspects of those initiatives. That's a little bit about our operations and how we're trying to make sure that we're executing on those exciting activities and exciting developments and exciting applications that you've heard about today. With that, I'm gonna turn it over to Scotty Roberts, our Chief Financial Officer.
Good morning. I'm Scotty Roberts, the Chief Financial Officer. Today, I'll be providing a financial overview, which will cover our financial objectives, our financial performance, and our approach to capital allocation. I've been with the company now for over 20 years, working in various roles in finance and accounting, and have served as the CFO since 2019. Throughout my time with the company, I've seen us grow both our profitability and our revenues on a steady and consistent basis. We've gone through several cycles of growth and expansion while diversifying our product portfolio and continuously improving our operations. As we've matured as a company, we've remained focused on our vision, which is to improve the quality of healthcare by developing the people who deliver care.
One way we achieve our vision is by delivering innovative solutions that help our customers address a variety of challenges facing their workforce. We also provide recurring value to them through our SaaS applications. This has allowed us to become a market leader for our workforce and provider solutions. Now let's review our financial objectives, and I'll characterize these as what we're aiming to achieve over the next three years. Our first objective is to grow our revenues in the 7%-10% range. Included in this range, we're modeling between 5%-7% of organic growth and 2%-3% of inorganic from inorganic initiatives. Our strategy for growth includes expanding the reach of our solutions to our target audience of nearly 11 million healthcare professionals.
By increasing the value of our existing customer relationships through cross-selling and upselling of additional solutions, and by creating new revenue opportunities through our hStream platform's capabilities, such as our Workforce Validate service. We also plan to maintain an active pipeline of M&A opportunities to help us achieve our revenue targets. Our next objective is to expand our gross margin profile. We expect mid 60% gross margins for this year with a target range between 65% and 68% going forward. As our revenue mix continues to shift towards products that we own, which have higher margins, we expect our overall gross margin profile to also improve. Now today, we've shared a few examples of products that are newer and in the earlier stages of their life cycle.
We believe they have plenty of room for upside opportunity for growth and margin expansion, which will also help us improve our gross margin profile. Finally, our adjusted EBITDA margin target is 21%-24%. We intend to generate additional leverage and profitability from the expected growth in revenues and improvement in our gross margins while responsibly managing our expense structure. You can turn the slide. As I covered our growth strategies already, now I want to take a moment and explain a couple examples of how we've grown the customer relationships and expanded the value of our relationship with them by adding subscriptions over time. Our first example, we have a Michigan-based health system with over 30,000 employees. They've been a customer of ours for over 15 years, and we've gradually added subscriptions to their portfolio over that time.
You can see in this example, we started out low at roughly $1.25 per user per year, and we've grown that to more than $42 per user per year. In the next example, we have another customer based in Texas with nearly 2,000 employees and a very similar duration of their tenure with us, about 15 years. We've grown that relationship from $36 per user per year to more than $160 per user per year. Now, both of these examples provide us a model for growth that we're trying to replicate across our customer base. Now I want to talk about our financial performance. We're predominantly a recurring revenue business with roughly 95% of our revenues coming from subscription-based products. Now this provides us with a highly predictable revenue model.
Pricing for our products is typically on a per user, per subscription basis. We price our products generally in the range of a few dollars per subscription per user to several hundred dollars per subscription per user, and that's on an annual basis. As you'll see, our history of revenue growth, our compound annual growth rate over the past five years was 6%. While our revenues flattened out between 2019 and 2021, partly due to the loss of a $60 million revenue stream, we're anticipating that growth for this year will be between 4% and 6%. Over the past few years, our gross margins have improved as our revenue mix has shifted more to products that we own. As you'll see in this slide, those margins have improved from the high 50s% to the mid 60s%.
As I mentioned earlier, we have plans to continue to expand our margins over the next couple of years. Our key performance metric is adjusted EBITDA. We've consistently improved this metric as well over the past few years, even after losing over $20 million of contribution margin from the loss of the legacy resuscitation business. Our compound adjusted growth rate for adjusted EBITDA was 10% over the past five years, which has outpaced the same measure for our revenue, which was 6%. As we've managed through both the pandemic and the loss of a $60 million revenue stream, our contracted revenue backlog has remained relatively stable. We have about $450 million of remaining performance obligations as of the end of the most recent second quarter.
Now I want to talk a little bit about our capital allocation approach. I want to start by saying that we are a strong and healthy business that generates positive cash flows. We have no debt on the balance sheet other than our lease obligations for our office space. We have about $40 million of cash on hand, and we have access to a $65 million line of credit facility, which is untapped. When it comes to our approach for capital allocation, our history is a good indication of what we plan to do in the future. Our first priority is to invest back into the business. We do this by wanting to invest in areas of the business that we can grow and scale and produce additional growth and profitability.
Our next objective is to invest through M&A, which we have a strong track record of doing. Lastly, it would be to conserve our cash or to opportunistically distribute results or our cash back to shareholders, which we've done over the course of the past few years through share repurchase programs. We have a history of raising capital before it needed it and deploying it strategically. Since going public, we've done two follow-on stock offerings, raising over $150 million in cash, and we've used these proceeds, along with our cash from operations, to fund our capital needs. Over the past five and a half years, we've deployed $165 million towards acquisitions and minority investments, $48 million on share repurchases, and we've paid a $32 million special cash dividend after selling one of our business units.
We've also deployed about 1/3 of our capital allocation towards capital expenditures. This has primarily been towards capitalized software development as we've acquired technologies and grown our portfolio. Now, in closing, you've heard from several members of our executive team today and should now have a better understanding of our product strategies and our hStream platform's ambition to leverage our applications. We also plan to continue investing in the business to grow our hStream platform and other product initiatives. We're also continuing to invest in M&A. Now, to wrap up, I wanna say that we'll continue to do what we've done in the past, we'll be diligent in our approach to capital allocation. We're balancing our objectives to grow our revenues, to improve our gross margin profile, and to deliver strong adjusted EBITDA returns. Thank you for your time today and for your interest in HealthStream.
I'm now gonna turn the presentation back over to Bobby Frist for some closing remarks.
Okay, I'm live. Thank you. Hey, everyone. Thanks for taking the time to try to better understand HealthStream. You know, this is much useful for us and our employees to get us all organized and orchestrated to grow the business for you, the investors. We're excited to have over 12,000 shareholders in HealthStream, including many great institutional investors. We hope you found today interesting and useful in your assessment of our team, our products, our trajectory. I've never been more excited. Many of the things that when we started this company, Jeff McLaren and I did 32 years ago as a two-person company, literally in the attic, to today, with 1,100 employees and $250 million in revenue, positive free cash flows, over $50 million of EBITDA. It's quite a journey.
What's really, really cool is that in each area of our business, there are emerging technologies that make it exciting again, like we're just getting started. Everything from the impact of blockchain technologies to AI's impact on learning and development. I love the impact of where we're going with simulation-based training. Each area of our business has exciting new opportunities in front of us. In spite of being around for 32 years, it feels like we're just getting started. With over 1,100 employees all rowing in the same direction, I feel like we're gonna continue to grow and have an incredible story to tell investors. You know, we're coming off a period of defensive strategy. Our customers, we couldn't have had a harder customer base on the planet to sell to than hospitals and health systems and healthcare workers.
They're under stress and duress coming out of COVID, incredibly hard time to sell things to those organizations. Our teams, including our sales teams, account management teams, did an amazing job just maintaining our business through COVID. Now it feels like fundamentally, starting today, we're kind of declaring a shift from defensive strategies to offensive strategies, helping our customers select better people, develop them in new ways, and deliver better care to patients. We're really proud to be a part of that journey. Everyone at HealthStream is working hard to go in the same direction, and we think that will result in continued gains for our shareholders and our progress in the market. Thank you for taking the time today to understand our business. Look forward to reporting you soon in our next quarterly earnings report. Thank you.