Welcome to our dedicated page for Performant Finl news (Ticker: PFMT), a resource for investors and traders seeking the latest updates and insights on Performant Finl stock.
PFMT is the historical ticker symbol associated with Performant Financial Corporation, later known as Performant Healthcare, Inc., a company that focused on healthcare payment integrity, eligibility, and analytics services. News linked to this symbol covers the company’s strategic shift into healthcare, its government and commercial contracts, financial performance while public, the change of its name and ticker, and its eventual acquisition.
Coverage includes announcements describing Performant as a provider that helps healthcare payers identify, prevent, and recover waste and improper payments using advanced technology, analytics, and proprietary data assets. Press releases have highlighted its work with national and regional payers, its roles in Medicare and Medicaid programs, and awards such as CMS Recovery Audit Contractor (RAC) contracts and a New York State Medicaid RAC award. Financial news under PFMT has included quarterly earnings results, revenue mix between healthcare and customer care services, and commentary on efficiency initiatives and growth in healthcare revenues.
Later news items document the company’s corporate evolution, including its decision to change its name to Performant Healthcare, Inc., the planned ticker change from PFMT to PHLT, and the rationale of becoming a pure-play healthcare payment integrity company. Subsequent coverage reports on Machinify’s acquisition of Performant Healthcare, Inc., noting stockholder approval, the transaction value, and the delisting of the company’s shares from Nasdaq as it became privately held.
Investors and researchers using this news page can review historical press releases, conference participation announcements, contract awards, and transaction updates tied to PFMT. This archive helps explain how the business evolved from a broader financial recovery background into a healthcare-focused payment integrity specialist and ultimately into part of Machinify’s healthcare intelligence platform.
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Performant Financial Corporation (Nasdaq: PFMT) announced its financial results for Q4 and full year 2022. Total revenues in Q4 were $29.2 million, a decrease from $31.6 million a year prior. Full year revenues fell to $109.2 million from $124.4 million. However, healthcare revenues increased to $26.0 million in Q4 and $94.7 million for the year. The company reduced its net loss to $0.2 million in Q4 from $2.6 million, and for the year, the loss narrowed to $6.5 million from $10.3 million. Adjusted EBITDA for Q4 was $2.3 million, down from $5.0 million, while full year adjusted EBITDA fell to $0.9 million from $11.9 million. The company anticipates 2023 healthcare revenue guidance of $105M to $110M.
Performant Financial Corporation (PFMT) will release its third quarter 2022 results on March 14, 2023, after market close. A conference call is scheduled for 5:00 pm ET to discuss the results. Access to the call can be made via 877-704-4453 (domestic) or 201-389-0920 (international), with a replay available until March 21, 2023. Performant specializes in technology-enabled payment integrity and analytics in healthcare, serving clients in both government and commercial sectors. The company aims to reduce improper healthcare payments through its proprietary analytic platform.
Performant Healthcare Solutions (Nasdaq: PFMT) has partnered with the Council for Affordable Quality Healthcare (CAQH) to enhance payment integrity and coordination of benefits (COB) for health plans. This collaboration aims to improve claims accuracy and deliver significant savings for health plans, especially regional and community-based ones. By utilizing Performant's software platform and CAQH's member coverage registry, health plans can identify third-party coverage before claims payments, allowing for quicker savings realization.
Performant Healthcare Solutions (Nasdaq: PFMT) has secured a 6-year Medicare Secondary Payer (MSP) Recovery Audit contract from the Centers for Medicare and Medicaid Services (CMS). This contingency fee contract compensates Performant based on overpayment recoveries returned to the Medicare Trust Fund. As the incumbent contractor since September 2017, Performant has increased recoveries by nearly 340% annually through FY 2021. Additionally, Performant serves as the CMS Recovery Audit Contractor for various regions, affirming its capabilities in the healthcare payment integrity sector.
Performant Financial Corporation (Nasdaq: PFMT) reported its third quarter results for the period ending September 30, 2022. Total revenues decreased to $27.2 million from $28.6 million year-over-year, while healthcare revenues rose by 18% to $23.5 million. The net loss was $1.5 million, or $(0.02) per diluted share, an improvement from a loss of $1.7 million the previous year. Adjusted EBITDA fell to $(0.3) million from $2.7 million. The company maintains a strong cash position of $25.7 million and reiterates healthcare revenue guidance of $92-$96 million for 2022.
Performant Financial Corporation (NASDAQ: PFMT) has secured an 8.5-year contract from the Centers for Medicare and Medicaid (CMS) as the Region 2 Recovery Audit Contractor. This contract, originally awarded on March 24, 2022, was reaffirmed by CMS following a corrective action process. Performant will conduct post-payment reviews of Medicare claims in states including TX, IL, and MN to recover improperly paid claims. This contract extends Performant's ten-year relationship with CMS, showcasing its competitive technology and commitment to payment integrity services.
Performant Financial Corporation (NASDAQ: PFMT) will release its third quarter 2022 results on November 8, 2022, post-market hours. A conference call is scheduled for 5:00 PM ET to discuss these results, accessible via phone or a live webcast on the Company's website. Following the call, a replay will be available until November 15, 2022. Performant specializes in technology-driven payment integrity and analytics services, primarily serving healthcare payers to identify improper payments and reduce losses.