Treasury's $24.1M Debt Collection Contract Awarded to Performant Recovery, Inc
Contract Overview
Contract Amount: $24,124,002 ($24.1M)
Contractor: Performant Recovery, Inc.
Awarding Agency: Department of the Treasury
Start Date: 2007-03-12
End Date: 2012-03-11
Contract Duration: 1,826 days
Daily Burn Rate: $13.2K/day
Competition Type: COMPETITIVE DELIVERY ORDER
Number of Offers Received: 22
Pricing Type: OTHER (APPLIES TO AWARDS WHERE NONE OF THE ABOVE APPLY)
Sector: Other
Official Description: PRIVATE COLLECTION AGENCY FOR DEBT COLLECTION SERVICES
Place of Performance
Location: SAN LEANDRO, ALAMEDA County, CALIFORNIA, 94577, UNITED STATES OF AMERICA
Plain-Language Summary
Department of the Treasury obligated $24.1 million to PERFORMANT RECOVERY, INC. for work described as: PRIVATE COLLECTION AGENCY FOR DEBT COLLECTION SERVICES Key points: 1. Contract value of $24.1 million for debt collection services. 2. Awarded to Performant Recovery, Inc. 3. Managed by the Department of the Treasury, Bureau of the Fiscal Service. 4. Contract duration of 5 years. 5. Classified under NAICS code 523999 (Miscellaneous Financial Investment Activities).
Value Assessment
Rating: fair
The contract value of $24.1 million over 5 years suggests a moderate annual spend. Benchmarking against similar debt collection contracts would be necessary to assess pricing efficiency.
Cost Per Unit: N/A
Competition Analysis
Competition Level: unknown
This was a competitive delivery order, indicating that multiple vendors likely had the opportunity to bid. Competitive bidding generally leads to better price discovery and potentially lower costs for the government.
Taxpayer Impact: The use of a competitive process aims to ensure taxpayer funds are used efficiently for debt collection services.
Public Impact
Ensures government debt is collected, potentially increasing revenue. Impacts individuals and entities owing money to the government. The effectiveness of the agency impacts the government's financial health.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Lack of specific performance metrics provided.
- Potential for aggressive collection tactics impacting public perception.
Positive Signals
- Competitive award process suggests potential for value.
- Dedicated agency for debt collection.
Sector Analysis
This contract falls under financial services, specifically debt collection. Government spending in this sector aims to recover outstanding debts owed to federal agencies, with benchmarks varying based on debt type and recovery rates.
Small Business Impact
No specific information is available regarding small business participation in this contract. Further analysis would be needed to determine if small businesses were involved or had opportunities.
Oversight & Accountability
The Bureau of the Fiscal Service oversees this contract. Accountability would be measured by the agency's debt recovery rates and adherence to collection regulations.
Related Government Programs
- Miscellaneous Financial Investment Activities
- Department of the Treasury Contracting
- Bureau of the Fiscal Service Programs
Risk Flags
- Lack of detailed performance metrics.
- Potential for negative public perception due to collection practices.
- Dependence on vendor's recovery success for value realization.
- Limited insight into vendor's historical performance.
Tags
miscellaneous-financial-investment-activ, department-of-the-treasury, ca, do, 10m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Treasury awarded $24.1 million to PERFORMANT RECOVERY, INC.. PRIVATE COLLECTION AGENCY FOR DEBT COLLECTION SERVICES
Who is the contractor on this award?
The obligated recipient is PERFORMANT RECOVERY, INC..
Which agency awarded this contract?
Awarding agency: Department of the Treasury (Bureau of the Fiscal Service).
What is the total obligated amount?
The obligated amount is $24.1 million.
What is the period of performance?
Start: 2007-03-12. End: 2012-03-11.
What were the key performance indicators (KPIs) used to evaluate Performant Recovery, Inc.'s success in debt collection?
The provided data does not specify the key performance indicators (KPIs) used to evaluate the success of Performant Recovery, Inc. Typically, such contracts would include metrics like recovery rates, cost per dollar collected, compliance with regulations, and customer satisfaction. Without these details, a full assessment of the contract's value and effectiveness is limited.
What is the historical performance of Performant Recovery, Inc. in similar government contracts?
Historical performance data for Performant Recovery, Inc. in similar government contracts is not included in the provided information. Assessing past performance, including success rates, client feedback, and any past issues or disputes, would be crucial for a comprehensive risk assessment and to validate the selection of this vendor.
How does the cost-effectiveness of this contract compare to industry standards for debt collection services?
A direct comparison of cost-effectiveness against industry standards is difficult without specific per-unit cost data or agreed-upon recovery fee structures. While the contract was competitively awarded, the overall efficiency depends on the volume and type of debt collected, the success rate, and the negotiated fees. Further analysis of the contract's financial terms is needed.
Industry Classification
NAICS: Finance and Insurance › Other Financial Investment Activities › Miscellaneous Financial Investment Activities
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES
Competition & Pricing
Extent Competed: COMPETITIVE DELIVERY ORDER
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Offers Received: 22
Pricing Type: OTHER (APPLIES TO AWARDS WHERE NONE OF THE ABOVE APPLY) (3)
Evaluated Preference: NONE
Contractor Details
Parent Company: Performant Financial Corporation (UEI: 784424728)
Address: 555 MCCORMICK ST, SAN LEANDRO, CA, 94577
Business Categories: Category Business, Not Designated a Small Business
Financial Breakdown
Contract Ceiling: $24,124,002
Exercised Options: $24,124,002
Current Obligation: $24,124,002
Parent Contract
Parent Award PIID: GS23F0286K
IDV Type: FSS
Timeline
Start Date: 2007-03-12
Current End Date: 2012-03-11
Potential End Date: 2012-03-11 00:00:00
Last Modified: 2015-04-01
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