AMN Healthcare is the largest healthcare staffing and workforce solutions company in the U.S. Its core business is placing temporary nurses, physicians, and allied health professionals at hospitals and health systems nationwide. AMN operates three segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. Travel nurse staffing — deploying registered nurses on 13-week assignments to fill hospital vacancies — is the largest single revenue driver. AMN also places allied health professionals (physical therapists, radiology techs, lab technicians, etc.), locum tenens physicians, and international nurses on multi-year contracts. AMN's business model centers on billing client facilities for clinician time, with gross margin representing the spread between bill rates and clinician compensation costs. Travel nurse margins are thin (low-to-mid 20s%), while the Technology and Workforce Solutions segment carries margins of roughly 48–57%. That segment includes language interpretation services for healthcare settings and SaaS vendor management software (ShiftWise Flex, Medefis) used by hospitals to manage contingent labor. AMN also runs managed services programs (MSPs), through which it manages a hospital's entire contingent labor program, giving AMN preferred access to order flow. About 48% of FY25 revenue flowed through MSP relationships. Kaiser Foundation Hospitals is AMN's largest client, comprising roughly 22% of consolidated revenue in FY25. The business is cyclical, driven by hospital vacancy rates, permanent hiring trends, and the bill rate premium for contingent versus permanent labor.