San Diego, Calif.-based AMN Healthcare, one of the largest healthcare staffing agencies in the country, saw a 363.3 percent jump in net income to $327.4 million in 2021, compared to $70.7 million in 2020, according to its financial results released Feb. 17.
Its revenue rose by 66.4 percent to about $4 billion in the 12 months ended Dec. 31, compared to $2.4 billion in 2020. Its operating expenses in 2021 reached $831.6 million, up from $642.5 million in 2020.
AMN's operating income jumped by 220.2 percent in 2021 to about $478 million, compared to $149.3 million in 2020. The operating margin was 12 percent in 2021 and 6.2 percent in 2020.
For the three months ended Dec. 31, 2021, the company's net income rose to $116.2 million, a 1,148.6 percent jump from the $9.3 million recorded in the same period in 2020.
Its revenue reached $1.4 billion in the fourth quarter, a 116 percent increase year over year from $631.3 million recorded in 2020. Its operating expenses saw a 48.6 percent increase year over year in the fourth quarter to $265.7 million in 2021 compared to $178.9 million in 2020.
The operating income was up by 488.3 percent in the fourth quarter of 2021 to $168.6 million, compared to $28.7 million in 2020.
AMN said in a Feb. 17 news release that demand for workforce staffing and technology solutions saw massive growth in 2021 and into 2022 while healthcare organizations dealt with more job vacancies and employee burnout.
Staffing agencies have been accused of price gouging by many organizations, including the American Hospital Association and a group of 200 House members.