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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) reported strong financial results for the quarter and fiscal year ended March 31, 2022. Earnings per share for Q4 reached $1.09, up from 81 cents year-over-year, while revenues increased to $171 million from $146 million. For the fiscal year, EPS rose to $3.66, a significant increase compared to $2.55 the previous year, with annual revenues climbing to $646 million from $553 million. The growth was driven by new bookings in the CERiS operation and productivity improvements through automation.
CorVel Corporation will host a Fiscal Year Earnings Release Webcast on May 26, 2022, at 11:30 am EST, featuring CEO Michael Combs and CFO Brandon O’Brien. The company focuses on technology-driven solutions for managing healthcare costs and episodes of care, partnering with various entities like employers and insurance companies. Forward-looking statements indicate potential risks regarding future performance, suggesting that past financial results may not predict future outcomes. For further information visit corvel.com.
CorVel Corporation (NASDAQ: CRVL) has introduced a new Claims Risk Score interface in its CareMC Edge® platform, enhancing claims management through artificial intelligence and predictive analytics. This feature evaluates multiple factors to determine the risk level of claims, helping professionals intervene early and effectively. Key aspects analyzed include return to work estimates, pain levels, and claimant medical compliance. The Risk Score recalibrates continuously with new information, aiming to improve claim outcomes and reduce costs.
CorVel has announced the appointment of Tomika A. Russell as President of Symbeo, enhancing leadership in cloud technology and global invoice solutions. With over 20 years of experience, Russell aims to drive growth through strategic business planning and team development. Formerly at Daimler Trucks North America, she optimized operations and revenue through digital strategies. Her leadership is expected to significantly impact Symbeo’s operational efficiencies and customer solutions, amidst a commitment to leveraging AI and machine learning.
CorVel has appointed Jeff Gurtcheff as Vice President of Enterprise Comp, bringing over 30 years of industry experience. His role will focus on enhancing product vision, managing compliance, and driving profit growth through improved risk management processes. Previously, Gurtcheff served as Vice President of National Accounts. President and CEO Michael Combs praised Gurtcheff's leadership skills. CorVel utilizes advanced technologies to manage workers' compensation and health services, emphasizing a commitment to innovative solutions.
CorVel Corporation (NASDAQ: CRVL) reported impressive financial results for the quarter ending December 31, 2021. Earnings per share increased to 76 cents, up from 63 cents a year earlier, while revenues surged to $165 million, compared to $142 million in Q4 2020. For the nine months ending December 31, 2021, EPS reached $2.57 against $1.74 the previous year, with revenues totaling $475 million, up from $407 million. Robust sales and continued investment in payment integrity services contributed to this growth, further enhanced by the demand for virtual care solutions during the pandemic.
CorVel Corporation is set to host its Quarterly Earnings Release Webcast on February 1, 2022, at 11:30 am EST. The event will feature key executives, including Michael Combs and Brandon O’Brien. CorVel utilizes advanced technologies like artificial intelligence and machine learning to improve health care management, partnering with various stakeholders in the industry. The press release also warns investors of risks regarding future performance based on past results.
CorVel Corporation (NASDAQ: CRVL) has launched CogencyIQ, an innovative solution designed to assist risk managers and claims professionals in navigating complex claims and data analysis. This new system leverages artificial intelligence and predictive analytics to provide actionable insights, improve outcomes for injured workers, and support decision-making with tailored reporting and loss-run analysis. CogencyIQ features business intelligence tools, insight consulting, and advanced AI capabilities such as litigation risk scoring, enhancing clients' ability to manage claims effectively.
CorVel Corporation (NASDAQ: CRVL) reported strong financial results for Q2 2021. Earnings per share (EPS) were 88 cents, up from 65 cents year-over-year. Revenue increased to $158 million from $136 million in the prior year. For the first half of the fiscal year, EPS rose to $1.81 from $1.11, while revenue reached $310 million compared to $266 million previously. The growth is attributed to improved operational efficiencies and an increase in telehealth services, which are currently 38 times higher than pre-pandemic levels. The company continues to invest in technological advancements.
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