CorVel’s Virtual Pain Management Program Named 2021 Business Insurance Innovation of the Year
CorVel Corporation (NASDAQ: CRVL) has been awarded the 2021 Innovation Award by Business Insurance for its Virtual Functional Restoration Services, aimed at pain management for injured workers. This program employs a biopsychosocial model of care, addressing chronic pain claims that constitute a significant portion of workers' compensation costs. CorVel's approach has reportedly led to a 50% reduction in morphine equivalency for participants, highlighting its potential to improve recovery outcomes and reduce unnecessary medical expenses.
- Won the 2021 Innovation Award for Virtual Functional Restoration Services.
- The program addresses chronic pain, which drives 56% of workers' compensation costs.
- Achieved a 50% reduction in morphine equivalency for patients, indicating improved recovery outcomes.
- None.
FORT WORTH, Texas, Sept. 22, 2021 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has been recognized by Business Insurance as a winner of the 2021 Innovation Awards for its Virtual Functional Restoration Services, a unique approach to pain management for injured workers. The awards program, now in its 12th year, recognizes innovation in products and services provided to professional risk managers.
The Virtual Functional Restoration program is an interdisciplinary biopsychosocial model of care designed to remotely treat injured workers suffering from chronic pain. While chronic pain claims account for five to eight percent of cases, they drive 56 percent of costs. By addressing this ongoing problem, CorVel is significantly impacting outcomes for patients and mitigating unnecessary medical costs for payers.
The comprehensive program starts with CorVel’s technology, which leverages AI and big data to proactively identify cases with risk factors that could lead to delayed recovery. Once identified, CorVel’s team connects with the primary care provider to support the injured worker and physician as a secondary provider. The program then models brick-and-mortar functional restoration programs, but in the virtual setting, including services like Cognitive Behavioral Therapy and active physical therapy.
“We are incredibly honored to receive this award and are proud of our patient-centered approach to pain management, which is unlike any other program available in workers’ compensation today,” said Michael Combs, CorVel President and CEO. “By addressing pain management through a holistic biopsychosocial model, injured workers are recovering faster and more successfully. Plus, as this program is virtual, we are not limited by geographical barriers.”
CorVel’s Virtual Functional Restoration program has resulted in fewer delayed recovery cases, reduced opioid dependency and medication spend, reduced TTD, and reduced costs of unnecessary medical expenses. Overall, CorVel has seen an average reduction of 50 percent in morphine equivalency for patients that have completed the program.
Business Insurance will recognize winners during an online awards event on September 23rd and profiles of the winners will be featured in a special Innovation and Technology digital edition of Business Insurance. Click here to learn more about the 2021 Innovation Awards. For more information about CorVel Corporation, please visit www.corvel.com.
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 workers’ 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. For more information about CorVel, please visit: www.corvel.com.
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 continued investments in innovative technologies. 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, 2020, September 30, 2020, and December 31, 2020. 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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