Performant Financial Corporation Acquires Artificial Intelligence Technology in Support of Its Scale Initatives
PLANTATION, Fla., April 09, 2024–(BUSINESS WIRE)–Performant Financial Corporation (Nasdaq: PFMT) (Performant), primarily operating as Performant Healthcare Solutions, a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, today announced the strategic acquisition of key AI technology assets from RecordsOne, a technology company specializing in natural language processing and advanced domain analytics to enhance cost containment workflows within the healthcare sector.
“Performant’s proprietary technology has consistently differentiated us from our competitors and I’m excited to incorporate these new game changing capabilities,” said Simeon Kohl, Chief Executive Officer at Performant. “This acquisition supports our strategic initiatives to increase scale and efficiency by leveraging technology to further automate historically labor-intensive activities. RecordsOne AI technology provides a unique approach to the claims intake process, which boosts audit accuracy and efficiency. We see an exciting opportunity to elevate our already differentiated audit offerings by incorporating and further train this technology, utilizing Performant’s expansive data assets and subject matter expertise.”
Bacilio “Bac” Palomo, Chief Executive Officer at RecordsOne, emphasized the opportunity to combine technology with data and the alignment of missions and cultures, stating, “Throughout RecordsOne history, we have prioritized innovative approaches to mastering complex healthcare documentation to drive clinical and financial success for our clients. Leveraging Performant’s breadth of data and subject matter expertise will empower our technology to further drive successful outcomes. The mission-first and client-centric culture at Performant make it the ideal home for our people and technology.”
Amanda Purvis, Senior VP of Product Innovation at Performant, remarked “Having piloted this technology, we are excited about the opportunity to tightly integrate powerful automation and advanced natural language processing into our audit platform. As we leverage our expansive data assets to further train this technology, we anticipate its value will continue to build upon itself. I am genuinely excited to integrate this technology into our proprietary stack and collaborate with this experienced team of technologists.”
Rohit Ramchandani, Chief Financial Officer, commented, “Transiting RecordsOne from a vendor to an integrated component of our proprietary technology stack not only provides strategic advantages but also bolsters financial efficiency aligning with our long-term stated goal of 20% plus adjusted EBITDA margins. We expect this acquisition to become a key facet of our Project Turing initiative, recently introduced in our Q4 earnings call.”
The acquisition represents a significant milestone for Performant, marking the first since announcing its commitment to becoming a pure-play healthcare company in 2021. By adding assets from RecordsOne, Performant reaffirms its status as a leader in driving technological advancements in healthcare payment integrity solutions.
ABOUT PERFORMANT HEALTHCARE SOLUTIONS
Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based, also known as coordination-of-benefits (COB) services, as well as claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.
To learn more about Performant, please visit https://www.performantcorp.com.
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Contacts
Jon Bozzuto, Investor Relations
Performant Financial Corporation
(925) 960-4988
investors@performantcorp.com
