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 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.
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.
CorVel Corporation (CRVL) reported Q2 results for the period ending September 30, 2022, with revenues reaching $177 million, up from $158 million year-over-year. EPS for the quarter was $0.83, down from $0.88 in the same quarter last year. Revenues for the six months were $354 million, a rise from $310 million. EPS for the six-month period was $1.77, slightly lower than $1.81 a year prior. Investments continued in technology and services improving operational efficiency, supported by a 97% customer retention rate.
CorVel Corporation is set to host a Quarterly Earnings Release Webcast on November 1, 2022, at 11:30 am EST. The event will feature CEO Michael Combs and CFO Brandon O’Brien, providing insights into the company's financial performance and future outlook. CorVel applies technology like artificial intelligence and machine learning to manage healthcare costs and services effectively. Investors are encouraged to participate in this webcast for updates on the company's operations and financial health.
CorVel Corporation (NASDAQ: CRVL) has received the 2022 Risk Management Team of the Year award in partnership with Bass Pro, recognizing their innovative approach to managing return-to-work and temporary total disability claims. Their award-winning program emphasizes early intervention and continuous support, leading to significant outcomes: a 41% reduction in litigated claims, $1,500,000 in savings, and a 50% decrease in injured workers on the TTD report. The collaboration has also seen narcotics use drop from 18.4% to 3.7%.
CERIS, a CorVel company, has announced the promotions of James Contos and Mark Johnson to Senior Vice Presidents, aimed at enhancing operations and product development. Contos, formerly Vice President of Operations, will now oversee strategic operations that align with CERIS's growth initiatives, focusing on new document technology and recovery efforts. Johnson, who joined in 2019, will manage product management while expanding to strategic partnerships and sales support. These changes are expected to bolster the company's leadership in payment integrity services.
CERiS, a CorVel company, released a white paper advocating for pre-payment healthcare claims reviews. The document highlights challenges and benefits of this strategy, such as avoiding lengthy reversal processes and reducing provider friction. Notably, CERiS claims an average savings of $9,000 per claim and a decrease in appeal rates from 10% to 3%. With 97% of negotiated hospital claims having charge errors, the shift to pre-payment reviews is positioned as a significant improvement for health payers. The white paper is available for download on their website.
CERiS Announces Leadership Change
CorVel’s CERiS has appointed Greg Dorn as President, succeeding his role as Executive Vice President. Dorn, with the company since 1996, emphasizes growth and service expansion. The company is investing in systems and hiring expertise to enhance its payment integrity solutions. Michael Combs, CEO of CorVel, commended Dorn as a strong leader. CERiS focuses on healthcare payment accuracy through its proprietary universal chargemaster, which includes extensive hospital charge data. The press release also contains forward-looking statements about its business strategies.
CorVel Corporation (NASDAQ: CRVL) has been awarded the 2022 Innovation of the Year by Business Insurance for its CogencyIQ service, which revolutionizes workers' compensation and liability claims management through advanced analytics and artificial intelligence. This marks the third consecutive year of recognition for CorVel's commitment to innovative risk management solutions. CogencyIQ provides customizable insights and detailed reporting to enhance decision-making for risk managers. The award ceremony will be held on September 14, 2022, in New York City.
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.
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