Cross ntry Healthcare(US:CCRN)2022-02-27 16:00Company Structure and Segments - In 2021, the company modified its reportable segments, consolidating the previously reported Search segment into Nurse and Allied Staffing, resulting in two main segments: Nurse and Allied Staffing and Physician Staffing [35]. - The company generated a majority of its revenue from staffing registered nurses on long-term travel contract assignments, typically lasting 13 weeks [38]. - The company entered into an asset purchase agreement with Workforce Solutions Group, Inc. in June 2021 to enhance service delivery to needy populations [38]. - The company acquired Selected, a subscription-based platform, in 2021 to improve direct hire candidate review processes [44]. - The company utilizes artificial intelligence and a proprietary on-demand staffing platform, Cross Country Marketplace, to enhance recruitment and candidate experience [42]. - The company employs an average of 8,679 full-time equivalent field employees in Nurse and Allied Staffing as of 2021 [79]. Market Overview - The healthcare staffing market size was estimated at $24.7 billion in 2021, with travel nursing accounting for $11.8 billion, per diem nursing at $4.6 billion, allied health at $4.4 billion, and locum tenens and advanced practitioners at $4.0 billion [57]. - The U.S. telehealth market was valued at $10 billion in 2020 and is expected to reach $43 billion by 2026, growing at an annual rate of 28% [64]. - The nursing home and assisted living facilities market is valued at $450 billion and is expanding annually [63]. - The U.S. is expected to face a physician shortage ranging between 37,800 and 124,000 by 2034 [68]. - More than 80,000 qualified applicants to nursing programs have been turned away due to insufficient faculty and resources [67]. Employment Trends - The U.S. Bureau of Labor Statistics reported a national unemployment rate of 4.2% in November 2021, with temporary help services gaining 6,200 jobs [58]. - The healthcare sector lost 527,000 jobs during the COVID pandemic but gained back 77,000 jobs by November 2021, with overall employment in healthcare projected to grow by 7.7% over the next decade [61]. - Employment of registered nurses is projected to grow 9% from 2020 to 2030, increasing from 3.1 million to 3.4 million [65]. - The company anticipates a 4% growth in the U.S. staffing industry in 2022, although the healthcare staffing segment is expected to decline by 9% due to easing pandemic conditions [58]. Nurse Satisfaction and Retention - 32% of surveyed nurses are "very/completely" satisfied with their occupation, down from 52% prior to the pandemic [62]. - 97% of surveyed nurses agreed that increasing pay rates and incentives would help attract and retain more nurses [62]. Financial and Operational Insights - A 1% change in interest rates on variable rate debt would have resulted in interest expense fluctuating approximately $1.1 million for the year ended December 31, 2021 [278]. - Approximately 1% of selling, general and administrative expenses are related to software development and IT support in Pune, India [280]. - Fluctuations in foreign currency values impact reported results, as expenses in foreign currencies are translated into U.S. dollars at monthly average exchange rates [281]. - The translation of non-U.S. subsidiary assets and liabilities into U.S. dollars affects stockholders' equity, recorded as accumulated other comprehensive loss [282]. Company Ranking - The company ranks as the seventh-largest healthcare staffing firm in the U.S., with a 4% market share in 2020 [74].