Performant Recovery, Inc.

Performant Recovery, Inc., a publicly traded for-profit company headquartered in Livermore, California, operates as a prime contractor providing healthcare program integrity services—medical record reviews, recovery auditing, improper payment identification, and debt collection—to federal agencies on a full-and-open (non-set-aside) basis. The vendor competes across multiple customer agencies but concentrates overwhelmingly on HHS programs, with 111 of 134 awards (83%) funding the Office of the Inspector General and Centers for Medicare and Medicaid Services.

The company's primary capability footprint centers on Medicare and Medicaid program oversight through two complementary service lines. First, Performant conducts specialized medical record reviews and compliance audits across diverse healthcare provider types—skilled nursing facilities, hospice agencies, home health providers, emergency departments, hospitals, and medical specialties including dermatology, ophthalmology, dialysis, and peripheral vascular procedures—to identify overpayments, fraud, waste, and abuse in Medicare Fee-for-Service claims. Second, the vendor delivers recovery audit services, debt collection operations, and commercial insurance repayment processing for CMS and the Treasury. Recent concrete examples include a $48.2 million delivery order from HHS OIG on June 24, 2026 for medical review services at nursing homes nationwide through December 31, 2027, performed in Livermore; a $165.3 million delivery order from CMS on February 9, 2023 for the Medicare Secondary Payer Commercial Repayment Center contract extending through February 8, 2029; and a $32.2 million definitive contract from CMS on March 24, 2022 for Recovery Audit Contractor services in Region 2 through January 3, 2033.

Customer concentration is extreme: HHS OIG anchors 104 awards ($20.4 million combined potential value) and represents the bulk of award count, while CMS drives the dollars with 7 awards valued at $259.7 million combined potential value. Treasury (Bureau of the Fiscal Service and Internal Revenue Service) and Education (Office of Federal Student Aid) account for secondary but significant dollar pools ($237.6 million combined potential value across 12 awards). The top-five agencies account for 94% of awards across the portfolio.

Performant Recovery holds two single-award IDIQ contracts with HHS OIG, each valued at $7.75 million—one expiring January 3, 2027 and one expiring November 30, 2026—that serve as the foundation for numerous delivery orders (task orders ranging $2,075 to $103,000 in value) for medical record review and consultative services supporting Medicare program integrity. The vendor also sits on the GSA Professional Services Schedule (9 task orders, $619.4 million combined potential value), the GSA Multiple Award Schedule ($165.3 million single order), and a GSA Debt Collection Services vehicle ($802 thousand). Two large vehicles—contracts 140D0424D9001 and 75040122D00001—generated 72 and 30 task orders respectively, though those dollar figures ($2.9 million and $1.9 million combined) reflect summation of small individual orders; the bulk of the vendor's dollar value flows through the single large CMS and Education orders sitting on the GSA schedules.

Activity trajectory shows volatility: 14 awards in 2022, 41 in 2023, 31 in 2024, then declines to 10 in 2025 and 11 in 2026 year-to-date. Twenty-five awards (combined potential value $962 thousand) face ultimate completion in the next twenty-four months; the vendor has several large contract vehicles—the Region 2 RAC and MSP CRC contracts—running well into the next decade, but the HHS OIG IDIQ vehicles expire by November 2026 and will require recompete.

On SCI-reportable federal services contracts above the $150,000 threshold, Performant invoiced $71.7 million across FY2022–FY2024 (FY2022: $1.2 million across 52.3 FTEs; FY2023: $27 million across 204 FTEs; FY2024: $43.5 million across 292 FTEs), showing roughly three-fold growth in both revenue and headcount over the period. Government-paid rates on SCI-reportable prime contracts ran a median of $57.95 per hour, with the 90th percentile near $103.48 per hour, consistent with mixed-skill healthcare audit and administrative management labor. The vendor performed 99% of reported work with its own staff; only 1% of contractor hours across prime contracts came from subcontractors, indicating Performant builds and staffs its own delivery teams rather than relying on subs. The VA Strategic Acquisition Center Frederick noted a recovery audit services contract award on December 1, 2025 with zero dollar ceiling, suggesting administrative setup for a future task-order vehicle.