Bass Pro and CorVel Named Risk Management Team of the Year by Business Insurance

Rhea-AI Summary

CorVel Corporation (NASDAQ: CRVL) has received the 2022 Risk Management Team of the Year award in partnership with Bass Pro, recognizing their innovative approach to managing return-to-work and temporary total disability claims. Their award-winning program emphasizes early intervention and continuous support, leading to significant outcomes: a 41% reduction in litigated claims, $1,500,000 in savings, and a 50% decrease in injured workers on the TTD report. The collaboration has also seen narcotics use drop from 18.4% to 3.7%.

Positive

• Received the 2022 Risk Management Team of the Year award, highlighting innovative solutions.
• 41% reduction in litigated claims since the program's inception.
• $1,500,000 increase in savings from case management.
• Narcotics usage among claims decreased significantly from 18.4% to 3.7%.
• 50% reduction in injured workers on the temporary total disability report.

Negative

• None.

US Insurance Award Recognizes Their Innovative Solution for Managing Return-to-Work and Temporary Total Disability

FORT WORTH, Texas, Oct. 11, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, and Bass Pro, a privately held retailer specializing in outdoor recreation, received the 2022 “Risk Management Team of the Year” award, given by Business Insurance’s U.S. Insurance Awards.

Bass Pro has always been an advocate of ensuring that workers with serious injuries receive the most appropriate care and monitoring for a faster, optimal recovery. The U.S. Insurance Award-winning program incorporates innovative technology and communication tools to better track temporary total disability (TTD) claims. A dedicated team of CorVel’s nurses and coordinators works closely with adjusters, providers, and employees to ensure an effective and timely return to work and maximum medical improvement.

Early intervention and communication starting with the intake process and continuing Advocacy 24/7 are credited with guiding patients to the right providers at the onset of the claim. The addition of a follow-up by the nurses and the support team ensures that the injured worker feels cared for by their employer, leading to better outcomes and a 41% drop in litigated claims since the program began.

“We are excited to receive this award in partnership with CorVel,” said David Jones, Director of Risk Management at Bass Pro. “I am very proud of our team and their passion for delivering the best care in the most timely manner for our injured Outfitters. This initiative was truly a team effort of our Bass Pro Safety, Human Resources, Operations, and Workers’ Compensation Coordinator teams, our dedicated CorVel adjusters and nurse case managers, and the innovative thought leadership of our account management team.”

“David Jones and his team at Bass Pro provided the impetus for this program, which enabled our nurses to make a real difference in the care and recovery of their employees with injuries,” commented Michael Combs, CorVel’s President and CEO. “We are delighted to see this partnership recognized for its innovation and results.”

Over the last two years, the program delivered outstanding results and significant savings:

• Case management costs are down $110,000 from 2019 and savings are up $1,500,000.
• Narcotics usage dropped from 18.4 percent to just 3.7 percent of claims.
• Usage of CorVel’s Advocacy 24/7 Nurse Triage program increased with more than 80 percent of claims initiated through this program.
• Collaboration between the teams resulted in a decrease of 50 percent of injured workers on the TTD report, leading to faster return to work and lower medical costs.

About Bass Pro

Bass Pro is an American company that focuses on the marketing and selling of various equipment related to fishing, boating, camping, hunting and other outdoor activities. The company has its presence in more than 177 locations across the USA and Canada and headquarters in Springfield, Missouri. The company employs about 40,000 workers. Bass Pro is included in Forbes Magazine’s list of the largest private companies in America.

About CorVel

CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s TPA services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s workers’ comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, and September 30, 2022.. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com