TEAM HEALTH COMPLETES DEBT REFINANCING

Knoxville, TN – March 23, 2004 – Team Health, Inc. today announced the closing of the company’s new senior secured credit facilities and new senior subordinated notes transactions. The proceeds from these financings as well as existing cash were used to refinance existing indebtedness including existing senior secured credit facilities and senior subordinated notes, redeem the Company’s preferred stock, pay a common stock dividend and finance the transactions’ fees and expenses.

About Team Health

Founded in 1979, Team Health is headquartered in Knoxville, Tennessee. Team Health is affiliated with over 7,000 healthcare professionals who provide emergency medicine, radiology, anesthesia, hospitalist, urgent care and pediatric staffing and management services to over 450 civilian and military hospitals, surgical centers, imaging centers and clinics in 41 states. For more information about Team Health, visit www.teamhealth.com.