The Innovator in Healthcare Workforce Solutions and Staffing Services

AMN Healthcare Investor Presentation

February 2016

Forward-Looking Statements

Confidential Intellectual Property of AMN Healthcare 2

This investor presentation contains “forward-

looking statements” within the meaning of

Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities

Exchange Act of 1934, as amended. The

Company bases these forward-looking

statements on its current beliefs, expectations,

estimates, forecasts and projections about

future events and the industry in which it

operates. Forward-looking statements are

identified by words such as “believe,”

“anticipate,” “expect,” “intend,” “plan,” “will,”

“should,” “would,” “project,” “may,” variations

of such words and other similar expressions.

In addition, statements that refer to

performance; plans, objectives and strategies

for future operations; and other

characterizations of future events or

circumstances, are forward-looking

statements.

The Company’s actual results could differ

materially from those discussed in, or

implied by, these forward-looking

statements. Factors that could cause actual

results to differ from those discussed in or

implied by the forward-looking statements

contained in this presentation are set forth

in the Company's Annual Report on Form

10-K for the year ended December 31,

2015 and its other periodic reports, its

current reports and its other filings with the

SEC. Developments subsequent to this

presentation are likely to cause these

statements to become outdated with the

passage of time. This presentation was first

made publicly available at

www.amnhealthcare.com on February 29,

2016.

Our Mission

3

Every day, we . . .

Deliver the best talent and insights

to help healthcare organization

optimize their workforce

Give healthcare professionals

opportunities to do their best work

towards quality patient care

Create a values-based culture of

innovation where our team

members can achieve their goals

A Trusted Partner

4

2014

20152015

2015

Governance, Risk, &

Compliance Leadership

Award Winner

Most TrustworthySelected from 8,000

publicly traded companies

Corporate Governance

Team of the Year

Best Compliance &

Ethics Program

5

Key Investor Highlights

Market leader in healthcare workforce solutions – staffing,

physician and executive search, interim leadership

Innovator in healthcare workforce solutions: MSP, VMS,

RPO, Consulting Recent acquisitions: B.E. Smith, The First String, MillicanSolutions, Healthsource Global

Strong demand environment; double-digit organic

revenue growth

Long-term growth supported by aging population,

clinical labor shortage

Scalable, efficient operating model

Stable with strong cash flow & balance sheet

AMN Strategic Growth

Travel NurseAmerican Mobile Nurses: A founding company

1980s

1990s

Nurse and Allied ExpansionAmerican Mobile Healthcare, MedicalExpress

2009 -

2013

2014 -

2015

2000-

2008

Workforce Solutions: MSP, RPO and VMSMedFinders, ShiftWise

Nurse, Physician, VMS, Nurse, Physician Leadership, Predictive Modeling Onward Healthcare, Locum Leaders, Medefis, The First String, MillicanSolutions, Avantas

Physician, Allied, Nurse and Search ExpansionMerritt Hawkins, StaffCare, MedTravelers, O’Grady Peyton

2016

Interim Leadership and Executive search, Crisis/Labor Disruption StaffingB.E. Smith, Healthsource Global

8

Bolstering Staffing Capabilities

Expanding Workforce Solutions

Recent Acquisitions

Premier national travel nurse and

allied staffing company

Leading provider of workforce consulting, labor optimization,

predictive data analytics, scheduling technology

Leading provider of vendor

management system technology

Well-respected national locum

tenens staffing company

7

Healthcare Leadership

Leading provider of interim healthcare leadership, executive search

and advisory services

Nurse leader recruitment,

training & development

Physician

executive recruitment

Leading national provider of crisis &

labor disruption staffing & consulting

B.E. Smith Acquisition

8

Top-ranked healthcare executive search firm

placing candidates on an interim and permanent

basis in mid-level and senior executive positions

Solutions and Services

Interim Leadership . Executive Search

Advisory Services

• 2015 annualized rev: $100 million;

adj. EBITDA margin: 15%

• Purchase price: $160 million

-$25 million tax benefit

• Immediately accretive to EPS

8

9

Staffing and

Recruitment

• Travel nursing

• Local staffing

• Locum tenens

• Allied staffing

• Physician placement

• Rapid response and

crisis staffing

• Mid- to senior level

leadership placement

• EMR implementation

• Labor disruption

Workforce Solutions

• Managed services

programs (MSP)

• Recruitment process

outsourcing (RPO)

• Vendor management

systems (VMS)

• Scheduling and labor

management

• Education services

• Float pool management

• Telehealth – Pharmacy

Advisory Services

• Workforce analysis

and optimization

• Predictive modeling

and analytics

• Strategy consulting

• Financial &

operational

performance

improvement

• Regulatory

compliance

AMN Service Offerings

Value through leadership, innovation and strategic insight

Executive

Leadership

• Interim leadership

• Executive search

• Physician

leadership search

• Nurse leadership search

-----------------------------------

• Executive coaching

• Leadership training and

development

Reportable Segments

• All nursing specialties

• Physical therapists,

respiratory, imaging, lab

technologists

• Pharmacists and techs

• Temporary physician

staffing

• MSP, Locums Billing

• Interim leadership

• Executive search

• Physician search

• Recruitment process

outsourcing

• VMS

• Consulting & predictive

analytics

• Scheduling

• Education

Nurse and Allied Solutions Locum Tenens Solutions Other Workforce Solutions

Source: Revenue mix is Q1 2016 approximate mix per data provided on Q4 2015 earnings call

of revenues of revenues of revenues

• Travel nurse

• Allied staffing

• Local staffing

• MSP

• EMR staffing

• Crisis/Labor disruption • All physician specialties

• Advanced practice

specialties

• Dentistry staffing

10

22% 15%63%

Leader in Managed Services Programs (MSP)

• Outsourced partner to manage all

supplemental workforce needs under one

client contract

• Recruitment, credentialing, clinical

support, reporting, consolidated invoicing

~ $900 Million Annualized MSP Spend Under Management

11

500+ affiliates

Fill rates

Clinician quality

Efficiency

Staffing optimization

Controlled spend

Accountability

11

Leader in Vendor Management Systems (VMS)

Automates temporary and

float pool staffing through

online order and fulfillment,

scheduling, credential

tracking, time keeping,

reporting, invoicing

12

Fill rates

Clinician quality

Efficiency

Staffing optimization

Controlled spend

+ $900 Million Annualized VMS Spend Under Management

Leader in Recruitment Process Outsourcing (RPO)

13

Outsourced partner to manage all

recruitment, hiring, and on-boarding

processes for clinician permanent positions

Recruitment savings & productivity

Variable cost, flexible delivery model

State-of-the-art sourcing

Better decision making through data

& insights

Fewer bad hires & lost candidates

Leader in Workforce Optimization: Predictive Analytics & Forecasting

Typical savings:

4% to 7% of

nurse labor

spend

Nurse labor spend

% of hospital budget

14

25%

Workforce predictive analytics

Centralized resource management

Scheduling technology & tools

Operational review

Business intelligence

Diverse Client Base

15

“AMN knows the national landscape. They know what’s out

there and what the trends are. They bring that valuable

information to us so that we can better plan as partners.”

- Chief Nursing Officer,

Large Integrated Health System & AMN MSP Client

Market Overview

Source: US Healthcare Staffing Growth Assessment, Staffing Industry Analysts, October 28, 2015. Internal estimates

U.S. Temporary Healthcare Staffing

2016P

$14billion

16

~$2billion

Other Addressable Markets: (Perm Placement, RPO,

Workforce Consulting, VMS)

Demand Drivers

• Stable or improving economy

• Low unemployment

• Increased healthcare utilization

• Shortage of clinician & physicians

• Adoption of outsourced solutions

• Aging population & medical advances

• New emerging clinical roles

5 Million More

Healthcare Jobs

Fast Growing

Healthcare Jobs

Growth in Healthcare Employment

Source: Bureau of Labor Statistics, December 2013; BLS Occupational Outlook Handbook January 2014; Job growth is projected from 2012 to 2022.

Nurse

Practitioners

Registered

Nurses

Physician

Assistants

Physical

TherapistsPhysicians

2012: 17 million

2022: 22 million

38% 36% 34% 18%19%

17

Healthcare Reform

$7.4 billion less

uncompensated care

16.4 millionmore insured

Aging Healthcare Professionals

Wave of Baby Boomer retirements coming

~ 50% of RNs and physicians are age 50+

Annual Growth in Healthcare Spend Aging Population and Healthcare Utilization

Drivers of Healthcare Employment Growth

Source: HHS.gov as of November 9, 2015: 16.4 million adults have gained insurance coverage since 2010 due to ACA provisions; $7.4 bil lion less uncompensated care in

2014. National Council of State Boards of Nursing and The Forum of State Nursing Workforce Centers – 2013 data. AMN Healthcare survey, November 2015. AMA

Physician Master File and 2012 Physicians Foundation Survey conducted by Merritt Hawkins – 2012 data. National Health Expenditure Projections – CMS, October 2014.

• Over 65 - 3x more

hospital stays

• Over 75 - 4x more

hospital stays

2016–2023P

3.6%

5.6%6.0%

2013 2010 2015 2020 2025 2030

Source: U.S. Department of Health and Human Services

2015P

6.0%5.6%

3.6%

40

72

U.S. population aged 65+in millions

18

~ 2/3 of RNs age 54+ plan to retire in next 3 years

% reporting moderate or serious shortage of the

following healthcare professionals:

Projected healthcare labor shortage in 2025

% reporting somewhat or very difficult to recruit

the following healthcare professionals:

Average vacancy rate at your facility for the

following healthcare professionals:

Emerging Talent Shortage

Source: AMN Healthcare 2013 Clinical Workforce Survey of Hospital Leaders; Association of American Medical Colleges, March 2015; Future of

the Nursing Workforce, Health Resources and Services Administration, December 2014

Physicians Nurses AlliedNPs/PAs Physicians Nurses AlliedNPs/PAs

Physicians Nurses AlliedNPs/PAs

90,400

physician shortage

18%17% 15%

13%

78%

67%

51%43%

70%

40%36% 32%

Regional & specialty

nurse shortages

19

Retirement Upsurge?

20

Question: “Are you planning to retire in:”

(For nurses planning to retire: In how many years?)

Answer: “Three years or less”

All nurses

d38%

Nurses

over 54

62%

Source: AMN Healthcare 2015 Registered Nurses Survey - ~9,000 responses

Career Satisfaction is Very High, but…

21

Question: “I usually have the time I need to spend with my patients.”

Answer:

“Strongly

agree”

Answer:

“Agree”

Answer:

“Neither agree

nor disagree”

Answer:

“Disagree”

Answer:

“Strongly

disagree”

12%30%8% 28%

Only 36% of all nurses agree or strongly agree that

they usually have the time they need to spend with their patients

22%

Long-term Adjusted EBITDA Margin Target

Note: The information set forth herein are based on our current belief of how we may be able to achieve our long term goal. Please refer to page 2 of

this presentation titled “Forward Looking Statements”.

22

2015Operating

Leverage

SG&A

Efficiency

WFS

Growth

Gross Margin

ImprovementBy 20202011

11.3%AEBITDA

Margin

14%AEBITDA

Margin

30-70 bps40-80 bps

40-100 bps

60-120 bps

7.2%AEBITDA

Margin

$1.5 B

Revenue

$2.2-2.5B

Revenue

$0.9 B

Revenue

23

Financial Highlights

$ in millions, except per share amounts

Source: Earnings release. Please also refer to Financial Reconciliation of non-GAAP metrics at

http://amnhealthcare.investorroom.com/financialreports.

Financial Metric Q4 2015Variance to

Q4 2014

Variance to

Q3 2015

Revenue 402.6$ 44% 5%

Gross margin 32.7% 240 bps -20 bps

Selling, general and administrative 90.2$ 46% 8%

Adj. EBITDA 46.9$ 85% 3%

Adj. EBITDA margin 11.6% 260 bps -30 bps

Diluted EPS 0.41$ 105% -41%

Adj. Diluted EPS 0.47$ 104% -2%

Cash Flow Metrics Q4 2015

Operating cash flow $1

Capex $6

Balance Sheet Items 12/31/2015

Cash and cash equivalents $10

Accounts receivable, net $278

Working capital $125

Total assets $880

Total debt outstanding $219

Stockholders’ equity $348

Balance Sheet Metrics 12/31/2015

Day sales outstanding 64

Working capital ratio 1.5

Leverage ratio 1.4

Financial Highlights

Source: Earnings release, earnings call

$ in millions

24

1Q 2016 Outlook

25Source: Earnings release and earnings call February 2016. Guidance is

not being updated or reaffirmed, and AHS does not intend to update

guidance prior to its next quarterly earnings release and earnings call.

Financial Metric Q1 2016

Revenue$444 to $450 million

~ 36% yoy (w/~25% Organic)

Gross margin ~ 33.0%

SG&A expenses ~ 22.0%

Adjusted EBITDA margin ~ 11.5%

The Innovator in Healthcare Workforce Solutions and Staffing Services

Thank You