Performant Financial Corporation
09/05/2024 | Press release | Distributed by Public on 09/05/2024 14:04
Performant Financial Corporation Announces Multi-Year RAC Award from New York State
PLANTATION, Fla.--(BUSINESS WIRE)-- Performant Financial Corporation (Nasdaq: PFMT) ("Performant" or "the Company"), a leader in technology-driven payment integrity, eligibility, and analytics services, is pleased to announce that it has been selected for tentative award of the New York State Medicaid Recovery Audit Contractor (RAC), with the NYS Office of the Medicaid Inspector General (OMIG). This award, following a rigorous competitive bidding process, spans up to five years and includes an initial three-year term with the possibility of two additional one-year extensions. Upon the successful execution of a contract, Performant will utilize its advanced technology and claims review services to perform post-payment assessments on select claims, aiming to identify and rectify any improper payments.
"We are honored to bring nearly two decades of payment integrity experience to the New York State Medicaid Program. This award not only highlights our success in capturing business from long-standing industry incumbents, but it also represents our inaugural opportunity to serve this significant state Medicaid market, a nationwide market that we believe generates between $300 to $500 million in annual revenue. Performant was chosen for its exceptional value, and we are excited to apply our proven capabilities to complement OMIG's robust program integrity efforts," said Simeon Kohl, Chief Executive Officer.
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 U.S. Department of Health and Human Services Office of the Inspector General, reflecting the Company's strong reputation and trust within Payment Integrity.
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 New York State OMIG for their trust, and we look forward to commencing the engagement post the successful execution of a contract."
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
Jon Bozzuto, Investor Relations
Performant Financial Corporation
(925) 960-4988
[email protected]