Overview

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Our Competitive Strengths

Performant’s business model is difficult to replicate, as it incorporates a combination of several important and differentiated elements, including:

Scalable and flexible technology-enabled services platform

Performant’s technology platform is highly flexible, intuitive, and convenient for our audit, recovery, and claims specialists. Our platform is easily configurable and deployable across multiple markets and processes. For example, Performant has successfully extended our platform from the student loan market to state and federal tax, federal Treasury receivables, and healthcare markets, each having separate industry-specific complexities and regulations.

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Advanced, technology-enabled workflow processes

Developed across many years of operational experience in recovery services, Performant’s technology-enabled workflow processes disaggregate otherwise complex recovery processes into a series of simple, efficient, and consistent steps easily configured and applied to different types of recovery-related functions. Our workflow software is highly intuitive and helps audit, recovery, and claims specialists manage each step of the recovery process, while automating a series of otherwise manually and document-intensive steps in the recovery process. Performant’s streamlined workflow technology drives increased efficiencies in our operations, as illustrated by our ability to generate more than $100,000 of revenue per employee. Our streamlined workflow technology also improves recovery results relative to more labor-intensive outsourcing models.

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Strong data and analytics capabilities

Performant’s data and analytics capabilities enable us to achieve strong audit results and recovery rates for our clients. We have a proprietary data management and analytics platform deployed throughout our business. Some of our departments have collected recovery-related data for more than two decades. We combine this data with large volumes of client and third-party data to effectively analyze our clients’ delinquent or defaulted assets and improper payments. We have also developed several analytical models for claims auditing, as well as analytics tools that we use to score our clients’ recovery inventory, determine the optimal recovery process and allocation of resources, and achieve higher levels of recovery results. Performant also utilizes analytics tools to measure and test our recovery workflow processes continuously, driving refinements and further enhancing the quality and effectiveness of our capabilities.

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Long-standing client relationships

The significant value Performant clients derive from our long-standing focus on achieving superior recovery performance has resulted in long-tenured client relationships, strong contract retention, and better access to new clients and future growth opportunities. We have business relationships with 14 student loan guarantors averaging more than eight years in length. In the healthcare market, Performant’s relationship with Centers for Medicare and Medicaid (CMS) exceeds 10 years; and, in October 2016, we were awarded two contracts out of the second recovery audit program procurement process, including a region consisting of 11 states in the Northeast and Midwest and the national DMEPOS and home health contract. In October 2017, Performant was awarded a national exclusive Medicare Secondary Payer Commercial Payment Center (MSP CRC) contract by CMS.

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Extensive domain expertise in complex and regulated markets

Performant has extensive experience and domain expertise providing recovery services for public and private institutions that generally operate in complex and regulated markets; and we have demonstrated our ability to develop domain expertise in new markets, including healthcare, state taxes, and federal Treasury receivables. Performant’s organizational experience enables us to understand and adapt to evolving public policy, as well as the way it shapes the regulatory environment and our clients’ objectives, which helps us identify and anticipate growth opportunities. For example, Performant successfully identified government healthcare as a potential growth opportunity, which has led to the award of five contracts by CMS. Together with our flexible technology platform, we can adapt our business strategy, to allocate resources and respond to changes in our regulatory environment to capitalize on new growth opportunities.

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Proven and experienced management team

Performant’s management team has significant industry experience and demonstrated strong execution capabilities. Our senior management team, led by Lisa Im, has an average tenure of approximately 18 years. This team has successfully grown Performant’s revenue base and service offerings beyond the original student loan market into the healthcare, government, and financial services markets. Our management team’s industry experience, combined with deep and specialized understanding of complex and highly regulated industries, enables Performant to maintain long-standing client relationships and strong financial results.

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