Exhibit 99.1

Team Health Holdings, Inc. Announces Third Quarter 2011

Financial Results

KNOXVILLE, Tenn. – November 1, 2011 – Team Health Holdings, Inc. (“TeamHealth”) (NYSE: TMH), one of the largest providers of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States, today announced results for its third quarter of 2011.

“We are pleased with our third quarter results, highlighted by solid growth in revenues, operating earnings, and Adjusted EBITDA,” said TeamHealth President and Chief Executive Officer, Greg Roth.

“The success of the third quarter’s financial performance illustrates our balanced and integrated approach to achieving our revenue growth objectives. We delivered significant contributions to revenue from all of our growth drivers, including same

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contract, acquisitions and net contract growth. For the second consecutive quarter, net contract growth was the largest component of consolidated revenue growth and we are pleased to realize continued benefits from the investments we have made in our sales and marketing process. Same contract revenue contributed solid growth, driven by increases in estimated collections per visit and a slight increase in same contract volumes. We are pleased with the financial performance of our recent acquisitions and maintain a robust M&A pipeline going forward. This healthy M&A pipeline was demonstrated during the third quarter as we announced the closing of three transactions reflecting three different hospital-based specialties during the third quarter. We are excited by the additional growth opportunities in these new markets that these new practices bring to TeamHealth and look forward to working with our new partners in the future.”

Restatements

On November 1, 2011, the Company reported in a current report on Form 8-K that certain adjustments to its previously issued annual financial statements audited by Ernst and Young, LLP, (“E&Y”) and subsequent unaudited quarterly financial statements were required. These adjustments related to accounting for contingent earnout payments incurred in connection with certain acquisitions and equity-based compensation expense associated with management equity awards that were granted and outstanding from 2006 through 2009. Accordingly, management concluded, and the audit committee of the board of directors of the Company, after discussions with management and E&Y, the Company’s independent auditors, concurred, that the Company’s annual financial statements audited by E&Y and the related reports of the Company’s independent auditors, E&Y, included in the Company’s annual report on Form 10-K for the year ended December 31, 2010, and the unaudited financial statements included in the Company’s quarterly reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, and related financial information should no longer be relied upon. On November 1, 2011, the Company filed an amendment to its annual report on Form 10-K/A for the year ended December 31, 2010, an amendment to its quarterly report on Form 10-Q/A for the quarter ended March 31, 2011 and an amendment to its quarterly report on Form 10-Q/A for the quarter ended June 30, 2011 to amend and restate its financial statements included in these reports and revise other related financial information.

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These adjustments will result in a non-cash pre-tax expense of $5.3 million for the year ended December 31, 2008, $6.9 million for the year ended December 31, 2009, $11.3 million for the year ended December 31, 2010, $2.4 million for the quarter ended March 31, 2011 and $2.2 million for the quarter ended June 30, 2011.

These adjustments will not affect the previously reported net revenue, Adjusted EBITDA, or the timing of any cash transactions for those periods or the Company’s compliance with any financial covenants under its borrowing facilities.

Concurrent with the restatements, the Company has changed its accounting for contingent earnout payments incurred in connection with acquisitions. In certain purchase transactions, the Company structures the transaction such that a portion of the transaction proceeds is in the form of a contingent payment that is subject to both the achievement of certain financial objectives as well as the continuation of employment of the sellers during the contingent payment measurement period. The Company previously reported such contingent payments as an element of the purchase price consideration and recorded an intangible asset, primarily goodwill, when such payments were made or as of the closing date of the transaction, depending on the accounting guidance in effect at the time of the transaction. Also, when such payments were funded, the Company previously reported such contingent payments as a component of net cash used in investing activities on its consolidated statements of cash flows. The Company has restated its previously issued financial statements to report contingent payments that contain a continuation of employment condition as compensation for post combination services over the contingent measurement period on its consolidated statement of operations and to present the contingent payments as a component of operating cash flows. Contingent purchase expense is currently reported as a component of general and administrative expenses on the Company’s consolidated statement of operations with a parenthetical disclosure of the amount of the contingent purchase expense recognized in each reporting period.

It is the Company’s belief that while these restatements of the historical periods are necessary under current GAAP, they do not change the Company’s view of the historic performance of its core operations, in particular in net revenue or ultimate cash generation results or in the recent trends for these areas. It is the Company’s objective in its future reporting and disclosure to continue to highlight the core elements of continuing operating performance and key trends while meeting the GAAP reporting requirements.

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2011 Third Quarter Results

Net revenue less provision for uncollectibles (“revenue less provision”) increased 15.0% to $443.6 million from $385.8 million in the third quarter of 2010. On an overall basis, our non-military operations contributed a 14.4% increase in net revenue less provision, while the military division increased quarter-over-quarter revenue growth by 0.5%. Same contract revenue (excluding the military division) contributed 4.9% of the growth. Same contract revenue associated with the military division reduced growth by 0.4%. Acquisitions contributed 2.9% of the growth in revenue less provision. New contracts, net of terminations (excluding the military division), contributed 6.6% of the growth. New contracts, net of terminations, within the military division contributed 0.9% of the growth. Same contract revenue less provision increased 5.0% to $369.7 million from $352.1 million in the third quarter of 2010. Increases in estimated collections on fee-for-service visits of 6.3% provided a 4.6% increase in same contract revenue growth between quarters. Fee for service volume growth provided a 0.8% increase in same contract revenue growth as the number of visits increased 1.1% from the same contract volume reported in the third quarter of 2010. Declines in contract and other revenue, primarily associated with our military division, constrained same contract revenue growth by 0.4%. Acquisitions contributed $11.1 million of growth and net new contract revenue increased by $29.1 million between quarters.

Reported net earnings were $15.3 million in the third quarter of 2011, or $0.23 diluted net earnings per share, compared to net earnings of $15.4 million, or $0.24 diluted net earnings per share in the same period of 2010. Financial results for the third quarter of 2011 included an increase in the discounted carrying value of prior year professional liability reserves of $5.3 million ($3.2 million after tax) associated with a reduction in the discount rate due to the lower interest rate environment and also contingent purchase expense of $2.7 million ($1.7 million after tax) associated with acquisitions that contain a contingent payment component of the total purchase price. Excluding the above adjustments, net earnings for the third quarter of 2011 were $20.2 million and diluted net earnings per share were $0.30. Financial results for the third quarter of 2010 included contingent purchase expense of $3.6 million ($2.2 million after tax). Excluding the contingent purchase expense, net earnings for the third quarter of 2010 were $17.7 million and diluted net earnings per share were $0.27.

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Cash flow provided by operations in the third quarter of 2011 was $31.0 million compared to $44.9 million in the same quarter in 2010. Included in operating cash flows were contingent purchase price payments of $4.8 million and $0.9 million, respectively, in 2011 and 2010. Excluding the impact of contingent purchase price payments, the $10.0 million decrease in operating cash flow between quarters was principally the result of an increase in the funding of accounts receivable in part associated with an increase in net new contract revenue. During the third quarter of 2011, total net cash used for acquisitions, including contingent payments reported in operating cash flow, was $130.3 million compared to $48.4 million in the third quarter of 2010.

Adjusted EBITDA increased to $48.7 million from $40.8 million in the third quarter of 2010. Adjusted EBITDA margin increased to 11.0% from 10.6% for the same quarter in 2010 due to improvements in professional liability cost (excluding prior year adjustments) and general and administrative expense margins. See “Non-GAAP Financial Measures” and “Adjusted EBITDA” below for the definitions of Adjusted EBITDA Margin and Adjusted EBITDA and its reconciliation to net earnings.

2011 Nine Months Results

Revenue less provision in the nine months ended September 30, 2011 increased 14.0% to $1.28 billion from $1.13 billion for the same period of 2010. On an overall basis, our non-military operations contributed a 14.7% increase in net revenue less provision, while the military division reduced period-over-period revenue growth by 0.7%. Same contract revenue (excluding the military division) contributed 5.7% of the growth. Same contract revenue associated with the military division reduced growth by 0.5%. Acquisitions contributed 4.0% of the growth in revenue less provision. New contracts, net of terminations (excluding the military division), contributed 5.1% of the growth. Net contract changes within the military division reduced period-over-period net revenue growth by 0.2%. Same contract revenue less provision for the nine months ended September 30, 2011 increased 5.9% to $1.06 billion from $997.5 million in the same period a year ago. Fee for service volume growth provided a 2.5% increase in same contract revenue growth as the number of visits increased 3.3% from the same contract volume reported in the nine months ended September 30, 2010. Increases in estimated collections on fee-for-service visits of 5.3% provided a 3.9% increase in same contract revenue growth between periods. Declines in contract revenue and other revenue, primarily associated with our military and locum tenens divisions, constrained same contract revenue growth by 0.5%. Acquisitions contributed $44.5 million of growth between periods. Excluding the impact of contracting changes within the military division, net new contract revenue increased by $57.1 million, while changes within military staffing contracts resulted in a decline of $2.7 million between periods.

Reported net earnings were $52.2 million in the nine months ended September 30, 2011, or $0.79 diluted net earnings per share, compared to net earnings of $42.8 million,

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or $0.66 diluted net earnings per share, in the same period of 2010. Financial results for the nine months ended 2011 included an increase in the discounted carrying value of prior year professional liability reserves of $5.3 million ($3.2 million after tax), contingent purchase expense of $7.8 million ($4.7 million after tax), and a loss on the refinancing of debt of $6.0 million ($3.7 million after tax). Excluding the above adjustments, net earnings were $63.9 million and diluted net earnings per share were $0.96 for the nine months ended September 30, 2011. Financial results for the same period of 2010 included a reduction of professional liability reserves related to prior years of $7.2 million ($4.4 million after tax), contingent purchase expense of $9.4 million ($5.7 million after tax), an impairment charge of $1.5 million ($0.9 million after tax), and costs associated with the Company’s bond redemption of $16.2 million ($9.9 million after tax). Excluding these adjustments, net earnings were $54.9 million and diluted net earnings per share were $0.85 for the nine months ended September 30, 2010.

Cash flow provided by operations for the nine months ended September 30, 2011 was $55.1 million compared to $59.4 million in 2010. Included in operating cash flow were contingent purchase price payments of $12.0 million and $0.9 million, respectively, in the nine months ended September 30, 2011 and 2010. Excluding the impact of contingent purchase price payments, the $6.9 million increase in operating cash flow was principally the result of improved profitability, absence of cash costs associated with the bond redemption in 2010, and an improvement in the level of funding of current liabilities, including prior year incentive plan liabilities, reduced interest payments during 2011 compared to the same period in 2010, offset by an increase in accounts receivable funding and tax payments between periods. Included in operating cash flow in 2010 were $13.8 million of cash costs associated with the bond redemption, including $2.8 million of accrued interest payments on bonds that were redeemed. During the nine months ended September 2011, total net cash used for acquisitions, including contingent payments reported in operating cash flow, was $137.8 million compared to $52.6 million for the same period in 2010.

Adjusted EBITDA for the nine months ended September 30, 2011 increased to $144.7 million from $126.2 million in 2010, and Adjusted EBITDA margin increased to 11.3% from 11.2% for the same period in 2010. See “Non-GAAP Financial Measures” and “Adjusted EBITDA” below for the definitions of Adjusted EBITDA Margin and Adjusted EBITDA and its reconciliation to net earnings.

As of September 30, 2011, the Company had cash and cash equivalents of approximately $9.0 million and $115.5 million of available borrowings under its revolving credit facility (without giving effect to $6.6 million of undrawn letters of credit). The Company’s total outstanding debt was $457.0 million. As of September 30, 2011, there was $59.5 million outstanding under its revolving credit facility.

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Lynn Massingale, M.D., Executive Chairman of TeamHealth, added, “We are excited about our continued progress and execution on our plan for 2011. Our recent acquisitions reinforce the appeal of our model and our reputation as an attractive partner to physician groups serving hospitals with the highest expectations of quality and service. We remain fully committed to delivering the highest quality of patient care and our proprietary information technology systems and infrastructure investments enable us to help hospitals drive patient safety, operational efficiency and customer satisfaction goals.”

Conference Call

As previously announced, TeamHealth will hold a conference call tomorrow, November 2, to discuss its 2011 fiscal third quarter results at 8:30 a.m. (Eastern 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 4481228. The replay will be available until November 9, 2011.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging on to 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 website at www.teamhealth.com. TeamHealth uses its website as a channel of distribution for material Company information. Financial and other material information regarding TeamHealth is routinely posted on the Company’s website and is readily accessible.

About TeamHealth

TeamHealth (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 15 regional sites, TeamHealth’s more than 6,900 affiliated

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healthcare professionals provide emergency medicine, anesthesiology, hospital medicine, and pediatric staffing and management services to more than 700 civilian and military hospitals, clinics and physician groups in 46 states. The term “TeamHealth” as used throughout this release includes TeamHealth, Inc., and all of its related entities, companies, affiliates, subsidiaries and affiliated physician groups. 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

In this release we refer to Adjusted EBITDA and Adjusted EBITDA margin, which are financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Adjusted EBITDA is defined as net earnings before interest expense, taxes, depreciation and amortization, as further adjusted to exclude the non-cash items and the other adjustments shown in the table under “Adjusted EBITDA” below. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues less provision for uncollectibles. For a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, we refer you to the table under “Adjusted EBITDA.”

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Team Health Holdings, Inc.

Consolidated Balance Sheets

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Team Health Holdings, Inc.

Consolidated Statements of Operations

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Team Health Holdings, Inc.

Consolidated Statements of Operations

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Team Health Holdings, Inc.

Consolidated Statements of Cash Flows

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Team Health Holdings, Inc.

Consolidated Statements of Cash Flows

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Team Health Holdings, Inc.

Adjusted EBITDA

We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net earnings before interest expense, taxes, depreciation and amortization, as further adjusted to exclude the non-cash items and the other adjustments shown in the table below. We present Adjusted EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Adjusted EBITDA is not a measurement of financial performance or liquidity under generally accepted accounting principles. In evaluating our performance as measured by Adjusted EBITDA, management recognizes and considers the limitations of this measure. Adjusted EBITDA does not reflect certain cash expenses that we are obligated to make, and although depreciation and amortizations are non-cash charges, assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements. In addition, other companies in our industry may calculate Adjusted EBITDA differently than we do or may not calculate it at all, limiting its usefulness as a comparative measure. Because of these limitations, Adjusted EBITDA 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.

The following table sets forth a reconciliation of net earnings to Adjusted EBITDA.

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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 net, 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 net, 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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