Finance

Cross Country announces Q2 charge related to professional liability claims

Published in MD Week, July 22nd, 2005

Cross Country Healthcare, Inc., (CCRN) announced that it expects to take an after-tax charge of approximately $3.2 million, or $0.10 per diluted share, in the second quarter of 2005 to increase reserves for professional liability based on recent unfavorable developments.

This charge resulted from two separate and unrelated professional liability claims that arose out of nurse staffing services provided by labor and delivery nurses at one hospital in Cook County, Illinois.

Consequently, due to the magnitude of these claims and their impact on the company's reserves for both known and incurred but unreported claims, the company is reducing its...

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Source: MD Week (2005-07-22)

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