AMN Healthcare Services Inc. said Jan. 30 that it has sold its home health care business to Bayada Home Health Care Inc. — in a deal driven by changes in the national health care market.
A San Diego-based health care recruiting company, AMN said it would receive $9.65 million in cash from Moorestown, N.J.-based Bayada for its Nursefinders Home Care business and retain working capital of approximately $4 million. The company said it plans to use proceeds to pay down debt.
“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," AMN CEO Susan R. Salka said in a company statement.
In light of the sale, fourth-quarter revenues from continuing operations are now expected to be between $219 million and $223 million, which is consistent with previous guidance — excluding the roughly $13 million in sales associated with the home health care segment.
AMN said its 19 franchisee-owned Nursefinders offices were not included in the transaction. The sale will not have a meaningful impact to fourth-quarter income from continuing operations.
AMN’s shares, which trade on the New York Stock Exchange under the symbol AHS, were down less than 1 percent at $4.79 on Jan. 30.