Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hospital staffing company Team Health (NYSE: TMH) were looking quite healthy as investors bid up shares more than 10% in intraday trading after better-than-expected third-quarter results.

So what: Revenue for Team Health's third quarter came in at $386 million, 6% better than the prior year, while the bottom line delivered $0.27 in per-share profits, down slightly from 2009. Both revenue and earnings per share were ahead of Wall Street's estimates, which were $383 million and $0.25, respectively.The top-line growth came largely from acquisitions, while growth of the company's non-military business offset weakness in its military contracts.

Now what: Team Health was bought out by private equity firm Blackstone (NYSE: BX) back in 2005 and was IPO'ed by Blackstone late last year. Not all that surprisingly for a PE-backed company, a primary issue for Team Health is improving its debt-laden capital structure, a task on which it has made significant progress since last year. At the same time, Team Health is a large operator in a very fragmented industry, so acquisitions will likely continue to be part of the company's growth strategy. With that in mind, investors will want to make sure the company is not only performing, but also making progress on improving its balance sheet and being prudent on the acquisition front.

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