Performant Financial Corporation Awarded New York State Medicaid RAC Contract

Rhea-AI Summary

Performant Financial Corporation (Nasdaq: PFMT) has been awarded the 2023 Recovery Audit Contractor (RAC) contract by New York State’s Office of the Medicaid Inspector General (OMIG). The contract will run for five years and will involve post-payment assessments on designated claims to identify and correct improper payments. Performant 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) contract. The company's CEO expressed enthusiasm for the opportunity and highlighted their long-term vision and commitment to serving government and commercial clients.

LIVERMORE, Calif.--(BUSINESS WIRE)-- Performant Financial Corporation (Nasdaq: PFMT) (Performant or the Company), a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, announced that New York State’s Office of the Medicaid Inspector General (OMIG) awarded Performant its 2023 Recovery Audit Contractor (RAC) contract following an open and competitive procurement process. This contract will run for five years, consisting of an initial three-year term, and two one-year renewals. Leveraging advanced algorithms and sophisticated reviews, Performant’s best-in-class team will conduct post-payment assessments on designated claims to pinpoint and rectify improper payments.

Simeon Kohl, Performant’s CEO, expressed his enthusiasm saying, “We are excited and proud to be named the exclusive RAC contractor for the State of New York’s Medicaid program. This award builds on more than 15 consecutive years of successful collaboration between Performant and the Centers for Medicare & Medicaid Services (CMS) in our role as a fee-for-service Medicare RAC. Our valued partnership with government organizations has been built on trust, expertise, and results, and we are excited to extend our capabilities to support the state’s program integrity efforts.”

Performant’s appointment as the exclusive RAC contractor for the State of New York’s Medicaid program comes on the heels of several remarkable achievements. Notably, the Company now holds three out of five CMS RAC contracts. Additionally, Performant serves as the exclusive partner for CMS’ Medicare Secondary Payer Commercial Repayment Center (MSP CRC) contract and is the sole audit contractor for the U.S. Department of Health and Human Services Office of the Inspector General, showcasing its reputation as a trusted industry leader.

Kohl underscored both the Company's long-term vision and appreciation for this opportunity, noting, “Our opportunities remain robust, and our unwavering focus remains on continuing to serve our valued government and commercial clients. We appreciate New York State OMIG’s commitment to program integrity and gratefully acknowledge their faith in Performant. We look forward to forging a strong partnership and serving the great State of New York.”

ABOUT PERFORMANT

Performant helps commercial healthcare and government payers enhance revenue and contain costs by identifying, preventing, 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 healthcare recovery audit services for more than a decade and works with leading national payers, regional payers, and Blues plans.

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.

To learn more about Performant, please visit https://www.performantcorp.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20231004527690/en/

Jon Bozzuto, Investor Relations

Performant Financial Corporation

(925) 960-4988

investors@performantcorp.com

Source: Performant Financial Corporation