Benzinga  Mar 24  Comment 
Analysts at UBS upgraded AMN Healthcare Services Inc. (NYSE: AHS) from Neutral to Buy. AMN Healthcare Services shares have gained 59.24% over the past 52 weeks, while the S&P 500 index has surged 12.80% in the same period. AMN Healthcare...
New York Times  Feb 28  Comment 
Susan Salka, chief of AMN Healthcare, looks for employees who view work as important to their lives and not just a job.
TheStreet.com  Feb 20  Comment 
NEW YORK (TheStreet) -- Shares of AMN Healthcare Services were gaining 13.8% to $22.96 on heavy trading volume Friday after the healthcare staffing company beat analysts' estimates for earnings in the fourth quarter. AMN Healthcare reported...
Motley Fool  Feb 19  Comment 
The healthcare-staffing specialist had a good year in 2014, and hopes for more in 2015.
SeekingAlpha  Oct 21  Comment 
By Mix Star: On August 22, I wrote a profile of AMN Healthcare services (NYSE:AHS) stating its upside potential. In the last three months, the health care work force solutions provider is up nearly 19%. Over the last week, AMN Health care is up...
Benzinga  Oct 16  Comment 
OraSure Technologies (NASDAQ: OSUR) shares reached a new 52-week high of $9.095 after rising 3.99% on Wednesday. AMN Healthcare Services (NYSE: AHS) shares touched a new 52-week high of $16.33. AMN Healthcare is expected to host Q3 earnings...
Benzinga  Oct 2  Comment 
AMN Healthcare Services, Inc. (NYSE: AHS), the innovator in healthcare workforce solutions and nation's leader in healthcare staffing services, announced that Susan Salka, AMN President, Chief Executive Officer and Director, has been elected to...
TheStreet.com  Aug 27  Comment 
a Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener. NEW YORK (TheStreet) -- Here are some of the hot stocks Jim Cramer talked about on Tuesday's Mad Money on CNBC: MNST data by...


AMN Healthcare Services, Inc. (NYSE:AHS) is the largest temporary healthcare staffing company in the U.S. by revenue, earning over $750 million in revenue.[1] AMN provides temporary staffing of nurses, physicians (locum tenens), and medical assistants, as well as permanent physician placement services.

Economic downturns threaten temporary staffing companies, as clients prefer permanent staff to temporary professionals.[2] Despite this, long-term growth in healthcare staffing is driven by the rising shortage of healthcare professionals, notably registered nurses,[3] and growing demand fueled by the rapidly aging baby boomers.

Company Overview

Business Segments[4]

  • Nurse & Allied Healthcare Staffing (57% of revenue) - This segment provides hospitals and healthcare facilities with temporary professionals, typically for periods of four to 26 weeks. Nurses account for 84% of this segment's placements; since nurses account for around 25% of hospitals' operating expenses, they readily enlist staffing agencies to find temporary nurses. Therapists, medical assistants, and technical staff comprise the other 10% of the Nurse & Allied Healthcare Staffing segment's business.
  • Locum tenens staffing segment (38% of revenue) - Locum tenens staffing includes the temporary placement of physicians as independent contractors in healthcare settings. Assignment lengths range from a few days to one year, with the average assignment being a multi-week contract.
  • Physician permanent placement services segment (5% of revenue) - In this segment, AMN charges hospitals a fee to find permanent physicians, as well as variable fees tied to the physicians' work after their placement. The strong demand for physicians, coupled with the overlap of clients seeking physicians for temporary and permanent assignments, lets AMN cross-sell its locum tenens and permanent placement services.

Business Growth

FY 2009 (ended December 31, 2009)[1]

  • Net revenue fell 38% to $760 million. The company attributes the fall to a decrease in the average number of temporary healthcare professionals on assignment in the nurse and allied healthcare staffing segment.
  • The company incurred a net loss of $122 million compared to a gain of $34 million in the previous year.

Trends and Forces

Shortage of nurses in the U.S. growing

Between 2000 and 2005, the shortage of qualified nurses in the U.S. increased from 110,800 to 218,800; in 2005, 10% of all demand went unmet as a result of this shortage.[5] As nurses become more and more scarce relative to demand, hospitals and healthcare facilities turn to staffing agencies like AMN to meet their staffing needs. On the other hand, as competition increases for qualified nurses, companies have to offer higher compensation and more attractive benefits to stay competitive.

The aging U.S. population needs more medical care

According to estimates from the U.S. Census Bureau, the number of Americans age 65 or over is growing faster than the general population. As a wave of baby boomers hits 65, this growth is expected to outpace growth of people age 64 and younger by as much as four times by the year 2020. Older people require much more healthcare per capita than younger age groups, meaning that the U.S. healthcare industry is having to grow to accommodate the additional demand.[6] As hospitals and healthcare facilities find themselves short of nurses, physicians, and other medical professionals, staffing firms like AMN benefit from the increased demand for trained medical staff.

Competition & Market Share

AMN Healthcare is the largest firm by revenue in the three fastest-growing segments of the healthcare staffing market: travel nurse and allied healthcare, locum tenens and physician permanent placement.[7] In addition to competing with recruiting departments and interim staffing pools of healthcare facilities, some of the company’s main competitors in the sector include: [8]


  1. 1.0 1.1 AHS 2009 10-K "Selected Financial Data" pg. 21
  2. AHS 2009 10-K "Risk Factors" pg. 10-17
  3. The Marquette Tribute "Nursing Shortage to Worsen" Page 2
  4. AHS 2009 10-K "Business Overview" pg. 6-10
  5. HRSA "What is Behind HRSA's Projected Supply, Demand, and Shortage of Registered Nurses?"
  6. HRSA - Nursing Demand Model
  7. AMN Healthcare (AHS) Annual Report 2007 Page 1
  8. AMN Healthcare (AHS) Form 10-K FY 2007 "Business Overview" Page 3
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