Performant Healthcare, Inc. (PHLT)

Performant Healthcare, Inc., formerly known as Performant Financial Corporation, provided technology-enabled payment integrity and related services to healthcare payers, including health plans and government programs. The company's history extends back to the 1970s, and it became known for recovery audit work, identifying and recovering improper payments in healthcare claims for government and commercial clients.

Over time Performant shifted its business away from student loan recovery work and toward healthcare payment integrity. Its services included claims review, audit and recovery, identification of improper payments, coordination of benefits and related analytics. It was a contractor for federal programs, including Medicare recovery audit work, and also served commercial health plans.

The company completed its initial public offering in August 2012 and listed its common stock on the Nasdaq. Its results were affected by changes in federal contracting programs and by the loss of student loan contracts, which led management to reposition the company toward commercial health plan clients. In 2025 the company adopted the name Performant Healthcare, Inc.

In August 2025, Performant agreed to be acquired by Machinify, a Dallas-based healthcare intelligence and payment integrity company backed by private equity investors. The agreement provided for $5.50 per share in cash and a transaction valued at approximately $670 million.

Machinify stated that the combination would add Performant's payment accuracy services and its client relationships to its own claims and payment technology platform. The transaction was subject to stockholder approval and customary regulatory conditions.

Machinify announced completion of the acquisition on October 21, 2025. At closing, each outstanding share of Performant common stock was converted into the right to receive $5.50 in cash, and Performant became a privately held company. A Form 25 was filed with the SEC for the removal of the common stock from Nasdaq listing and registration.

After the transaction, Performant's operations and personnel were to be integrated with Machinify's healthcare payments business, and the company no longer has publicly traded securities.