Performant Financial Corporation Announces New York State Multi-Year RAC Award

Performant Financial Corporation (Nasdaq: PFMT) (“Performant” or the “Company”), a leader in technology-driven payment integrity, eligibility and analytics services, is pleased to announce that it has been selected for provisional award as the New York State Medicaid Recovery Audit Contractor (RAC), with the NYS Office of the Medicaid Inspector General (OMIG). This award, following a rigorous competitive bidding process, is for a maximum of five years and includes an initial term of three years with the possibility of two additional one-year extensions. Following successful execution of a contract, Performant will utilize its advanced technology and claims review services to perform post-payment reviews on selected claims with the goal of identifying and correcting improper payments.

“We are honored to bring nearly two decades of payment integrity experience to the New York State Medicaid Program. This award not only highlights our success in winning business from established industry players, but it also represents our first opportunity to serve this important state Medicaid market, a nationwide market that we believe generates between $300 and $500 million in annual revenue. Performant was selected for its exceptional value and we are excited to apply our proven capabilities to complement OMIG’s robust program integrity efforts,” said Simeon Kohl, Chief Executive Officer.