Plantation, Fla., April 09, 2024–(BUSINESS WIRE)–Performant Financial Corporation (NASDAQ: PFMT) (PERFORMANT), operating primarily as Performant Healthcare Solutions, is a technology-enabled payment integrity, affordability, and is a leading provider of related analytics services, announced the strategic acquisition today. Key AI technology assets from RecordsOne, a technology company specializing in natural language processing and advanced domain analytics to enhance cost control workflows within the healthcare sector.
“Performant’s proprietary technology has consistently differentiated us from our competitors and I am excited to add these new game-changing capabilities,” said Simon Kohl, Performant’s Chief Executive Officer. “This acquisition supports our strategic initiatives to increase scale and efficiency by leveraging technology to further automate historically labor-intensive activities. RecordsOne AI technology brings a unique approach to the claims intake process.” provides, which increases the accuracy and efficiency of audits. We see an exciting opportunity to leverage Performante’s extensive data assets and subject matter expertise to further differentiate our audits by incorporating this technology and further training. Raise the offers.”
Bacilio “Bac” Palomo, Chief Executive Officer of RecordsOne, emphasized the opportunity to connect technology with data and align missions and cultures, saying, “Throughout RecordsOne’s history, we have driven medical and financial Prioritized innovative approaches to mastering complex healthcare documentation. Success for our clients. Leveraging Performer’s breadth of data and subject matter expertise to leverage our technology to further drive successful outcomes. will empower. Performa’s mission-first and client-centric culture make it the ideal home for our people and technology.”
“Having piloted this technology, we are excited about the opportunity to tightly integrate powerful automation and advanced natural language processing into our audit platform,” remarked Amanda Pruss, Senior VP of Product Innovation at Performant. technology, we expect its value to stand on its own. I am truly excited to integrate this technology into our proprietary stack and to collaborate with this experienced team of technical experts.”
Rohit Ramchandani, Chief Financial Officer, commented, “Moving Records from a vendor to an integrated component of our proprietary technology stack not only provides strategic benefits but also our long-term stated goal of 20% plus adjusted EBITDA margin. We expect this acquisition to become an important aspect of our Project Turing initiative, which was recently introduced in our Q4 earnings call.”
The acquisition represents a significant milestone for Performant, the first since announcing its commitment to become a pure-play healthcare company in 2021. By adding RecordsOne’s assets, Performant reaffirms its position as a leader in driving technological advancements in healthcare payment integrity solutions.
About performing healthcare solutions
Performant helps healthcare providers identify, prevent and recover from waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare providers to provide competency-based, also known as Coordination of Benefit (COB) services, as well as claims-based services, including malpractice reimbursement. Includes audit and identification of claims made. Performant is a leading provider of these services in both the government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to reduce future incidents of improper payments.
To learn more about Performant, please visit https://www.performantcorp.com.
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Contacts
Jon Bozzoto, Investor Relations
Performant Financial Corporation
(925) 960-4988
investors@performantcorp.com