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.
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.
CorVel Corporation (NASDAQ: CRVL) reported quarterly results for June 30, 2022, showing a rise in revenues to $176 million from $153 million in the same period last year. Earnings per share increased to $0.94 from $0.92. The company emphasized continued growth driven by CERiS in payment integrity, while investing in automation for enhanced team efficiency. Despite the economic climate, CorVel's approach has maintained a high return on equity. Key financial metrics indicate resilience and operational effectiveness amidst ongoing challenges.
CorVel Corporation will host a Quarterly Earnings Release Webcast on August 3, 2021, at 11:30 am EST. The event will feature insights from CEO Michael Combs and CFO Brandon O’Brien. CorVel utilizes AI, machine learning, and natural language processing to manage healthcare costs for various stakeholders, including employers and insurance companies. The company emphasizes the importance of understanding risks and uncertainties that may affect future financial performance, highlighting the variability in stock performance compared to past results.
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