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AMN Healthcare Services Inc. (NYSE: AHS) on Friday sold its home healthcare business to Bayada Home Health Care Inc. for $9.65 million. AMN will also retain working capital of approximately $4 million.
AMN’s 19 franchisee-owned Nursefinders offices were not included in the transaction. AMN acquired the home healthcare business when it bought Nursefinders in 2010. The home healthcare segment posted revenue of $13.3 million in the third quarter of 2011.
“Given significant reimbursement changes and the current uncertainty in the regulatory environment, we determined a divestiture of home healthcare would allow an even sharper focus on our market-leading healthcare workforce solutions offerings,” said Susan Salka CEO of AMN.
AMN intends to use proceeds from the sale to pay down debt.
AMN ranks as the largest U.S. healthcare staffing provider. Bayada, a home healthcare provider, is based in suburban Philadelphia.