CCRN · CIK 0001141103
What Cross Country Healthcare, Inc. told the SEC could break it.
Cross Country Healthcare's disclosures combine geographic concentration with financial strain. Though it operates in all 50 states, the largest share of its 2025 revenue came from California, Florida and New York, concentrating exposure to those states' staffing demand and regulation. That sits against a sharp downturn — revenue fell 21.6% to $1.1 billion and it posted a $94.9 million net loss in 2025 — while it carries debt under its loan agreement that could limit its flexibility. Its business is also indirectly tied to government policy: changes to Medicare and Medicaid reimbursement squeeze its healthcare-provider customers' cash flows, affecting demand and the prices paid for its staffing services.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- revenue concentrated in California, Florida and New Yorkmedium
Although Cross Country operates in all 50 states, the largest share of its 2025 revenue came from California, Florida and New York, concentrating exposure to those states' healthcare-staffing demand and regulation.
“During 2025, the largest percentage of our revenue was concentrated in California, Florida, and New York.”
SEC filing →As of 2026
Liquidity & debt
- indebtedness amid sharp revenue and earnings declinemedium
Cross Country carries indebtedness under its Loan Agreement while revenue fell 21.6% to $1.1B and it posted a $94.9M net loss in 2025; this leverage could constrain its flexibility to pursue strategic or financing opportunities.
“We could have a level of indebtedness which may have an adverse effect on our business or limit our ability to take advantage of business, strategic, or financing opportunities.”
SEC filing →As of 2026
Regulatory & policy
- Medicare/Medicaid reimbursement changes affecting customer demand and pricingmedium
Changes to Medicare and Medicaid reimbursement (and ACA changes) indirectly affect demand for and prices paid for Cross Country's staffing services by reducing its healthcare-provider customers' cash flows.
“Reimbursement changes in government programs, particularly Medicare and Medicaid, can and do indirectly affect the demand and the prices paid for our services.”
SEC filing →As of 2026
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch