Performant Financial Inc. (PFMT) stock surged by 8.37% at the last trading close while the PFMT stock continued to rise by 5.58% in the pre-market trading. Through preventing, detecting, and recovering waste, irregular payments, and defaulted assets, Performant assists government and commercial healthcare payors in the revenue and lowering costs. In many markets, including Medicare, Medicaid, and commercial healthcare, Performant is a leading supplier of these programs.
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Performant also offers professional resources related to the recovery effort, such as monitoring capabilities, support services, customer satisfaction, and stakeholder awareness programs to help prevent further incidents of improper payments.
The Centers for Medicare and Medicaid Services awarded Performant an 8.5-year contract to serve as the Region 1 Recovery Audit Contractor on March 26, 2021, according to PFMT. A full-and-open competitive procurement was used to grant this contingency fee contract.
The Northeast and eastern-Midwest are divided into Area 1, which consists of 11 states. Performant will conduct post-payment analyses of Part A and B Medicare fee-for-service claims as the Region 1 RAC to detect and facilitate the recoupment of wrongly paid claims. Any contract updates will be made available on PFMT’s CMS RAC Provider webpages.
Simeon Kohl, SVP and GM Healthcare stated,
This award recognizes their long-standing relationship with CMS and is the culmination of PFMT team’s hard work and dedication since the contract was awarded in 2016. In addition to Region 1, Performant is an exclusive supplier for the Medicare Secondary Payer (MSP) Commercial Repayment Center contract, as well as the nationwide Region 5 RAC for Durable Medical Equipment, Prosthetics, Orthotics and Supplies, and Home Health and Hospice claims, and the exclusive contractor for the Medicare Secondary Payer (MSP) Commercial Repayment Center contract.