Performant Announces Name Change to Performant Healthcare, Inc. – Concludes Strategic Shift to Healthcare
Performant Financial (Nasdaq: PFMT) announced its name change to Performant Healthcare, Inc. and plans to update its ticker symbol to PHLT. The change reflects the company's strategic shift to become a pure-play leader in healthcare payment integrity, following its 2021 decision to focus on healthcare services.
The company has successfully transitioned resources, attracted talent, and secured new business, including the New York State Medicaid RAC award. The Customer Care outsourced servicing business, representing less than 5% of total revenues for the first nine months of 2024, is being phased out.
Performant specializes in helping healthcare payers identify and prevent waste and improper payments through technology, analytics, and data assets, offering both eligibility-based and claims-based services.
Performant Financial (Nasdaq: PFMT) ha annunciato il cambio del suo nome in Performant Healthcare, Inc. e prevede di aggiornare il suo simbolo di borsa in PHLT. La modifica riflette il spostamento strategico dell'azienda per diventare un leader esclusivo nell'integrità dei pagamenti sanitari, a seguito della sua decisione del 2021 di concentrarsi sui servizi sanitari.
L'azienda ha con successo trasferito risorse, attratto talenti e assicurato nuovi affari, inclusa l'assegnazione del Medicaid RAC dello Stato di New York. L'attività di servizio clienti esternalizzato, che rappresenta meno del 5% delle entrate totali per i primi nove mesi del 2024, è in fase di dismissione.
Performant si specializza nell'aiutare gli enti pagatori nel settore sanitario a identificare e prevenire sprechi e pagamenti impropri attraverso la tecnologia, l'analisi e i beni informativi, offrendo sia servizi basati sull'idoneità che basati sulle rivendicazioni.
Performant Financial (Nasdaq: PFMT) anunció su cambio de nombre a Performant Healthcare, Inc. y planea actualizar su símbolo de cotización a PHLT. Este cambio refleja el giro estratégico de la empresa para convertirse en un líder especializado en la integridad de los pagos en el sector salud, tras su decisión en 2021 de enfocarse en servicios de salud.
La compañía ha logrado transferir con éxito recursos, atraer talento y asegurar nuevos negocios, incluida la concesión del Medicaid RAC del Estado de Nueva York. El negocio de servicios de atención al cliente externalizado, que representa menos del 5% de los ingresos totales durante los primeros nueve meses de 2024, está siendo discontinuado.
Performant se especializa en ayudar a los pagadores de salud a identificar y prevenir el desperdicio y los pagos inapropiados a través de tecnología, análisis y activos de datos, ofreciendo servicios tanto basados en elegibilidad como en reclamaciones.
퍼포먼트 파이낸셜 (Nasdaq: PFMT)는 이름을 퍼포먼트 헬스케어, Inc.로 변경한다고 발표했으며, 주식 기호를 PHLT로 업데이트할 계획입니다. 이번 변화는 2021년에 의료 서비스에 집중하기로 결정한 후, 의료 지급 무결성 분야에서 순수 플레이 리더가 되기 위한 회사의 전략적 전환을 반영합니다.
회사는 자원을 성공적으로 전환하고 인재를 유치하며 새로운 비즈니스를 확보했으며, 뉴욕주 메디케이드 RAC 수주를 포함합니다. 고객 관리 아웃소싱 서비스 비즈니스는 2024년 첫 아홉 달 동안 총 수익의 5% 미만을 차지하며 단계적으로 종료되고 있습니다.
퍼포먼트는 기술, 분석 및 데이터 자산을 통해 의료 지불자들이 낭비를 식별하고 부적절한 지불을 방지하도록 돕는 전문 기업으로, 자격 기반 및 청구 기반 서비스를 모두 제공합니다.
Performant Financial (Nasdaq: PFMT) a annoncé son changement de nom en Performant Healthcare, Inc. et prévoit de mettre à jour son symbole boursier en PHLT. Ce changement reflète l'évolution stratégique de l'entreprise pour devenir un leader spécialisé dans l'intégrité des paiements de santé, suite à sa décision de 2021 de se concentrer sur les services de santé.
L'entreprise a réussi à réaffecter des ressources, à attirer des talents et à sécuriser de nouveaux contrats, y compris l'attribution du Medicaid RAC de l'État de New York. L'activité de service client externalisé, représentant moins de 5 % des revenus totaux des neuf premiers mois de 2024, est en cours de suppression.
Performant se spécialise dans l'aide aux organismes payeurs de santé pour identifier et prévenir le gaspillage et les paiements inappropriés grâce à la technologie, à l'analytique et aux ressources de données, offrant des services basés à la fois sur l'éligibilité et sur les réclamations.
Performant Financial (Nasdaq: PFMT) hat seine Umbenennung in Performant Healthcare, Inc. bekannt gegeben und plant, sein Tickersymbol auf PHLT zu aktualisieren. Die Änderung spiegelt den strategischen Wandel des Unternehmens wider, um ein reines Unternehmen im Bereich der Integrität von Gesundheitszahlungen zu werden, nachdem es 2021 beschlossen hat, sich auf Gesundheitsdienste zu konzentrieren.
Das Unternehmen hat erfolgreich Ressourcen umgeschichtet, Talente angezogen und neue Geschäfte gesichert, darunter den Medicaid RAC-Auftrag des Bundesstaates New York. Das Outsourcing-Geschäft für Kundenservice, das weniger als 5 % der Gesamteinnahmen in den ersten neun Monaten des Jahres 2024 ausmacht, wird schrittweise eingestellt.
Performant hat sich darauf spezialisiert, Gesundheitszahler dabei zu unterstützen, Verschwendung und unzulässige Zahlungen durch Technologie, Analytik und Datenressourcen zu identifizieren und zu verhindern, und bietet sowohl berechtigungsbasierte als auch leistungsbasierte Dienstleistungen an.
- Strategic focus on healthcare payment integrity market, eliminating non-core business segments
- Secured significant new business including New York State Medicaid RAC award
- Customer Care business phase-out represents minimal revenue impact (less than 5% of total revenues)
- Loss of revenue stream from Customer Care business segment discontinuation
Insights
The strategic rebranding to Performant Healthcare represents a significant milestone in the company's transformation into a pure-play healthcare payment integrity provider. The shift away from the Customer Care business, which contributed <percent>5%</percent> of revenues, demonstrates a clear focus on the more lucrative healthcare sector. The recent New York State Medicaid RAC contract win validates this strategic pivot and opens doors to substantial growth opportunities in government healthcare markets.
The timing of this transformation aligns well with increased federal focus on healthcare waste reduction, potentially creating tailwinds for Performant's services. The company's specialized focus on payment integrity and coordination-of-benefits services positions it favorably in a growing market segment, particularly as healthcare costs continue to rise and payers seek to optimize spending efficiency.
This strategic repositioning strengthens Performant's competitive position in the healthcare payment integrity market. The company's technology-enabled services addressing waste and improper payments are increasingly important as healthcare costs spiral upward. The focus on both government and commercial payers creates a diversified revenue stream, while the emphasis on advanced analytics and proprietary data assets provides a competitive moat.
The exit from Customer Care services streamlines operations and allows for concentrated investment in healthcare-specific capabilities. The timing is opportune, as the healthcare payment integrity market is experiencing growing demand due to increased complexity in healthcare billing and reimbursement systems. The New York Medicaid RAC contract demonstrates the company's ability to win significant government contracts, a important growth driver in this sector.
New Nasdaq Ticker Symbol Will Be PHLT
Performant, a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, is changing its name to reflect its strategic commitment to becoming a pure-play leader in healthcare payment integrity.
“The name Performant Healthcare, Inc. reflects our commitment to delivering world-class payment integrity solutions for our healthcare payer clients,” stated Simeon Kohl, Chief Executive Officer. He continued, “Since announcing our strategic shift to focus on healthcare in 2021, we have successfully transitioned resources, attracted top talent, secured significant new business, and streamlined our organization to drive profitability and solidify our position as a leading independent payment integrity company.”
He continued, “We are energized by recent wins, such as the
The name change also signifies the Company's recently announced transition away from its Customer Care outsourced servicing business. This market represented less than
“We are fully embracing a healthcare focused future, positioning us to make an even greater impact for our customers, employees, and shareholders,” said Rohit Ramchandani, Chief Financial Officer.
Mr. Kohl concluded, “I am thrilled to embark on this next chapter of our journey within the healthcare payment integrity industry, now as Performant Healthcare, Inc. Our commitment to expanding our healthcare business and delivering robust financial results for our shareholders has never been stronger.”
ABOUT PERFORMANT
Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based, also known as coordination-of-benefits (COB) services, as well as claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.
To learn more about Performant, please visit https://www.performantcorp.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20241210410506/en/
Jon Bozzuto, Investor Relations
Performant Healthcare, Inc.
(925) 960-4988
investors@performantcorp.com
Source: Performant Financial Corporation
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