Profile: Performant Financial Corp (PFMT.O)
16 Aug 2019
Performant Financial Corporation (Performant), incorporated on October 8, 2003, provides technology-enabled recovery and related analytics services in the United States. The Company's services identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a range of markets. The Company provides its services on an outsourced basis where the Company handles many or all aspects of its clients' recovery processes. The Company uses its 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 Company provides recovery services to the government-supported student loan industry and its clients include the Department of Education and Guaranty Agencies, as well as private financial institutions. The Company uses its technology to identify, track and communicate with defaulted borrowers on behalf of its clients to implement suitable recovery programs for the repayment of outstanding student loan balances. Its clients contract with the Company to provide recovery services for large pools of student loans generally representing a portion of the total outstanding defaulted balances they manage. The Company uses algorithms with defaulted student loans to make estimates of the recovery outcomes likely to be derived from a placement of defaulted student loans. The Company also restructures and recovers student loans issued directly by banks to students outside of federal lending programs. These types of loans supplement government-supported student loans to meet any shortfall in supply of student loan needs that cannot be met by grants or federal loans.
The Company provides recovery services related to improper payments in the healthcare market. The Company identifies and facilitates the recovery of improper Parts A and B Medicare payments. It utilizes its technology-enabled services platform to screen Medicare claims against several criteria, including coding procedures and medical necessity standards, to determine whether a claim should be further investigated for recoupment or adjustment by Centers for Medicare and Medicaid Services (CMS). The Company conducts automated and detailed medical necessity reviews. It interacts and communicates with healthcare providers and other administrative entities, and submits the claim to CMS for correction. In the private healthcare market, the Company utilizes its technology-enabled services platform to provide audit, recovery and analytical services for private healthcare payers.
The Company also provides recovery services to several state and municipal tax authorities, the Department of the Treasury and a number of financial institutions. For state and municipal tax authorities, it analyzes a portfolio of delinquent tax and other receivables placed with it, develops a recovery plan and executes a recovery process. The Company has relationships with numerous state and municipal governments. For the Department of the Treasury, it recovers government debt subrogated to it by numerous different federal agencies. The Company also provides risk management advisory services that enable these clients to manage loan portfolios. The Company delivers these services in two forms: First, it contacts and consults with borrowers to implement a repayment program, including payment through automatic debit arrangements, prior to the beginning of the repayment period, and Second, it offers a service that involves contacting delinquent borrowers in an effort to cure the delinquency prior to the loan entering default.
Performant Financial Corp
333 North Cayons Parkway
LIVERMORE CA 94551