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AMN Healthcare Services CEO Discusses Q4 2010 Results - Earnings Call Transcript

Stocks in this article: AHS

The travel nurse business experienced the strongest sequential growth during 2010. And the other staffing division stabilized and have also begun to show positive indicators. The second key event was our acquisition of Medfinders, which closed last September. This transaction not only delivered some immediate tangible benefits, but it also has a significant impact on our ability to deliver more sophisticated workforce solutions. These address the changing needs and buying behaviors of healthcare organizations.

In our call today, I will be giving an update on our top three priorities. The first is the integration of the Medfinders acquisition to achieve the targeted EBITDA synergies. The second is to grow market share through the expansion of our managed services programs and cross-selling of our services. And third and probably always at the top of our list is the everyday execution in our core businesses to ensure solid performance and to deliver on our promises to our clients.

The integration of the Medfinders organization is progressing very well. As we reported in our last call, the integration of the overlapping travel nursing businesses was completed in November. Since then, we have also completed the integration of certain corporate functions including marketing, HR, IT, risk management, and legal. The finance function will complete its integration by the end of March. We will also complete the full integration of the Medfinders allied brands onto our platform in April.

And then finally, we are continuing to streamline clients and clinical operational functions into our shared services model. With this steady effort from our team, we are on track to achieve the targeted 8 million in annualized EBITDA cost synergies by the fourth quarter. The second key focus for the team has been to increase the direct fill rates in our existing managed services programs through the sharing of our expanded local and national candidate supply, whereas AMN previously used sub-contractors to fill our local per diem orders. We are now able to partially fill that demand directly through our own newly acquired Nursefinders’ local office network.

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