Welcome to our dedicated page for Corvel news (Ticker: CRVL), a resource for investors and traders seeking the latest updates and insights on Corvel stock.
CorVel Corporation (CRVL) delivers AI-powered risk management and claims processing solutions for employers, insurers, and government agencies. This news hub provides investors and industry professionals with timely updates on the company’s operational milestones, technological advancements, and regulatory engagements.
Access authoritative reporting on CRVL’s earnings announcements, strategic partnerships, and innovations in healthcare cost containment. Our curated collection features press releases covering AI-driven claims automation, machine learning applications in utilization review, and expansions of its provider networks.
Key updates include developments in CorVel’s proprietary platforms like CareMC, Medicare service enhancements, and regulatory compliance achievements. Bookmark this page for verified information about CRVL’s market positioning in the evolving risk management sector, without promotional bias or speculative content.
CorVel (NASDAQ: CRVL) has received two prestigious awards from Business Insurance in 2024. The company won the 2024 Innovation Award for its Generative AI solution in CareMC, which enhances claims management by automating objective tasks and increasing adjuster-injured worker interaction time. CorVel was also recognized alongside O'Reilly Automotive Inc. as the 'Claims Team of the Year' in the 2024 U.S. Insurance Awards for their collaborative Claims Closure Project.
Michael Combs, CorVel's President and CEO, emphasized the company's focus on advancing automation and delivering actionable insights to streamline the claims process. The awards, chosen by a panel of professional risk managers, highlight CorVel's commitment to innovation in risk management solutions and effective claims handling. The recognition ceremony took place in New York City on July 18, 2024, with winner profiles featured in Business Insurance's September 2024 issue.
CERIS, a CorVel Company, has announced enhancements to its Fraud, Waste, and Abuse (FWA) solutions. The improvements include earlier detection capabilities and improved behavioral analytics. Key features of the enhanced offering are:
- Fraud Case Analytics with machine learning capabilities
- Fraud Scanners for pre- and post-pay claims
- Flexible Fraud Dashboard & Reporting
- FWA Consulting services
Over the past year, CERIS analyzed 1.1 billion claims, flagging 1.6 million as questionable and uncovering $700 million in suspicious medical billing. The company aims to support various sectors, including workers' compensation, government payments, and group health, in preventing and mitigating fraud across organizations.
CorVel (NASDAQ: CRVL) reported strong financial results for Q1 FY2025 ended June 30, 2024. Revenue increased 11% to $212 million, while gross profit rose 15% to $48.2 million with a 22.7% gross margin. Diluted earnings per share grew 10% to $1.25. The company ended the quarter with $132 million in cash and no borrowings, while repurchasing $9.5 million of common stock.
CorVel introduced an enhanced communications platform integrated into its CareMC claims system, improving efficiency and security. The company is also leveraging artificial intelligence for clinical bill review and anomaly detection, aiming to enhance outcomes, worker experience, and team satisfaction.
Symbeo, a subsidiary of CorVel, has partnered with Amazon Business to launch its RapidInvoice solution on the Amazon Business App Center. This AI-enabled OCR product aims to streamline accounts payable (AP) functions for businesses, promising cost reduction and improved productivity.
The partnership targets the mid-market and small to medium-sized businesses (SMBs) that are increasingly using e-commerce platforms. RapidInvoice offers features such as document separation, tracking, and financial reconciliation, with an easy setup process of just five business days.
This collaboration is expected to enhance purchasing power, manage cash flows effectively, and maximize ROI for businesses. Symbeo's proven track record in AP automation and customer engagement underpins this strategic alliance with Amazon Business, aiming to deliver innovative solutions and drive operational efficiencies in procurement.
CorVel (NASDAQ: CRVL) released its financial results for the quarter and fiscal year ending March 31, 2024. Quarterly revenues reached $207 million, up from $185 million the previous year. Earnings per share (EPS) for the quarter were $1.12, compared to $1.04 a year ago. Annual revenues totaled $795 million, an increase from $719 million the prior fiscal year. EPS for the fiscal year rose to $4.40 from $3.77. Patient Management services saw an 11% rise, driving year-over-year growth.
CorVel ranked third in Workers' Compensation revenue on Business Insurance's 2024 TPA Rankings. The company achieved a net revenue retention of 108%, reflecting high customer satisfaction and demand. Notable developments include the implementation of Generative AI (GAI) to improve operations. CorVel launched a GAI-powered SaaS platform to enhance managed care services, automating tasks and increasing workflow efficiencies.
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