Exhibit 99.1

Team Health Holdings, Inc., Announces Fourth Quarter and

Fiscal 2010 Financial Results

Fiscal 2010 Fourth Quarter Highlights

KNOXVILLE, Tenn. – February 8, 2011 – Team Health Holdings, Inc. (“TeamHealth”) (NYSE: TMH), one of the largest suppliers of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States, today announced results for its fourth quarter and full fiscal year 2010.

“We are very pleased to have completed our 2010 fiscal year with a strong fourth quarter performance, highlighted by solid growth in revenues, operating cash flow and Adjusted EBITDA,” said TeamHealth President and Chief Executive Officer Greg Roth.

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“Excluding adjustments, we also realized significant increases in net earnings during the period. Total revenue growth was broad based, driven primarily by acquisitions, with non-military same contract and net sales also contributing to revenue growth. Same contract growth was driven by an increase in estimated collections per visit, which more than offset a modest decline in same store volumes. This modest volume decline was due, in part, to the challenging same contract volume comparison of 9.7% from the fourth quarter of 2009 during the peak of the H1N1 virus outbreak. The efficient management of our cost structure and focus on integration of recent acquisitions also contributed to an improvement in operating margin, operating cash flow, and profitability. We continued to delever our capital structure with the redemption of the remaining $45.5 million of our 11.25% senior subordinated notes in December, which was funded entirely with existing cash on hand. Our organization is well positioned for continued success in 2011 with same store growth momentum, the challenging 2009 H1N1 volume comps now behind us, and anticipated benefits from the full year contributions from acquired operations.”

Lynn Massingale, M.D., Executive Chairman of TeamHealth, added, “We are very pleased to have completed our first year as a public company with such strong operating and financial performance in our core business lines. We have strengthened our reputation as an attractive partner for strong physician groups and are pleased with the successful integration and performance of our recent acquisitions. We continue to support our affiliated providers to allow them to provide patients with the highest quality of care, driven by our ongoing investment to ensure that our hospital clients meet their goals for patient safety, operational efficiency and customer satisfaction. As the healthcare landscape continues to become more complex, we believe our exceptional value proposition will continue to be in increasingly greater demand.”

Fiscal 2010 Fourth Quarter Results

Net revenue less provision for uncollectibles (“revenue less provision”) in the fourth quarter of 2010 increased 12.8% to $393.4 million from $348.8 million in the fourth quarter of 2009. On an overall basis, our non-military operations contributed a 15.2% increase in net revenue less provision while the military division reduced quarter-over-quarter revenue growth by 2.4%. Acquisitions contributed 11.0% of the growth in net revenue less provision. Same contract revenue (excluding the military division) contributed 2.5% of the growth. Same contract revenue associated with the military division reduced growth by 0.8%. New contracts, net of terminations (excluding contracting changes within the military division) contributed 1.6% of growth. New contracts, net of terminations within the military division, reduced quarter-over-quarter net revenue growth by 1.6%.

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Same contract revenue less provision increased 1.9% to $321.9 million from $315.8 million in the same quarter a year ago. Increases in estimated collections on fee-for-service visits of 7.2% provided approximately 5.2% of same contract revenue growth between quarters, while lower same contract visits between periods of 2.0% constrained same contract revenue growth by 1.5%. Declines in contract and other revenue, primarily associated with our military division, constrained same contract revenue growth by an additional 1.8%. Acquisitions contributed $38.5 million of growth between quarters. Net new contract revenue increased by $5.6 million, prior to changes within military staffing contracts, which resulted in a total increase in this category of $0.1 million between quarters. Total declines in military revenue, inclusive of changes in same contract revenue, were $8.2 million between quarters.

The fourth quarter 2010 financial results included a non-tax deductible charge of $48.8 million to reduce the carrying value of the goodwill associated with the military division. The decline in carrying value and associated goodwill impairment charge for the military division resulted from the Company’s annual impairment test results and reflected the decline in the military’s financial performance during 2010 and the impact of the more challenging government contracting environment. Following the impairment charge, there was approximately $9.4 million of remaining goodwill associated with the military division.

Reported net loss was $33.7 million in the fourth quarter of 2010, or $0.52 diluted net loss per share, compared to a net loss of $14.5 million, or $0.28 pro forma diluted net loss per share in the same quarter of 2009. Included in the fourth quarter 2010 results were the non-deductible goodwill impairment charge of $48.8 million and the $2.3 million loss associated with the December bond redemption totaling $51.1 million on a pre-tax basis ($50.2 million after-tax). The fourth quarter 2009 results included costs recognized in conjunction with the IPO of approximately $37.4 million and transaction and other costs of $2.2 million totaling $39.6 million on a pre-tax basis ($24.1 million after-tax). Following these adjustments, diluted net earnings per share were $0.25 for the fourth quarter of 2010 compared to $0.19 for same period in 2009.

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Cash flow provided by operations increased to $53.6 million from a use of cash in the same quarter of 2009 of $1.8 million. The fourth quarter 2009 cash flows were impacted by approximately $32.7 million of pre-tax IPO related costs.

Adjusted EBITDA increased 27.2% to $40.0 from $31.5 million in the same quarter in 2009, and Adjusted EBITDA margin improved to 10.2% from 9.0%. See “Non-GAAP Financial Measures Reconciliation” and “Adjusted EBITDA” below for the definitions of Adjusted EBITDA Margin and Adjusted EBITDA and its reconciliation to net earnings.

Fiscal 2010 Full Year Results

Revenue less provision for the year ended December 31, 2010 increased 6.7% to $1.52 billion from $1.42 billion in fiscal 2009. On an overall basis, our non-military operations contributed an 11.0% increase in net revenue less provision while the military division reduced year-over-year revenue growth by 4.2%. Acquisitions contributed 8.1% of the growth. Same contract revenue (excluding the military division) contributed 1.7% of the growth. Same contract revenue associated with the military division reduced growth by 0.7%. New contracts, net of terminations (excluding the military division), contributed 1.2% of the growth. Net contract changes within the military division reduced year-over-year net revenue growth by 3.5%.

Same contract revenue less provision increased 1.1% to $1.22 billion from $1.20 billion in 2009. Increases in estimated collections on fee-for-service visits of 4.5% provided approximately 3.3% of same contract growth between periods. Fee-for-service volume growth declined 0.2% which constrained growth by 0.2%. Declines in contract and other revenue, primarily associated with our military and locum tenens divisions, constrained same contract growth by an additional 1.9%. Acquisitions contributed $114.9 million of growth between years. Net new contract revenue increased by $17.7 million prior to changes within military staffing contracts, which resulted in a total decline in this category of $32.5 million between years. Total declines in military revenue, inclusive of changes in same contract revenue, were $60.4 million.

Reported net earnings were $13.3 million, or $0.21 diluted net earnings per share, compared to $40.7 million, or $0.82 pro forma diluted net earnings per share, in 2009. The 2010 results included impairment charges of $51.3 million and costs of $18.4 million associated with the Company’s redemption of its bonds during the first and fourth quarters offset by a $7.2 million reduction of professional liability reserves related to prior years totaling $62.5 million on a pretax basis ($57.2 million after-tax). The 2009 results

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included costs recognized in conjunction with the IPO of $37.4 million and transaction, management fee, and other costs of $5.1 million offset by an $18.8 million favorable prior year professional liability loss reserve adjustment totaling $23.7 million on a pretax basis ($14.4 million after-tax). Excluding these adjustments, diluted net earnings per share were $1.09 in 2010 compared to $1.11 in 2009.

Cash flow provided by operations was $113.9 million compared to $82.8 million for the same period of 2009. Included within operating cash flow in 2010 were cash costs associated with the bond redemptions, while 2009 operating cash flow reflected cash costs associated with the IPO.

Adjusted EBITDA was $173.5 million compared to $168.5 million in 2009. Excluding the impact of the prior year professional liability reserve adjustments, Adjusted EBITDA was $166.3 million and $149.7 million, respectfully, in each year. See “Non-GAAP Financial Measures Reconciliation” and “Adjusted EBITDA” below for the definition of Adjusted EBITDA and its reconciliation to net earnings.

As of December 31, 2010, the Company had cash and cash equivalents of approximately $30.3 million and $125.0 million of available borrowings under a revolving credit facility (without giving effect to $7.2 million of undrawn letters of credit). During 2010, the Company redeemed $203.0 million of its 11.25% Senior Subordinated Notes, which resulted in a charge of $17.1 million consisting of the payment of bond redemption premiums in the amount of $12.3 million and the write-off of $4.8 million of previously deferred financing costs. The Company also made scheduled debt repayments of $4.3 million during 2010. As a result, the Company’s total outstanding debt declined by $207.3 million to $403.8 million as of December 31, 2010, and there were no amounts outstanding under our revolving credit facility.

Radiology Operations

During the fourth quarter of 2010, after an analysis of its radiology operations, including past performance and future growth opportunities, the Company made a decision to shut down its teleradiology and radiology staffing division. During the fourth quarter and fiscal year 2010, the Company’s radiology division generated approximately $2.3 million and $11.2 million of net revenue less provision, respectively. The Company will work with existing customers, providers, and employees to minimize the disruption of services currently being provided. It is anticipated that this process will be completed by the end of the first quarter of 2011. Other than the incurrence of operating costs during the wind

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down period, the Company does not currently anticipate any additional significant charges to be realized.

Conference Call

As previously announced, TeamHealth will hold a conference call tomorrow, February 9, to discuss its fiscal fourth quarter and full-year 2010 results at 10:00 a.m. (Eastern Standard Time). The conference call can be accessed live over the phone by dialing 1-877-941-4774, or for international callers, 1-480-629-9760. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 4403309. The replay will be available until February 16, 2010.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at www.teamhealth.com. The on-line replay will remain available for a limited time beginning immediately following the call in the Investor Relations section of the Company’s website at www.teamhealth.com.

To learn more about TeamHealth, please visit the company’s Web site at www.teamhealth.com. TeamHealth uses its Web site as a channel of distribution for material Company information. Financial and other material information regarding TeamHealth is routinely posted on the Company’s Web site and is readily accessible.

About TeamHealth

TeamHealth (Knoxville, Tenn.) (NYSE: TMH) was founded in 1979 and has become one of the largest suppliers of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States. Through its six principal service lines located in 13 regional sites, TeamHealth’s more than 5,600 affiliated healthcare professionals provide emergency medicine, hospital medicine, anesthesia, and pediatric staffing and management services to more than 530 civilian and military hospitals, clinics, and physician groups in 44 states. For more information about TeamHealth, visit www.teamhealth.com.

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Forward Looking Statements

Statements and information contained herein that are not historical facts and that reflect the current view of Team Health Holdings, Inc. (the “Company”) about future events and financial performance are hereby identified as “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Some of these statements can be identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “could,” “should,” “may,” “plan,” “project,” “predict” and similar expressions. The Company cautions that such “forward looking statements,” including without limitation, those relating to the Company’s future business prospects, revenue, working capital, professional liability expense, liquidity, capital needs, interest costs and income, wherever they occur in this or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the “forward looking statements.” Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to current or future government regulation of the healthcare industry, exposure to professional liability lawsuits and governmental agency investigations, the adequacy of insurance coverage and insurance reserves, as well as those factors detailed under the caption “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission. The Company’s “forward looking statements” speak only as of the date hereof and the Company disclaims any intent or obligation to update “forward looking statements” herein to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time

Non-GAAP Financial Measures Reconciliation

This release includes a table that sets forth a reconciliation of net earnings (loss) to Adjusted EBITDA. Adjusted EBITDA under the indenture that governed the 11.25% senior subordinated notes was defined as net earnings (loss) before interest expense, taxes, depreciation and amortization, as further adjusted to exclude unusual items, non-cash items and the other adjustments shown in the table below. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues less provision for uncollectibles. We believe that the disclosure of the calculation of Adjusted EBITDA and

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Adjusted EBITDA margin provide information that is useful to an investor’s understanding of our liquidity and financial flexibility. Adjusted EBITDA and Adjusted EBITDA margin are not measurements of financial performance or liquidity under generally accepted accounting principles. They should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles.

Since Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with GAAP and are susceptible to varying calculations, Adjusted EBITDA and Adjusted EBITDA margin, as presented, may not be comparable to other similarly titled measures of other companies.

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Team Health Holdings, Inc.

Consolidated Balance Sheets

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Consolidated Statements of Operations

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Consolidated Statements of Operations

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Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows

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Team Health Holdings, Inc.

Adjusted EBITDA

The following table sets forth a reconciliation of net earnings (loss) to Adjusted EBITDA. Adjusted EBITDA under the indenture that governed the 11.25% senior subordinated notes was defined as net earnings (loss) before interest expense, taxes, depreciation and amortization, as further adjusted to exclude unusual items, non-cash items and the other adjustments shown in the table below. We believe that the disclosure of the calculation of Adjusted EBITDA provides information that is useful to an investor’s understanding of our financial flexibility. Adjusted EBITDA is not a measurement of financial performance or liquidity under generally accepted accounting principles. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles.

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Team Health Holdings, Inc.

Revenue Analysis

The components of net revenue less provision for uncollectibles includes revenue from contracts that have been in effect for prior periods (same contracts) and from new and acquired contracts during the periods, as set forth in the table below:

The following table reflects the visits and procedures included within fee for service revenues described in the table above:

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Team Health Holdings, Inc.

Revenue Analysis

The components of net revenue less provision for uncollectibles includes revenue from contracts that have been in effect for prior periods (same contracts) and from new and acquired contracts during the periods, as set forth in the table below:

The following table reflects the visits and procedures included within fee for service revenues described in the table above:

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