What is going on with PFMT?
Performant Financial Corporation (PFMT) stock rose today after Centers for Medicare and Medicaid (CMS) awarded Performant an 8.5 year contract to serve as the chief Recovery Audit Contractor (RAC) for Region 1 in the United States. Shares of PFMT jumped 5.1% as of Wednesday at 11:14 am to $2.45 a share.
What does this mean for Performant Financial?
Performant's award as RAC for Region 1 comes after a full-and-open competitive procurement process by the Centers for Medicare and Medicaid. The award will come as a huge boost to PFMT as the company was first given the Region 1 contract in 2016. Performant's victory entails that the company will perform post-payment reviews of Part A and B Medicare fee-for service claims in order to identify and support the recoupment of improperly paid claims.
Simeon Kohl, SVP and GM Healthcare commented, "This award underscores our long-standing partnership with CMS and is a direct result of our team’s hard work and dedication since the contract was first awarded in 2016. In addition to Region 1, Performant is also the nationwide Region 5 RAC for Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) and Home Health and Hospice (HH&H) claims."
Region 1 is comprised of 11 states across the Northeast and eastern-Midwest region of the U.S.
PFMT has an Overall Score of 59. Find out what this means to you and get the rest of the rankings on PFMT!
Performant Financial Corp provides technology-enabled recovery and related analytics services in the United States. The company provides its services on an outsourced basis where it handles many or all aspects of its clients' recovery processes. It uses technology-enabled services platform to provide recovery and analytics services in a range of markets for the identification and recovery of student loans, improper healthcare payments and delinquent state tax and federal treasury receivables. The services are primarily offered across a broad range of government and private clients in several markets. The revenue generated here is generally on success-based as it earns fees based on a percentage of the aggregate amount of funds that it enables the clients to recover.