Performant Financial Corporation (NASDAQ:PFMT), a leading provider of technology-enabled recovery and related analytics services, today announced that its subsidiary, Performant Recovery, Inc., has been awarded a contract by the United States Department of Education to serve as the Department’s payment recapture contractor.
Under the terms of this contract, Performant will leverage its proprietary data mining technology to conduct a payment recapture audit of goods and services contracted by the Department (excluding grants and student loans) for fiscal years 2007-2012, a portfolio totaling approximately $9 billion ($1.5 billion annually). Performant will identify, evaluate and report the root causes for contract overpayments and support the recovery of improper payments.
“We are excited about this opportunity to provide significant value to the Department of Education’s efforts to reduce improper payments through our payment integrity solutions and technology,” said Performant Financial’s Chief Executive Officer, Lisa Im.
Performant’s success is aligned to an intensifying bipartisan effort to cut wasteful spending in federal agencies through the Improper Payment Elimination and Recovery Act of 2010 (IPERA). It is estimated by the U.S. Government (paymentaccuracy.gov) that over $100 billion of federal government funds are lost due to improper payments each year. By expanding its payment integrity expertise in federal agencies, Performant continues to support the cause of reducing waste of American taxpayers’ dollars.
The term of the contract is from January 2013 to January 2014.
Performant Financial Corporation is a leading provider of technology-enabled recovery and related analytics services. The Company’s services help identify and recover delinquent or defaulted assets and improper payments for various government, healthcare and financial services markets in the United States. The Company was founded in 1976 and is headquartered in Livermore, California.