| Over a week ago | ||||
Reports Q3 revenue… Reports Q3 revenue $25.7M, consensus $26.45M. | ||||
Reports Q1 revenue… Reports Q1 revenue $25.7M, consensus $26.45M. | ||||
Performant Financial… Performant Financial Corporation announced that effective May 5th, Simeon Kohl has been promoted to the position of CEO and a member of Performant's Board of Directors. Lisa Im, the company's previous CEO, will continue in her role as Board Chair. "As the transition to a pure-play healthcare company is now complete, it is the right time for me to hand over the reins to Simeon Kohl, who will continue to execute his exciting vision for the growth of Performant Healthcare Solutions," said Im. "From the time I first met Simeon, it was very clear to me that he was a visionary with a bright future ahead of him. Together with the leadership team he has built, Sim has achieved remarkable results and demonstrated consistent growth of our healthcare business." Additionally, the Board has promoted Rohit Ramchandani to the role of Chief Finance Officer. For the past two years, Mr. Ramchandani has been serving as the company's Senior Vice President of Finance and Strategy. | ||||
| Over a month ago | ||||
Meetings to be held in… Meetings to be held in Chicago on March 30 and in Milwaukee on March 31 hosted by Craig-Hallum. | ||||
Meetings to be held in… Meetings to be held in Chicago on March 30 and in Milwaukee on March 31 hosted by Craig-Hallum. | ||||
Meetings to be held in… Meetings to be held in Chicago on March 30 and in Milwaukee on March 31 hosted by Craig-Hallum. | ||||
| Over a quarter ago | ||||
Performant Healthcare… Performant Healthcare Solutions and Council for Affordable Quality Healthcare CAQH an industry alliance of nearly 1,000 health plans, 2 million providers, and other healthcare stakeholders working to solve healthcare business challenges, today announced a partnership to improve payment integrity and coordination of benefits COB programs for health plans, including regional and community-based health plans. This initiative reflects both organizations' commitment to driving savings, claims accuracy, and administrative simplification. The partnership leverages Performant's proprietary software platform and services, and CAQH's one-of-a-kind registry of member coverage information to enable participating health plans to identify third-party healthcare coverage before paying claims. This prospective approach improves payment accuracy and delivers significant savings for health plans within months. Both organizations have a long history of improving payment accuracy for health plans and providers, and saw an opportunity to provide regional and community-based health plans more tailored support. | ||||
Lake Street analyst Jacob… Lake Street analyst Jacob Stephan assumed coverage of Performant Financial with a Buy rating and $8 price target. After Performant announced that the Medicare Secondary Payer Commercial Repayment Center contract was re-awarded for a 6-year term, Stephan called it "an excellent endorsement of the company's value proposition" and contends that investors should find value in the shares with the market for healthcare payment integrity providers having consolidated over the last few years. | ||||
After CMS yesterday… After CMS yesterday posted results from the RAC Region 2 appeal in favor of Performant Financial, Lake Street analyst Kyle Bauser noted that Performant is now the contractor for three of the five RAC regions. The costs associated to operationalize this contract will likely begin in the current quarter, though he believes "a material impact to sales" will occur in late 2023 or early 2024, said Bauser, who will update his model following the company's Q3 earnings release early next month. He maintains a Buy rating and $8 price target on Performant shares following the news. | ||||
Craig-Hallum analyst… Craig-Hallum analyst George Sutton says Performant Financial has been re-awarded over a protest from Cotiviti an 8.5-year deal by the Centers for Medicare and Medicaid Services that covers Recovery Audit Contractor Region 2. The stock in afternoon trading is up 20% to $2.39. With the award Performant is effectively responsible for performing 50% of CMS auditing across the U.S., Sutton tells investors in a research note. The analyst believes the company is positioned to take "meaningful share from competitors in a growing market." Sutton thinks initial revenues from the contract could start in Q4 of 2023 but view this more as a fiscal 2024 event. He reiterates a Buy rating on Performant Financial with a $7 price target. | ||||
