Sec Form 4 Filing - BROWNIE SUSAN @ HEALTHSTREAM INC - 2007-07-30

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person BROWNIE SUSAN 2. Issuer Name and Ticker or Trading Symbol HEALTHSTREAM INC [ HSTM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) 209 10TH AVE. SOUTH, SUITE 450 3. Date of Earliest Transaction (MM/DD/YY) 07/30/2007 (Street) NASHVILLE, TN37203 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/30/2007 07/30/2007 M 29,429 A $ 2.125 71,961 D Common Stock 07/30/2007 07/30/2007 M 10,000 A $ 1.315 81,961 D Common Stock 07/30/2007 07/30/2007 M 21,000 A $ 2.69 102,961 D Common Stock 07/30/2007 07/30/2007 M 9,000 A $ 2.75 111,961 D Common Stock 07/30/2007 07/30/2007 S 54,429 D $ 3.1657 57,532 D Common Stock 600 I By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 2.75 07/30/2007 07/30/2007 M 9,000 02/09/2007 02/09/2014 Common Stock 9,000 $ 0 0 D Employee Stock Option (right to buy) $ 2.125 07/30/2007 07/30/2007 M 7,353 10/17/2001 10/17/2008 Common Stock 7,353 $ 0 0 D Employee Stock Option (right to buy) $ 2.125 07/30/2007 07/30/2007 M 7,359 10/17/2002 10/17/2008 Common Stock 7,359 $ 0 0 D Employee Stock Option (right to buy) $ 2.125 07/30/2007 07/30/2007 M 7,359 10/17/2003 10/17/2008 Common Stock 7,359 $ 0 0 D Employee Stock Option (right to buy) $ 2.125 07/30/2007 07/30/2007 M 7,358 10/17/2004 10/17/2008 Common Stock 7,358 $ 0 0 D Employee Stock Option (right to buy) $ 1.315 07/30/2007 07/30/2007 M 5,000 04/16/2004 04/16/2011 Common Stock 5,000 $ 0 0 D Employee Stock Option (right to buy) $ 1.315 07/30/2007 07/30/2007 M 5,000 04/16/2007 04/16/2011 Common Stock 5,000 $ 0 0 D Employee Stock Option (right to buy) $ 2.69 07/30/2007 07/30/2007 M 7,000 02/19/2005 02/19/2012 Common Stock 7,000 $ 0 0 D Employee Stock Option (right to buy) $ 2.69 07/30/2007 07/30/2007 M 7,000 02/19/2006 02/19/2012 Common Stock 7,000 $ 0 0 D Employee Stock Option (right to buy) $ 2.69 07/30/2007 07/30/2007 M 7,000 02/19/2007 02/19/2012 Common Stock 7,000 $ 0 0 D

Reporting Owners Reporting Owner Name / Addres s Relationships Director 10% Owner Officer Other BROWNIE SUSAN 209 10TH AVE. SOUTH SUITE 450 NASHVILLE, TN37203 Chief Financial Officer Signatures Susan A. Brownie 08/01/2007 Signature of Reporting Person Date

Explanation of Responses:
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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