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Performant Financial Corporation (NASDAQ: PFMT) is a leading provider of technology-enabled recovery and analytics services in the United States. The company specializes in enhancing revenue and reducing costs by preventing, identifying, and recovering outstanding and improperly paid assets. With a robust infrastructure and a seasoned team of experts, Performant delivers impactful financial solutions to its clients.
Performant's core business involves recovery services that span multiple sectors, including student loans, healthcare payments, and delinquent state and federal taxes. By leveraging a proprietary technology platform, the company offers comprehensive recovery and analytics services that can efficiently handle large data sets. These services are primarily offered on an outsourced basis, allowing clients to outsource many or all aspects of their recovery processes.
One of the key strengths of Performant is its ability to offer success-based revenue models, where it earns fees based on the percentage of funds recovered for its clients. This aligns the company's incentives with those of its clients, fostering a collaborative and results-driven relationship.
Performant Financial has more than 1,500 employees and operates out of five office locations across the United States. This extensive network allows the company to offer scalable solutions that can manage accounts ranging into billions of dollars per client. The company's advanced analytics are powered by a unique data processing platform, enabling precise and speedy analysis.
The company serves a broad range of government and private clients, applying its deep industry expertise to guide resources and achieve significant results. Performant's seasoned experts are well-versed in the intricacies of various industries, making them capable of delivering customized solutions that meet specific client needs.
For the latest updates and news about Performant Financial Corporation, investors and stakeholders are encouraged to visit the company's official website or consult recent press releases and financial reports. Performant's innovative approach and commitment to excellence make it a significant player in the recovery and analytics services market.
Performant Financial Corporation (Nasdaq: PFMT) announced its financial results for Q4 and full year 2022. Total revenues in Q4 were $29.2 million, a decrease from $31.6 million a year prior. Full year revenues fell to $109.2 million from $124.4 million. However, healthcare revenues increased to $26.0 million in Q4 and $94.7 million for the year. The company reduced its net loss to $0.2 million in Q4 from $2.6 million, and for the year, the loss narrowed to $6.5 million from $10.3 million. Adjusted EBITDA for Q4 was $2.3 million, down from $5.0 million, while full year adjusted EBITDA fell to $0.9 million from $11.9 million. The company anticipates 2023 healthcare revenue guidance of $105M to $110M.
Performant Financial Corporation (PFMT) will release its third quarter 2022 results on March 14, 2023, after market close. A conference call is scheduled for 5:00 pm ET to discuss the results. Access to the call can be made via 877-704-4453 (domestic) or 201-389-0920 (international), with a replay available until March 21, 2023. Performant specializes in technology-enabled payment integrity and analytics in healthcare, serving clients in both government and commercial sectors. The company aims to reduce improper healthcare payments through its proprietary analytic platform.
Performant Healthcare Solutions (Nasdaq: PFMT) has partnered with the Council for Affordable Quality Healthcare (CAQH) to enhance payment integrity and coordination of benefits (COB) for health plans. This collaboration aims to improve claims accuracy and deliver significant savings for health plans, especially regional and community-based ones. By utilizing Performant's software platform and CAQH's member coverage registry, health plans can identify third-party coverage before claims payments, allowing for quicker savings realization.
Performant Healthcare Solutions (Nasdaq: PFMT) has secured a 6-year Medicare Secondary Payer (MSP) Recovery Audit contract from the Centers for Medicare and Medicaid Services (CMS). This contingency fee contract compensates Performant based on overpayment recoveries returned to the Medicare Trust Fund. As the incumbent contractor since September 2017, Performant has increased recoveries by nearly 340% annually through FY 2021. Additionally, Performant serves as the CMS Recovery Audit Contractor for various regions, affirming its capabilities in the healthcare payment integrity sector.
Performant Financial Corporation (Nasdaq: PFMT) reported its third quarter results for the period ending September 30, 2022. Total revenues decreased to $27.2 million from $28.6 million year-over-year, while healthcare revenues rose by 18% to $23.5 million. The net loss was $1.5 million, or $(0.02) per diluted share, an improvement from a loss of $1.7 million the previous year. Adjusted EBITDA fell to $(0.3) million from $2.7 million. The company maintains a strong cash position of $25.7 million and reiterates healthcare revenue guidance of $92-$96 million for 2022.
Performant Financial Corporation (NASDAQ: PFMT) has secured an 8.5-year contract from the Centers for Medicare and Medicaid (CMS) as the Region 2 Recovery Audit Contractor. This contract, originally awarded on March 24, 2022, was reaffirmed by CMS following a corrective action process. Performant will conduct post-payment reviews of Medicare claims in states including TX, IL, and MN to recover improperly paid claims. This contract extends Performant's ten-year relationship with CMS, showcasing its competitive technology and commitment to payment integrity services.
Performant Financial Corporation (NASDAQ: PFMT) will release its third quarter 2022 results on November 8, 2022, post-market hours. A conference call is scheduled for 5:00 PM ET to discuss these results, accessible via phone or a live webcast on the Company's website. Following the call, a replay will be available until November 15, 2022. Performant specializes in technology-driven payment integrity and analytics services, primarily serving healthcare payers to identify improper payments and reduce losses.
Performant Healthcare Solutions (Nasdaq: PFMT) has announced a strategic engagement with Priority Health to develop a customized payment integrity solution. This collaboration aims to enhance the efficiency of healthcare payments by addressing specific needs rather than employing a generic approach. Both companies align on the mission to make healthcare more accessible and affordable. Performant, founded in 1976 and headquartered in Livermore, California, specializes in technology-enabled audit and analytics services in the healthcare payment integrity sector.
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