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CorVel Corp (NASDAQ: CRVL) is a leading provider of technology-driven risk and healthcare management solutions focused on workers' compensation, health, auto, and liability services. Headquartered in Fort Worth, Texas, CorVel integrates advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to streamline care management and reduce associated healthcare costs.
The company partners with a diverse range of clients including employers, third-party administrators, insurance companies, and government agencies. CorVel employs approximately 3,500 associates serving over 2,000 customers across all 50 states, ensuring localized, personalized service backed by a robust national support network.
CorVel's financial stability is highlighted by its consistent growth, with annual revenues surpassing $493 million in fiscal year 2015 and reaching $795 million in fiscal year 2024. The company has demonstrated remarkable resilience and adaptability, with significant investments in technology and system enhancements driving continuous improvement in service delivery and operational efficiency.
Recent achievements include a record quarterly revenue of $207 million, up from $185 million in the same quarter of the previous year, and earnings per share of $1.12. CorVel's strategic focus on automation and AI-driven solutions led to the introduction of a generative AI-powered SaaS platform, enhancing efficiencies within workflows and improving service integration for its partners.
CorVel's commitment to innovation was further highlighted by the promotion of Jeff Gurtcheff to Chief Claims Officer, who will oversee the integration of cutting-edge AI and ML technologies within claims management operations. Additionally, CorVel has been recognized for its collaboration with Carhartt Inc., achieving a 92% decrease in total incurred claims at their Irvine, KY sewing facility.
CorVel's service excellence extends to its revenue cycle management arm, Symbeo, which offers comprehensive AP automation solutions. Symbeo leverages AI, ML, and OCR to optimize payables, enhancing financial controls and operational transparency for enterprise clients.
With a balanced growth in Network Solutions and Patient Management businesses, CorVel continues to expand its service offerings and strengthen its market position. The company's forward-looking strategies and technological advancements ensure its role as a pivotal player in the risk management and healthcare sectors.
CorVel Corporation (NASDAQ: CRVL) has launched a pharmacy technician certification test preparation program aimed at enhancing pharmacy training and increasing certifications among team members involved in pharmacy benefits management.
This initiative, developed during the pandemic, consists of an eight-week course that has resulted in a 100% pass rate among participants. CorVel mandates certification for all employees in relevant roles, establishing a new industry standard.
The program aims to ensure comprehensive pharmacy knowledge across the organization, facilitating better oversight and problem-solving in workers' compensation cases.
Furthermore, the pharmacy team actively monitors opioid use, collaborating closely with case managers to ensure safe and cost-effective prescriptions for injured workers, enhancing patient recovery outcomes.
CERIS, a CorVel company, has released a white paper titled "The Pulse of Payment Integrity," urging healthcare payers to focus on reviewing claims prior to payment. This proactive approach aims to reduce errors and strengthen relationships between payers and providers by preventing excess payment collections post-transaction. The document highlights challenges from the COVID-19 pandemic, such as the surge in telehealth services and evolving value-based care initiatives. CERIS emphasizes that a shift in payment integrity culture is essential for reducing care costs and enhancing patient outcomes. The company has a long-standing history of helping clients save billions annually through its payment integrity services.
CorVel Corporation (NASDAQ: CRVL) reported robust financial results for the quarter ending December 31, 2022, showcasing a revenue increase to $179 million from $165 million year-over-year. Earnings per share (EPS) rose to $0.96, compared to $0.76 in the prior year. For the nine-month period, total revenues reached $533 million, up from $475 million, with EPS increasing to $2.73 from $2.57. The company attributed this growth to record sales in the Enterprise Comp division and effective managed care investments. Additionally, CorVel is advancing its digital transformation with AI-centric enhancements aimed at optimizing operational efficiency.
Symbeo, a CorVel company, has launched a new cloud-based AP invoicing platform aimed at enterprise and mid-market organizations. This innovative solution enhances automation, reduces invoice processing cycle times, and offers rapid startup with a proven ROI. Utilizing advanced optical character recognition (OCR) and deep learning technologies, the platform accurately extracts invoice data from various formats. It seamlessly integrates with ERP systems to enhance financial processes. Customers benefit from automated approvals and increased transparency, aligning with sustainability goals.
CERIS, a CorVel company, has announced a significant rebranding and expansion of services to enhance its role in healthcare claims review. With over 30 years in prepay itemized bill review, CERIS is now incorporating DRG validation and advanced out-of-network repricing methodologies. The firm claims a success rate of 97% in identifying savings during claims review, achieving an average savings of 62% on implant claims. The rebranding aims to underscore its commitment to transparency and integrity in healthcare billing, ensuring a robust partnership with clients.
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