CorVel Releases the New Integrated Claims Risk Score for Workers’ Compensation Claims, Leveraging Artificial Intelligence and Predictive Analytics
CorVel Corporation (NASDAQ: CRVL) has introduced a new Claims Risk Score interface in its CareMC Edge® platform, enhancing claims management through artificial intelligence and predictive analytics. This feature evaluates multiple factors to determine the risk level of claims, helping professionals intervene early and effectively. Key aspects analyzed include return to work estimates, pain levels, and claimant medical compliance. The Risk Score recalibrates continuously with new information, aiming to improve claim outcomes and reduce costs.
- Launch of Claims Risk Score interface enhances claims management efficiency.
- Utilizes AI and predictive analytics to identify and mitigate claim risks proactively.
- Continuous recalibration of the risk score improves real-time decision-making for claims professionals.
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The new functionality in CareMC Edge® assesses multiple factors to determine a claim risk score, helping claims professionals proactively address potential issues and positively impact overall outcomes
FORT WORTH, Texas, April 06, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has launched a new Claims Risk Score interface in CareMC Edge®, CorVel’s integrated claims management platform. This new functionality leverages artificial intelligence and predictive analytics to identify which claims might go off track and provides actionable intervention recommendations to impact the total cost of risk.
The Risk Score leverages advanced technology to assess all data elements on a claim and assess its level of risk. This score incorporates several factors such as return to work estimates, physical demand requirements, pain levels, claimant medical compliance, comorbidities, claim history, age and other psycho-social indicators. With each factor analyzed, corresponding actions are triggered to help the adjuster proactively address issues in real-time to promote the best possible outcomes. The risk score and alerts begin firing as early as day one of the claim and will continuously recalculate and adjust as additional claim information becomes available.
“While we have always looked for ways to improve visibility into a claim, the Risk Score was developed based on direct feedback from our clients to better assess, earlier, the risk factors that can impact the claim,” said Michael Combs, CorVel President and CEO. “Our goal is to provide an integrated approach to claims management. By leveraging predictive analytics, we are providing claims professionals the information they need to change the trajectory of a claim.”
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 network solution 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, 2021, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021, and September 30, 2021. 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
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