Performant Awarded HHS OIG IDIQ Contract for Medical Review and Consultative Services

Rhea-AI Summary

Performant Financial Corporation (NASDAQ: PFMT) announced it has been awarded a national indefinite delivery, indefinite quantity (IDIQ) contract by the U.S. Department of Health and Human Services (HHS), Office of the Inspector General (OIG) on January 4, 2022. This contract enables Performant to provide medical review and consultative services to oversee Medicare fee-for-service claims. The partnership aims to reduce improper payments and conserve the Medicare Trust Fund. The contract consists of a one-year base term, with four additional one-year options.

Positive

• Award of a significant IDIQ contract from the HHS OIG enhances Performant's business opportunities.
• Opportunity to assist in reducing improper payments in Medicare, thus supporting the Medicare Trust Fund.

Negative

• None.

LIVERMORE, Calif.--(BUSINESS WIRE)-- Performant Financial Corporation (Nasdaq: PFMT) (Performant, the Company), a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, announced today that on January 4, 2022, the U.S. Department of Health and Human Services, Office of the Inspector General (HHS OIG) awarded Performant the indefinite delivery, indefinite quantity (IDIQ) contract, with a base term of one year and four additional 1-year options, to provide medical review and consultative services. This contract was awarded via a full-and-open competitive procurement.

Under this national IDIQ contract, Performant will provide medical review and consultative services associated with the oversight activities of the OIG, primarily assessing services and claims for Medicare fee-for-service (FFS) payments for Part A and Part B. OIG may also utilize Performant’s services to assess services and claims for Medicaid or the Medicare Prescription Drug Plan (Part D). In addition to medical review of selected claims, Performant will provide support for auditee discussions or secondary reviews to assist HHS OIG in pursuing greater policy adherence, identifying improper payment vulnerabilities, and refining future industry communications and training.

“This award is a testament to the complex and diverse capabilities of Performant’s audit solutions and offers significant opportunities not only to assist OIG in its efforts to fight fraud, waste, and abuse, but also to partner with HHS on diverse programs,” stated Simeon Kohl, SVP and GM Healthcare. “We are thrilled about this opportunity to further our partnership with HHS to reduce improper payments and conserve the Medicare Trust Fund.”

Performant helps government and commercial healthcare payers enhance revenue and contain costs by preventing, identifying, and recovering waste, improper payments, and defaulted assets. Performant is a leading provider of these services in several markets, including Medicare, Medicaid, and commercial healthcare. Performant has been providing recovery audit services for more than nine years to both commercial and government clients.

Powered by a proprietary analytics platform and workflow technology, Performant also provides professional services related to the recovery effort, including advanced reporting capabilities, support services, customer care, and stakeholder training programs meant to mitigate future instances of improper payments. Founded in 1976, Performant is headquartered in Livermore, California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208005297/en/

MEDIA CONTACT

Richard Zubek, Investor Relations

Performant Financial Corporation

(925) 960-4988

investors@performantcorp.com

Source: Performant Financial Corporation

FAQ

What contract was awarded to Performant Financial Corporation on January 4, 2022?

Performant Financial Corporation was awarded a national indefinite delivery, indefinite quantity (IDIQ) contract by the U.S. Department of Health and Human Services.

What services will Performant provide under the new HHS OIG contract?

Performant will provide medical review and consultative services primarily for Medicare fee-for-service payments, as well as support for Medicaid and Medicare Prescription Drug Plan assessments.

How does the contract awarded to PFMT impact Medicare?

The contract aims to reduce improper payments and enhance policy adherence, which helps conserve the Medicare Trust Fund.

What are the terms of the contract awarded to PFMT by HHS OIG?

The contract has a base term of one year, with four additional one-year options.