The Innovator in Healthcare Workforce Solutions and Staffing Services

AMN Healthcare Investor Presentation

Q2 2015

Forward-Looking Statements

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, 2014 and its quarterly and

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statements to become outdated with the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 September 8,

2015.

2

3

Key Investor Highlights

• Market leader in healthcare staffing and physician search

• Innovator in healthcare workforce solutions: MSP, VMS, RPO, Consulting

• Successfully completed majority of integration activities: Onward Healthcare, Locum Leaders, Medefis, Avantas

• Strong demand environment; double-digit organic revenue growth

• Long-term growth supported by aging population, clinical labor shortage

• Scalable, efficient operating model

• Strong cash flow and balance sheet

AMN Integrated Solutions Drive Workforce Optimization

4

Recruitment & Staffing ServicesNurse & Allied StaffingLocum TenensPhysician Permanent PlacementHealthcare Executive Search

Workforce OptimizationWorkforce planningPredictive analytics & forecasting

Workforce Solutions & TechnologyManaged Services (MSP)Vendor Management Systems (VMS)Recruitment Process Outsourcing (RPO)Enterprise scheduling

AMN Staffing and Recruitment Offerings

• All nursing specialties• Physical therapists, respiratory,

imaging, lab technologists• Pharmacists and techs

• Temporary physician staffing• Dentistry staffing• MSP, VMS, Locums Billing

• Retained physician search• Contingent search

Nurse and Allied Staffing Locum Tenens Physician Placement

Source: Revenue mix is Q2 2015; earnings release

of revenues68% of revenues28% of revenues4%

• Travel staffing• Local staffing• MSP, VMS, RPO, EMR staffing• Workforce consulting

• All physician specialties• Advanced practice specialties

• All physician specialties• Healthcare executive search• Research & surveys

5

Bolstering Staffing Capabilities

Expanding Workforce Solutions

Recent Acquisitions

Premier national travel nurse and allied staffing company

Leading provider of workforce consulting, labor optimization &

planning, data analytics, predictive modeling, scheduling technology

Leading provider of vendor management system technology

Well-respected national locum tenens staffing company

6

Market Overview

Source: US Staffing Industry Forecast, Staffing Industry Analysts, April 2015. Internal estimates

U.S. Temporary Healthcare Staffing

2016P

$12billion

7

~$2billion

Other Addressable Markets: (Perm Placement, RPO,

Workforce Consulting, VMS)

Demand Drivers

• Increased healthcare utilization

• Shortage of clinician & physicians

• Adoption of outsourced solutions

• Aging population & medical advances

• New emerging clinical roles

• Growth in GDP & employment rate

5 Million More Healthcare Jobs

Fast GrowingHealthcare 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.

NursePractitioners

RegisteredNurses

PhysicianAssistants

PhysicalTherapists

Physicians

2012: 17 million

2022: 22 million

38% 36% 34% 18%19%

8

Healthcare Reform

$7.4 billion less uncompensated

care

16.9 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: As of February 2015, 16.9 million adults have gained insurance coverage since 2010 due to ACA provisions, Health Affairs/RAND Health study, A.J. Rice, UBS analyst report, May 15, 2015. US Department HHS March 23, 2015. National Council of State Boards of Nursing and The Forum of State Nursing Workforce Centers – 2013 data. 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 2030Source: U.S. Department of Health and Human Services

2015P

6.0%5.6%

3.6%

40

72

U.S. population aged 65+in millions

9

% reporting moderate or serious shortage of thefollowing 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 thefollowing 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

10

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

$600 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

$600 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

spendNurse labor spend

% of 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

10% Adjusted EBITDA Margin Target

7.2%

9.8%

$1.222 B

16

8.8%8.4%

7.7%

2012 2013 2014 LTM Q2 152011

$1.036 B$1.012 B

$954 M

Drivers

• Workforce solutions growth & penetration

• Operating leverage

• Gross margin improvement

$887 M

Growth in Revenue & Adj. EBITDA Margin

17

Financial Metric Q2 2015Variance to

Q2 2014Variance to

Q1 2015

Revenue $350.1 40% 7%

Gross profit $110.1 43% 9%

Gross margin 31.4% 60 bps 40 bps

Selling, general and administrative $74.7 34% 4%

Adjusted EBITDA $39.4 69% 18%

Adjusted EBITDA margin 11.2% 190 bps 100 bps

Diluted EPS $0.32 113% 28%

Adjusted diluted EPS $0.38 81% 27%

Financial Highlights

$ in millions, except per share amounts

Source: Earnings release. Please also refer to Financial Reconciliation of non-GAAP metrics athttp://amnhealthcare.investorroom.com/financialreports.

Cash Flow Metrics Q2 2015

Operating cash flow $25

Capex $8

Balance Sheet Items 6/30/15

Cash and cash equivalents $14

Accounts receivable, net $230

Working capital $112

Total assets $826

Total debt outstanding $226

Stockholders’ equity $288

Balance Sheet Metrics 6/30/15

Working capital ratio 1.5

Leverage ratio 1.9

Financial Highlights

Source: Earnings release, earnings call

$ in millions

18

Outlook

Source: Earnings release and earnings call on August 4, 2015. 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 Q3 2015

Revenue $360 to $365 million~ 37% yoy

Gross margin 31.0% to 31.5%

SG&A expenses* ~ 22.0%

Adjusted EBITDA margin 10.0% to 10.5%

Interest expense $2.0 million

Financial Metric 2015

Capital expenditures ~ $25 million

Effective tax rate 44%

Diluted share count 48.8 million

19

* SG&A expenses included approximately $0.7 million of acquisition and integration costs

The Innovator in Healthcare Workforce Solutions and Staffing Services

Thank You