Performant Finl Stock Price, News & Analysis

PFMT historically represented Performant Financial Corporation, which later became Performant Healthcare, Inc., a company focused on technology-enabled healthcare payment integrity, eligibility, and analytics services. According to multiple company announcements, Performant supports commercial healthcare and government payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics, and proprietary data assets. The company has described itself as a leading provider of these services in both government and commercial healthcare markets.

Over time, Performant’s business evolved from a broader financial and recovery services background into a healthcare-focused model. The company has emphasized that it helps healthcare payers enhance revenue and contain costs by identifying, preventing, and recovering waste, improper payments, and defaulted assets. Its work includes eligibility-based, also known as coordination-of-benefits (COB) services, and claims-based services, which involve the audit and identification of improperly paid claims. Performant has also highlighted advanced reporting capabilities, support services, customer care, and stakeholder training programs intended to mitigate future instances of improper payments.

Performant has stated that it works with leading national and regional healthcare payers, including clients across Medicare, Medicaid, and commercial healthcare. In particular, the company has referenced holding multiple Centers for Medicare & Medicaid Services (CMS) Recovery Audit Contractor (RAC) contracts, serving as the exclusive partner for CMS’ Medicare Secondary Payer Commercial Repayment Center (MSP CRC), and acting as a national audit contractor for the U.S. Department of Health and Human Services Office of the Inspector General. These roles underscore its focus on payment integrity and audit work within government healthcare programs.

In addition to its government work, Performant has pointed to commercial implementations and a pipeline of programs with national and regional payers. The company has described its platform as powered by a proprietary analytics platform and workflow technology, enabling it to analyze large healthcare data sets and support payment integrity programs. It has also indicated that it provides professional services related to recovery efforts, including reporting, support services, customer care, and training for stakeholders involved in payment integrity processes.

Historically, Performant noted that it had a customer care / outsourced services line of business, but later announced a transition away from this area as it embraced a more focused healthcare future. The company has described this shift as part of a strategic commitment to becoming a pure-play healthcare payment integrity leader, emphasizing healthcare revenues and contracts such as CMS RAC awards and a New York State Medicaid RAC award.

PFMT was listed on Nasdaq as the company’s ticker symbol during its period as Performant Financial Corporation and into its healthcare-focused phase. In a later announcement, Performant stated that it would change its corporate name to Performant Healthcare, Inc. and update its Nasdaq ticker symbol from PFMT to PHLT. The company indicated that this name and ticker change would not impact its operations, management, or structure, and that the change was intended to reflect its strategic focus on healthcare payment integrity.

Performant has stated that it was founded in 1976 and is headquartered in Plantation, Florida. Earlier descriptions from the company also referenced that it had more than 1,500 employees and multiple office locations, and that it applied experienced staff and proprietary technology to make a financial impact for its clients by preventing, identifying, and recovering outstanding and improperly paid assets. These historical details provide context for the scale and longevity of the organization behind the PFMT symbol.

Subsequently, Performant announced that its ticker symbol on Nasdaq would change from PFMT to PHLT on a specified effective date, with no action required from shareholders and no changes to the GICS and NAICS codes associated with the common stock. This marks PFMT as a historical symbol for investors researching the company’s earlier trading history and its transition to a healthcare-focused identity under the PHLT ticker.

Corporate evolution and acquisition

After the transition to Performant Healthcare, Inc. and the PHLT ticker, a later announcement stated that Machinify, a healthcare intelligence company, completed the acquisition of Performant Healthcare, Inc. in a transaction valued at approximately $670 million. The announcement noted that Performant stockholders approved the transaction at a special meeting and that, as a result of the completed transaction, Performant’s shares would no longer be publicly traded on Nasdaq and would be delisted, with the company operating as a privately held entity within Machinify.

This acquisition places the business that once traded under PFMT within a broader healthcare intelligence platform. The announcement highlighted that Performant contributed deep audit and recovery expertise and strong relationships in the government sector, while Machinify brought an AI-powered operating system for healthcare payments. Together, the combined organization aims to support commercial and government payers with intelligence spanning claim error detection, prevention, recovery, and coordination of benefits.

Business focus and services

Across its public communications, Performant has consistently described its core activities as helping healthcare payers identify, prevent, and recover waste and improper payments. It has emphasized the use of advanced technology, analytics, and proprietary data assets to conduct eligibility-based (COB) and claims-based reviews, and to support payment integrity programs for both government and commercial clients. The company has also highlighted its experience providing healthcare recovery audit services for more than a decade and working with national and regional health plans and Blues plans.

The company’s descriptions also reference advanced reporting capabilities and support services that accompany its audit and recovery work. These include customer care and stakeholder training programs designed to reduce future improper payments. In government markets, Performant has cited multi-year awards such as the New York State Medicaid RAC and multiple CMS RAC regions, as well as its role in Medicare Secondary Payer recovery and national audit work for federal agencies.

PFMT as a historical ticker

For investors and researchers, PFMT now functions as a historical ticker symbol associated first with Performant Financial Corporation and later with the healthcare-focused Performant Healthcare, Inc. The company has since changed its trading symbol to PHLT and then been acquired by Machinify, after which its shares were delisted from Nasdaq and the company became privately held. As such, PFMT is relevant for understanding the company’s earlier public market history, its strategic shift into healthcare payment integrity, and the corporate events that ultimately led to its acquisition.