Crosscountry.com offers info on travel nursing jobs, allied travel and more.
Title
Cross Country Healthcare
Description
We are one of the largest providers of healthcare staffing services in the United States. As of the fourth quarter of 2003, our healthcare staffing business segment represented approximately 92% of our 2003 revenue and is comprised of travel and per diem nurse and allied health staffing as well as clinical research trials staffing. Travel staffing was approximately 77% of our total revenue. Our other human capital management services business segment represents approximately 8% of our revenue and consists of education and training, healthcare consulting, and physician and healthcare executive search services.
We have a diverse client base that includes approximately 3,000 hospitals, pharmaceutical companies and other healthcare providers across all 50 states. Our fees are paid directly by our clients rather than by government or other third-party payors. As a result, we have no direct exposure to Medicare or Medicaid reimbursements. No single hospital accounts for more than 3% of our revenue. We believe we are well positioned in the current environment for healthcare staffing services to take advantage of longer-term industry and demographic dynamics that include a growing shortage and aging of registered nurses, an aging U.S. population expected to result in growth of hospital admissions, state and federal legislation regarding minimum nurse staffing levels and maximum allowable overtime, and the secular trend among hospitals toward outsourcing to provide flexibility and variable costs in meeting their staffing requirements.
In June 2003, we acquired the assets of Med-Staff, Inc., one of the largest privately held travel nurse and per diem nurse staffing companies in the U.S., for $102.2 million in cash, net of a post-closing working capital adjustment. We made the strategic Med-Staff acquisition to broaden our travel nurse recruiting and placement efforts, to provide us with a sizeable platform in per diem nurse staffing, and to give us a greater presence in nurse staffing at military hospitals and clinics.
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