Welcome to our dedicated page for Performant Finl news (Ticker: PFMT), a resource for investors and traders seeking the latest updates and insights on Performant Finl stock.
Company Overview
Performant Finl Corp (PFMT) is a publicly traded entity that provides technology-enabled recovery and analytics services. The company is dedicated to addressing the challenges associated with waste, improper payments, and unpaid debts across a broad spectrum of public and private markets. By leveraging advanced data analytics, sophisticated workflow technologies, and a team of seasoned industry experts, PFMT helps organizations enhance revenue and contain costs. Its service offerings are built around identifying and recovering elusive funds in sectors such as healthcare, student loans, and government receivables, making it a vital player in minimizing financial inefficiencies.
Technology and Analytics
At the heart of PFMT's operations is a proprietary data processing platform that enables the analysis of vast datasets with precision and speed. This advanced analytics capability allows the company to detect anomalies and improper payments quickly, thereby maximizing recovery outcomes. The integration of this technology with comprehensive recovery processes ensures a seamless and effective approach to unlocking value hidden within large, complex data streams.
Recovery and Workflow Infrastructure
PFMT's recovery infrastructure is designed to manage accounts that span extremely high dollar ranges. The company employs highly scalable workflow technologies that allow it to process numerous cases simultaneously, ensuring that each account is handled with meticulous attention. This infrastructure, combined with a success-based fee model, aligns the company’s performance directly with the financial benefits realized by its clients.
Market Segments and Services
The company operates across multiple market segments, serving both government and private entities. It offers its services on an outsourced basis, managing many or all aspects of its clients' recovery processes. Whether it is the identification and recovery of student loan assets, correcting improper healthcare payments, or reclaiming delinquent state tax and federal treasury receivables, PFMT’s diversified approach helps mitigate common financial losses that affect various sectors.
Business Model and Revenue Generation
PFMT utilizes a success-based revenue model, earning fees as a percentage of the funds recovered for its clients. This performance-driven approach ensures that the company’s interests are closely aligned with those of its clients. By focusing on the recovery of funds that might otherwise be lost, PFMT drives immediate financial impact and operates with a clear value proposition that resonates across multiple industries.
Expertise and Operational Scale
The company prides itself on its team of experienced professionals who have a deep understanding of industry intricacies. This expertise is essential in navigating the regulatory and operational complexities that industries such as healthcare and government finance present. The operational scale of PFMT is supported by a robust staffing allotment and strategically located offices, enhancing its ability to manage recovery processes involving substantial dollar volumes and complex cases.
Competitive Position and Value Proposition
PFMT’s competitive edge lies in its ability to merge traditional recovery practices with cutting-edge technology. This unique combination of seasoned expertise, advanced analytics, and scalable process management distinguishes it from other service providers in the recovery and analytics space. The company’s comprehensive approach not only minimizes financial leakage but also provides a transparent and measurable return on investment for its clients.
Key Considerations
Investors and stakeholders interested in understanding PFMT should note the company’s diverse client base and its ability to operate effectively in a highly specialized market. The use of sophisticated technologies and a strong adherence to proven recovery methodologies underpin its operational strategy. While PFMT remains focused on mitigating improper payments and recovering lost assets, its commitment to operational excellence and industry-specific expertise are what enable it to maintain competitiveness in an ever-evolving financial services landscape.
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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