Performant Financial Corporation Announces Multi-Year RAC Award from New York State
Performant Financial (Nasdaq: PFMT) has been selected for a tentative award of the New York State Medicaid Recovery Audit Contractor (RAC) by the NYS Office of the Medicaid Inspector General (OMIG). The award spans up to five years, with an initial three-year term and potential for two one-year extensions. Performant will use its technology and claims review services to identify and rectify improper payments in post-payment assessments.
This marks Performant's entry into the significant New York State Medicaid market, estimated to generate $300-$500 million in annual revenue nationwide. The company now holds three out of five CMS RAC contracts and serves as the exclusive partner for CMS' Medicare Secondary Payer Commercial Repayment Center. Performant's CEO, Simeon Kohl, emphasized the company's strong government presence and commitment to serving both government and commercial clients.
Performant Financial (Nasdaq: PFMT) è stata selezionata per un premio provvisorio come appaltatore per l'audit del recupero Medicaid nello Stato di New York (RAC) dall'Ufficio del Medicaid Inspector General (OMIG) dello Stato di New York. Il premio copre fino a cinque anni, con un termine iniziale di tre anni e la possibilità di due estensioni annuali. Performant utilizzerà la sua tecnologia e i suoi servizi di revisione delle richieste per identificare e correggere pagamenti impropri nelle valutazioni post-pagamento.
Questo segna l'ingresso di Performant nel significativo mercato Medicaid dello Stato di New York, stimato per generare da 300 a 500 milioni di dollari di entrate annuali a livello nazionale. L'azienda ora detiene tre contratti CMS RAC su cinque e funge da partner esclusivo per il Centro di Rimborso Commerciale Medicare Secondary Payer di CMS. Il CEO di Performant, Simeon Kohl, ha sottolineato la forte presenza del governo dell'azienda e il suo impegno nel servire sia i clienti governativi che commerciali.
Performant Financial (Nasdaq: PFMT) ha sido seleccionada para un premio tentativo como contratista de auditoría de recuperación de Medicaid del Estado de Nueva York (RAC) por la Oficina del Inspector General de Medicaid (OMIG) del Estado de Nueva York. El premio abarca hasta cinco años, con un período inicial de tres años y la posibilidad de dos extensiones anuales. Performant utilizará su tecnología y servicios de revisión de reclamaciones para identificar y rectificar pagos indebidos en las evaluaciones posteriores al pago.
Esto marca la entrada de Performant en el significativo mercado de Medicaid del Estado de Nueva York, estimado en generar entre 300 y 500 millones de dólares en ingresos anuales a nivel nacional. La empresa ahora tiene tres de cinco contratos CMS RAC y actúa como el socio exclusivo para el Centro de Reembolso Comercial del Pagador Secundario de Medicare de CMS. El CEO de Performant, Simeon Kohl, enfatizó la fuerte presencia del gobierno de la empresa y su compromiso de servir tanto a clientes gubernamentales como comerciales.
Performant Financial (Nasdaq: PFMT)는 뉴욕주 Medicaid 감사 복구 계약자(RAC)로서 뉴욕주 Medicaid 감찰관 사무소(OMIG)로부터 잠정 수상자로 선정되었습니다. 이 수상은 최대 5년 동안 유효하며, 최초 3년의 계약 기간과 2회의 1년 연장 가능성을 가지고 있습니다. Performant는 기술과 청구 검토 서비스를 사용하여 지급 후 평가에서 부적절한 지급을 식별하고 수정할 것입니다.
이는 Performant가 연간 3억에서 5억 달러의 수익을 발생시킬 것으로 추정되는 뉴욕주 Medicaid 시장에 진입하는 것을 의미합니다. 회사는 현재 5개의 CMS RAC 계약 중 3개를 보유하고 있으며 CMS의 Medicare 이차 지급자 상업 환급 센터의 독점 파트너로 활동하고 있습니다. Performant의 CEO인 Simeon Kohl은 정부 고객과 상업 고객 모두에 대한 강력한 정부 존재와 서비스에 대한 약속을 강조했습니다.
Performant Financial (Nasdaq: PFMT) a été sélectionnée pour un prix provisoire en tant qu'entrepreneur d'audit de récupération Medicaid de l'État de New York (RAC) par le Bureau de l'Inspecteur général du Medicaid (OMIG) de l'État de New York. Ce prix couvre une période pouvant aller jusqu'à cinq ans, avec un terme initial de trois ans et la possibilité de deux extensions d'un an. Performant utilisera sa technologie et ses services d'examen des réclamations pour identifier et corriger les paiements inappropriés dans les évaluations post-paiement.
Cela marque l'entrée de Performant sur le marché Medicaid significatif de l'État de New York, qui devrait générer entre 300 et 500 millions de dollars de revenus annuels à l'échelle nationale. L'entreprise détient désormais trois des cinq contrats CMS RAC et est le partenaire exclusif du Centre de remboursement commercial du payeur secondaire Medicare de CMS. Le PDG de Performant, Simeon Kohl, a souligné la forte présence de l'entreprise dans le gouvernement et son engagement à servir à la fois les clients gouvernementaux et commerciaux.
Performant Financial (Nasdaq: PFMT) wurde von dem Büro des Medicaid-Inspektor-Generals (OMIG) des Bundesstaates New York für einen vorläufigen Auftrag als Medicaid Recovery Audit Contractor (RAC) ausgewählt. Der Auftrag erstreckt sich über bis zu fünf Jahre, beginnend mit einer dreijährigen Laufzeit und der Möglichkeit auf zwei einjährige Verlängerungen. Performant wird seine Technologie und Schadensüberprüfungsdienste nutzen, um unrechtmäßige Zahlungen bei Nachzahlungen zu identifizieren und zu beheben.
Dies markiert den Eintritt von Performant in den bedeutenden Medicaid-Markt des Bundesstaates New York, der voraussichtlich jährlich 300 bis 500 Millionen Dollar an Einnahmen generiert. Das Unternehmen hält jetzt drei von fünf CMS RAC-Verträgen und fungiert als exklusiver Partner des CMS Medicare Secondary Payer Commercial Repayment Centers. Der CEO von Performant, Simeon Kohl, betonte die starke Präsenz der Regierung des Unternehmens und das Engagement, sowohl Regierungs- als auch Geschäftskunden zu bedienen.
- Awarded New York State Medicaid Recovery Audit Contractor (RAC) contract for up to 5 years
- Entry into a significant state Medicaid market with estimated $300-$500 million annual revenue nationwide
- Holds 3 out of 5 CMS RAC contracts
- Exclusive partner for CMS' Medicare Secondary Payer Commercial Repayment Center
- National audit contractor for U.S. Department of Health and Human Services Office of the Inspector General
- None.
Insights
Performant Financial's new RAC award from New York State is a significant win for the company. This multi-year contract in a major Medicaid market could substantially boost Performant's revenue and market position. The CEO's estimate of the nationwide market size (
This award signifies a growing focus on Medicaid payment integrity at the state level. New York's decision to engage Performant, known for its work with Medicare, suggests a trend towards more rigorous auditing in state Medicaid programs. This could lead to increased opportunities for companies in the payment integrity space. The multi-year nature of the contract also indicates a long-term commitment to reducing improper payments, which could result in significant savings for the New York Medicaid program. However, the effectiveness of such programs often depends on the balance between recovering funds and maintaining provider relationships, which will be important for Performant to manage.
Performant's entry into the New York State Medicaid market is a strategic move that could reshape the competitive landscape. By displacing incumbent providers, Performant demonstrates its ability to compete effectively in new markets. This contract could serve as a springboard for expansion into other state Medicaid programs, potentially leading to a larger market share in the
“We are honored to bring nearly two decades of payment integrity experience to the
This award further cements Performant’s strong government presence and standing as a leading industry player, following several significant achievements. The Company now holds three out of five CMS RAC contracts and serves as the exclusive partner for CMS’ Medicare Secondary Payer Commercial Repayment Center (MSP CRC). Additionally, Performant is the national audit contractor for the
Kohl reaffirmed the Company’s commitment to its clients and vision for the future, noting, “Our prospects remain strong, and our dedication to serving both government and commercial clients is steadfast. We are grateful to the
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
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Jon Bozzuto, Investor Relations
Performant Financial Corporation
(925) 960-4988
investors@performantcorp.com
Source: Performant Financial Corporation
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