LIVERMORE, Calif., April 20, 2015 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT) ("Performant" of "the Company") a leader in the identification and recovery of improper payments in the Healthcare, Government and Student Loan industries today announced it was awarded a recovery audit contract based on a competitive selection process by Cambia Health Solutions. A member of the Blue Cross Blue Shield Association, Cambia is a nonprofit health insurance company serving over 2 million members through several subsidiaries, primarily Regence, operating in Oregon, Idaho, Utah, and Washington. The contract scope includes auditing durable medical equipment (DME), home health and hospice (HH/H) and home infusion claims — and was awarded to Performant based on the Company's demonstrated DME auditing experience, effectiveness and reporting capabilities.
Nationally, the improper payment error rate for DME is 53%, representing $5.1 billion dollars. Reducing erroneous payments made for these services and equipment can result in significant savings for Cambia and other commercial payers—savings that will help to create an economically sustainable healthcare system.
"Cambia is looking forward to its partnership with Performant, a well-respected leader in the field of analytics, audit and recovery. This initiative will support Cambia's "Cause" and "Core Strategies" through the identification and return of improper payments by delivering a solution that will help make quality health care more affordable and help in reducing premium costs," said Pat Guiton, Manager of External Audit and Investigations for Cambia.
"Performant is excited to work with Cambia in their continuing efforts to reduce improper payments. Affordable healthcare is a critical part of Cambia's commitment to its members, and we are honored to have been trusted to help achieve this part of their cause, which will enable Cambia to continue to focus on providing patient-focused, high quality services to its members," said Lisa Im, CEO of Performant.
About Performant Financial Corporation
Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, student loans and government. Performant has been providing recovery audit services for more than nine years to both commercial and government clients, including serving as a Recovery Auditor for the Centers for Medicare and Medicaid Services.
Powered by a proprietary analytic platform and workflow technology, Performant also provides professional services related to the recovery effort, including reporting capabilities, support services, customer care and stakeholder training programs meant to mitigate future instances of improper payments. Founded in 1976, Performant is headquartered in Livermore, California.
CONTACT: Richard Zubek Investor Relations 925-960-4988 email@example.comSource:Performant Financial Corp.