Performant Financial Corporation (PFMT) Bundle
An Overview of Performant Financial Corporation (PFMT)
General Summary of Performant Financial Corporation
Performant Financial Corporation (PFMT) is a leading provider of technology-enabled payment integrity services primarily focused on the healthcare sector. Established in 1976, the company has evolved significantly over the years, expanding its services to include claims-based and eligibility-based solutions that help healthcare payers identify and recover improperly paid claims.
As of 2024, Performant offers a range of services, including:
- Healthcare payment integrity services
- Claims audit and recovery services
- Eligibility verification services
- Analytics and consulting services
In the latest financial reports, Performant Financial Corporation reported total revenues of $88.2 million for the nine months ended September 30, 2024, an increase of approximately 9% compared to $81.2 million for the same period in 2023.
Company's Financial Performance in the Latest Financial Reports
In the nine months ended September 30, 2024, Performant Financial Corporation achieved notable financial milestones:
| Financial Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Total Revenues | $88.2 million | $81.2 million | +9% |
| Healthcare Revenues | $84.0 million | $75.3 million | +12% |
| Net Loss | $(9.4) million | $(8.8) million | +7% |
| Loss from Operations | $(8.8) million | $(8.0) million | +10% |
| Salaries and Benefits Expense | $73.7 million | $67.1 million | +10% |
The company’s healthcare revenues reached $84.0 million, reflecting a growth of 12% compared to the previous year. The increase was primarily driven by growth from prior implementations and new contracts, particularly the CMS RAC Region 2 contract.
Introduction to Company as a Leader in the Industry
Performant Financial Corporation is recognized as one of the leading companies in the healthcare payment integrity industry. The company leverages its advanced technology solutions to deliver efficient and effective services to its clients. With a robust portfolio of contracts, including significant partnerships with the Centers for Medicare and Medicaid Services (CMS), Performant continues to enhance its market position.
As of September 30, 2024, the company had approximately $14.0 million of availability under its credit agreement, demonstrating strong liquidity to support its operations. Investors and stakeholders are encouraged to explore further to understand the factors contributing to Performant's ongoing success in the industry.
Mission Statement of Performant Financial Corporation (PFMT)
Mission Statement of Performant Financial Corporation (PFMT)
The mission statement of Performant Financial Corporation (PFMT) serves as a guiding principle for the organization, outlining its purpose and commitment to its stakeholders. The mission encapsulates the company's dedication to delivering innovative solutions in the financial services sector, particularly in healthcare payment integrity. This commitment is crucial in steering the company towards achieving its long-term goals, enhancing operational efficiency, and fostering trust with clients and partners.
Core Component 1: Commitment to Quality Services
Performant Financial Corporation prioritizes the delivery of high-quality services to its clients. This commitment is evidenced by its robust healthcare revenue streams, which totaled $84.0 million for the nine months ended September 30, 2024, reflecting a 12% increase compared to the same period in 2023. The company’s focus on quality is highlighted by its performance in claims-based services, which saw a remarkable 32% increase to $40.3 million during the same timeframe.
- Healthcare revenues: $84.0 million (9 months ended September 30, 2024)
- Claims-based services revenue: $40.3 million (9 months ended September 30, 2024)
Core Component 2: Innovation and Technology
Innovation plays a pivotal role in Performant's mission. The company leverages advanced technology to improve its service offerings, particularly in the realm of healthcare payment integrity. In 2024, the company invested significantly in technology assets, including a recent acquisition that involved $3.9 million in deferred payments. This strategic investment underscores the company’s commitment to enhancing its operational capabilities through innovative solutions.
| Investment Type | Amount | Purpose |
|---|---|---|
| Technology Assets Acquisition | $3.9 million | Enhance healthcare payment integrity services |
Core Component 3: Client-Centric Approach
Performant Financial Corporation's mission emphasizes a client-centric approach, aiming to build lasting relationships based on trust and transparency. The company operates under contingency-fee contracts, which align its financial success with the satisfaction of its clients. For the nine months ended September 30, 2024, the company recorded total revenues of $88.2 million, marking a 9% increase from the previous year. This growth reflects the effectiveness of its client-focused strategies and the successful execution of its mission.
- Total revenues: $88.2 million (9 months ended September 30, 2024)
- Revenue growth: 9% year-over-year
Vision Statement of Performant Financial Corporation (PFMT)
Vision Statement Overview
Performant Financial Corporation (PFMT) aims to be a leader in the financial services industry, focusing on delivering innovative solutions that enhance operational efficiency and improve client outcomes. The vision emphasizes a commitment to leveraging technology to drive performance and foster long-term partnerships with clients.
Commitment to Innovation
The cornerstone of PFMT's vision is a strong commitment to innovation. The company focuses on developing advanced technologies, such as natural language processing and data analytics, to enhance its service offerings. In 2024, PFMT invested approximately $5.7 million in capital expenditures for software and technology enhancements, reflecting its dedication to staying at the forefront of industry advancements.
Focus on Client Success
PFMT's vision underscores its dedication to client success. The company seeks to provide tailored solutions that meet the specific needs of its clients, particularly in the healthcare sector. In the nine months ended September 30, 2024, healthcare revenues reached $84.0 million, a 12% increase from the previous year, demonstrating the effectiveness of its client-centric approach.
Building Strong Partnerships
Another key component of PFMT's vision is the establishment of strong partnerships. The company aims to collaborate closely with clients and stakeholders to foster mutual growth. As of September 30, 2024, PFMT's total liabilities were reported at $26.6 million, indicating a stable financial foundation that supports collaborative ventures.
Commitment to Operational Excellence
PFMT is dedicated to operational excellence, ensuring that its processes are efficient and effective. The company reported a loss from operations of $8.8 million for the nine months ended September 30, 2024, which reflects ongoing efforts to optimize operations and reduce costs despite challenges.
Table: Financial Overview of PFMT
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenues | $88.2 million | $81.2 million | $7.0 million | 9% |
| Healthcare Revenues | $84.0 million | $75.3 million | $8.7 million | 12% |
| Net Loss | $(9.4 million) | $(8.8 million) | $(0.6 million) | 7% |
| Operating Expenses | $97.0 million | $89.2 million | $7.8 million | 9% |
Vision for the Future
Looking ahead, PFMT envisions expanding its service offerings and enhancing its technological capabilities to better serve clients. The company aims to achieve a sustainable growth trajectory while maintaining its commitment to innovation and excellence in client service.
Core Values of Performant Financial Corporation (PFMT)
Integrity
Integrity is a core value at Performant Financial Corporation (PFMT), emphasizing the importance of honesty and ethical practices in all business dealings.
In 2024, PFMT demonstrated its commitment to integrity through transparent financial reporting and adherence to compliance regulations. For example, the company reported a net loss of $9.4 million for the nine months ended September 30, 2024, which was disclosed in their quarterly earnings report, ensuring stakeholders were well-informed about the company’s financial health.
Innovation
Innovation drives Performant's growth and adaptation in a rapidly changing industry. The company has invested significantly in technology upgrades, including a recent acquisition of technology assets specializing in natural language processing for $3.9 million.
As of September 30, 2024, PFMT's healthcare revenue reached $84.0 million, a 12% increase compared to the previous year, largely attributed to enhanced service offerings and technological advancements.
Collaboration
Collaboration is essential for PFMT, fostering teamwork both internally and with clients. The company’s strategic partnerships have been pivotal in securing contracts, such as the CMS RAC Region 2 contract, which has expanded its operational capabilities.
Through collaborative efforts, PFMT has maintained strong relationships with various healthcare payers, helping to drive a 32% increase in claims-based service revenues to $40.3 million.
Excellence
Excellence reflects PFMT's commitment to delivering high-quality services. The company has implemented rigorous performance metrics to ensure service quality and accountability. For instance, total revenues increased by 9% to $88.2 million for the nine months ended September 30, 2024.
Additionally, the company has focused on employee development, with salaries and benefits expenses rising to $73.7 million, a 10% increase from the prior year, reflecting investment in its workforce to enhance service delivery.
Accountability
Accountability is foundational at PFMT, ensuring that all employees uphold the company's standards. This is evident through regular audits and compliance checks, which are integral to maintaining operational integrity.
The company reported a loss from operations of $8.8 million, indicating challenges but also a commitment to accountability in addressing financial performance.
| Core Value | Key Initiatives | Financial Impact |
|---|---|---|
| Integrity | Transparent reporting | Net loss of $9.4 million |
| Innovation | Technology acquisition | Healthcare revenue increased by 12% |
| Collaboration | Strategic partnerships | Claims-based service revenues of $40.3 million |
| Excellence | Performance metrics and employee development | Revenues up by 9%, salaries increased to $73.7 million |
| Accountability | Regular audits | Loss from operations of $8.8 million |
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Updated on 16 Nov 2024
Resources:
- Performant Financial Corporation (PFMT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Performant Financial Corporation (PFMT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Performant Financial Corporation (PFMT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.