New Analysis from CorVel Highlights the Impact of COVID-19 on Workers’ Compensation Claims
CorVel Corporation recently published a report analyzing the impact of COVID-19 on workers' compensation claims in 2021. The analysis shows a 6% overall increase in claims compared to 2020, with a notable 38% decrease in COVID-related claims and a 14% increase in non-COVID claims. The data spans from April 1 to December 31, 2021, highlighting trends as industries began to return to normal. CorVel aims to help clients navigate these changes with insights gleaned from their CogencyIQ team.
- Overall claims increased by 6% in 2021 compared to 2020.
- Non-COVID claims rose by 14%, indicating recovery in workforce activity.
- COVID-related claims decreased by 38%, which may signal a shift in claim dynamics.
While COVID claims decreased, report shows an increase in overall claims in 2021
FORT WORTH, Texas, Aug. 03, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation, a national provider of risk management solutions, recently published a white paper analyzing the impact that COVID-19 had on workers’ compensation claims in 2021. These strategic insights demonstrate an overall increase in claims in 2021 by
“As we enter our third year of the pandemic, it is import to look back and examine how COVID-19 impacted workers’ compensation claims,” said Michael Combs, President and CEO at CorVel. “Last year was a transition year for all of us, as seen in our analysis. While COVID claims declined, industries returning to work saw an increase in non-COVID claims as new and returning employees rejoined the workforce. With our CogencyIQ team and our access to extensive data, we provide these insights to our customers and colleagues, helping them to better understand the past and prepare for the future.”
The analysis reviewed claims received from April 1 through December 31, 2021, compared to the same time frame in 2020, with all data valued at the end of each period. The report provides data on overall COVID and non-COVID claims, along with geographic and industry-specific details. The 2021 data in this analysis reflects findings based on CorVel customers who reported claims in both years.
To learn more, download the white paper and register for CorVel’s live webinar on August 10, 2022, where claims management leaders will delve into the 2021 report and elaborate on key findings.
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, 2022, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021, and September 30, 2021 and December 31, 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
FAQ
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