Performant Healthcare Inc
performanthealthcare.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2025 10-Q, filed Aug 7, 2025. Its latest SEC filing is a EFFECT from Nov 20, 2025.
10-Q for Q2 FY2025, filed Aug 7, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Provides government and commercial healthcare payers with claims audits, services to identify other insurers responsible for claims, and customer support and training.
10-K for FY2024, filed Mar 13, 2025We support payers in the healthcare industry with identifying, preventing, and recovering waste and improper payments by leveraging…View ↗
Provide audit or claims-based services to identify improper healthcare payments for government and commercial healthcare clients. Identify…View ↗
We provide payment integrity services related to improper payments in the healthcare market, serving both government and commercial…View ↗
How Did They Make Money?
Healthcare payers pay success-based fees as a percentage of amounts recovered through claims audits or eligibility work. Customer-care work has also been billed through contingency fees, dedicated staffing, or completed tasks.
10-K for FY2024, filed Mar 13, 2025
-
10-K for FY2024, filed Mar 13, 2025
FY2024 revenue by product or service ↗
$123M
-
10-K for FY2024, filed Mar 14, 2025
$123M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Healthcare
Sold outright
10-K for FY2024, filed Mar 13, 2025 |
96%
FY2021: 62%
|
Healthcare, FY2024
$118.3M Sources
|
Sold outright |
|
Recovery
|
0.0%
FY2021: 27%
|
Recovery, FY2024
$0 Sources
|
|
|
Customer Care / Outsourced Services
|
3.8%
FY2021: 11%
|
Customer Care / Outsourced Services, FY2024
$4.7M Sources
|
Who Were Their Customers?
Serves federal and state government clients and commercial healthcare payers; new business comes through referrals, expanded work with existing clients, and targeted outreach.
10-K for FY2024, filed Mar 13, 2025We provide our services across a range of federal government, state government and commercial clients.View ↗
In 2024, we were awarded the New York State Recovery Audit Contractor contract by the New York State OMIG to audit improper payments for…View ↗
In the commercial healthcare market, we utilize our technology-enabled services platform to provide claims-based and eligibility-based…View ↗
Our new business opportunities have historically been driven largely by referrals and natural extensions of our existing client…View ↗
Did Revenues Turn Into Profits?
No. It lost $9.9M in FY2024.
10-K for FY2024, filed Mar 14, 2025
−$9.5MView ↗
10-K for FY2024, filed Mar 14, 2025
−$9.9MView ↗
10-K for FY2024, filed Mar 14, 2025
−$832KView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2025, filed Aug 8, 2025
$2.1MView ↗
- ▲ Now profitable
- vs −$3M in Q2 FY2024
10-Q for Q2 FY2025, filed Aug 7, 2025
Open tableView ↗
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Oct 21, 2025
Performant completed its merger with Machinify and began Nasdaq delisting
Eligible shares were converted into the right to receive $7.75 in cash; Nasdaq trading was halted.
Sources
8-K, filed Oct 21, 2025
At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.0001 per share, of the Company…View ↗
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Aug 1, 2025
Performant agreed to be acquired by Machinify
The merger agreement set cash consideration of $7.75 per share and was subject to closing conditions.
Sources
8-K, filed Aug 1, 2025
At the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.0001 per share, of the Company…View ↗
Shrank. Revenue fell 21% in 4 years, from $155.9M in FY2020 to $123M in FY2024, about 6% a year.
Exit from debt recovery
The older report also described student-loan, state-tax and federal debt recovery, and said some contracts were sold and further work would wind down; the latest business description centers on healthcare payment integrity.
10-K for FY2021, filed Mar 16, 2022 10-K for FY2024, filed Mar 13, 2025We provide technology-enabled audit, recovery, and analytics services in the United States with a focus in the healthcare industry. We work…View ↗
We have historically worked in recovery markets such as defaulted student loans, federal treasury and state tax receivables, and commercial…View ↗
As mentioned earlier, during 2021, we sold certain of our non-healthcare recovery contracts and did not renew or restart existing contracts…View ↗
Customer-care services
The older report described a call center serving clients' consumer engagement needs; the latest report says the company plans to de-emphasize this work and expects no meaningful revenue from it going forward.
10-K for FY2021, filed Mar 16, 2022 10-K for FY2024, filed Mar 13, 2025We provide technology-enabled audit, recovery, and analytics services in the United States with a focus in the healthcare industry. We work…View ↗
Historically, we derived revenues from a first party call center and other outsourced services. Our revenues for these services included…View ↗
Who Did They Compete With?
Competes with Cotiviti and HMS Holdings
10-K for FY2024, filed Mar 13, 2025In the healthcare market, we face competition in the bidding process for commercial healthcare contracts as well as government healthcare…View ↗
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