Performant Announces Name Change to Performant Healthcare, Inc. – Concludes Strategic Shift to Healthcare

New Nasdaq Ticker Symbol Will Be PHLT

PLANTATION, Fla.--(BUSINESS WIRE)--Performant Financial Corporation (Nasdaq: PFMT) today announced it has changed its name to Performant Healthcare, Inc. (“Performant” or the “Company”), and plans to update its ticker symbol to PHLT. The name change and new ticker symbol will not impact the Company’s operations, management or structure.

Performant, a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, is changing its name to reflect its strategic commitment to becoming a pure-play leader in healthcare payment integrity.

“The name Performant Healthcare, Inc. reflects our commitment to delivering world-class payment integrity solutions for our healthcare payer clients,” stated Simeon Kohl, Chief Executive Officer. He continued, “Since announcing our strategic shift to focus on healthcare in 2021, we have successfully transitioned resources, attracted top talent, secured significant new business, and streamlined our organization to drive profitability and solidify our position as a leading independent payment integrity company.”

He continued, “We are energized by recent wins, such as the New York State Medicaid RAC award, which have opened doors to new market opportunities. Additionally, the incoming administration's emphasis on reducing waste in the healthcare system aligns perfectly with our mission. These factors position us to deliver strong results in the healthcare payment integrity space.”

The name change also signifies the Company's recently announced transition away from its Customer Care outsourced servicing business. This market represented less than 5% of total revenues for the first nine months of 2024.

“We are fully embracing a healthcare focused future, positioning us to make an even greater impact for our customers, employees, and shareholders,” said Rohit Ramchandani, Chief Financial Officer.

Mr. Kohl concluded, “I am thrilled to embark on this next chapter of our journey within the healthcare payment integrity industry, now as Performant Healthcare, Inc. Our commitment to expanding our healthcare business and delivering robust financial results for our shareholders has never been stronger.”

ABOUT PERFORMANT

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