Cross Country Healthcare, Inc

Cross Country Healthcare is a U.S.-based workforce solutions company focused on staffing and labor-management services for healthcare and related end markets. Its core business is placing nurses, allied health professionals, physicians, advanced practice providers, and other clinicians into temporary, local, travel, per diem, and permanent roles. The company also sells workforce management software and advisory services through Intellify®, which helps health systems manage internal and contingent labor in one view. In addition to healthcare staffing, Cross Country serves education and PACE programs, giving it exposure to multiple labor-intensive service markets. In 2025, the company agreed to be acquired by Aya Healthcare, which is expected to reshape its strategic and ownership profile.

−6,4 %

−9,0 %

−21,6 %

3.78

3.78

— Cross Country Healthcare, Inc
%
Nurse and Allied Staffing72% Travel, per diem, local contract, and allied health placements for healthcare facilities.
Physician Staffing18% Locum tenens and temporary physician, CRNA, NP, and PA coverage.
Workforce Management Software and Advisory5% Intellify® cloud-based workforce management, VMS, and labor analytics services.
Education Staffing3% Teacher, substitute teacher, and other education-related staffing placements.
PACE and Other Services2% PACE staffing, retained search, and other outsourcing services including MSP agency work.

Cross Country sells primarily to healthcare providers that need flexible clinical labor to cover shortages, seasonal...

  • Acute care hospitals and health systemsprimary

    Buy travel nurses, allied staff, locums, and workforce management tools to cover shortages and manage labor spend.

  • Non-acute care and outpatient providersprimary

    Use temporary clinicians and local staffing to maintain service continuity across clinics, ambulatory centers, and rehab facilities.

  • Physician practices and specialty groupssecondary

    Purchase locum tenens physicians and advanced practice professionals for temporary coverage and specialty access.

  • PACE programs and senior-care operatorssecondary

    Buy staffing and support services to serve elderly participants and meet program operating needs.

  • Education and public-sector institutionssecondary

    Use substitute teachers and other education staffing to fill vacancies and manage staffing volatility.

Cross Country operates nationally across the United States and markets its services on a national, regional, and local...

  • Revenue is primarily generated in the United States
  • Sales and staffing are organized nationally, regionally, and locally
  • India hosts key back-office and technology support functions
  • PACE expansion is tied to state-level and federal policy changes
  • Local labor markets matter because clinician supply and rates vary by region

Cross Country’s strategy centers on being a full-spectrum healthcare labor partner rather than only a transactional...

01
Scale Intellify® and integrated workforce solutionsmedium-term

Software and advisory services can deepen customer relationships and reduce reliance on pure staffing volume.

02
Expand PACE and diversified care settingsmedium-term

Broader end markets can offset volatility in travel nurse demand and open policy-supported growth avenues.

03
Complete the Aya Healthcare mergershort-term

The transaction is the key corporate event and will determine future ownership and operating structure.

Cross Country is exposed to cyclical demand in healthcare staffing, where hospital census, labor budgets, and bill-rate...

high

Declining staffing demand and rate pressure

Healthcare customers can reduce temporary labor usage when census, budgets, or staffing conditions improve, while pay rates may stay elevated.

Scope
Travel nurse, allied, and per diem staffing
Materiality
high
high

Intermediary and MSP/VMS margin compression

Third-party staffing intermediaries charge fees and can disintermediate Cross Country from end customers.

Scope
Managed service and agency staffing channels
Materiality
high
high

Aya merger execution and regulatory risk

The pending transaction depends on regulatory approvals and closing conditions; delay or failure could affect business plans and stock price.

Scope
Corporate transaction and strategic planning
Materiality
high
medium

International operations and data-security risk

Critical back-office functions are concentrated in India, exposing the company to foreign regulatory, tax, and cybersecurity issues.

Scope
Infotech support operations
Materiality
medium
medium

Credit and collectability risk

Healthcare customers may delay payment or default, increasing allowance needs and reducing cash conversion.

Scope
Accounts receivable and MSP arrangements
Materiality
medium
Gross versus net revenue recognition
Material for revenue growth and margin analysis
Goodwill and intangible asset impairment
Can create large noncash charges
Allowance for credit losses and sales allowances
Affects operating income and cash conversion
Merger-related costs
Distorts comparability across periods

: 11/08/2026