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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) announced that partners from Staples, Hoag Memorial Hospital, and the City of Oklahoma City received the All Star Risk Managers 2021 award from Risk & Insurance. This recognition highlights their effective risk management strategies. Staples’ new workers’ compensation program yielded a 50-70% claim avoidance rate and a 73% claim closure rate, while Hoag's initiatives led to a 28% cost reduction per claim. Oklahoma City implemented safety measures that prevented COVID outbreaks. CEO Michael Combs praised these innovations.
CorVel Corporation (NASDAQ: CRVL) has been awarded the 2021 Innovation Award by Business Insurance for its Virtual Functional Restoration Services, aimed at pain management for injured workers. This program employs a biopsychosocial model of care, addressing chronic pain claims that constitute a significant portion of workers' compensation costs. CorVel's approach has reportedly led to a 50% reduction in morphine equivalency for participants, highlighting its potential to improve recovery outcomes and reduce unnecessary medical expenses.
CorVel Corporation (NASDAQ: CRVL) reported strong Q1 2021 results with earnings per share increasing to $0.92 from $0.46 a year earlier. Revenues climbed to $153 million, up from $130 million.
The cash balance rose by $45 million to $139 million, reflecting operational efficiencies. The company noted a resurgence in medical procedures, claims, and managed care demand, positioning itself to meet heightened market needs amid industry resourcing challenges.
CorVel Corporation will host a quarterly earnings release webcast on August 3, 2021, at 11:30 am EST. The event will feature CEO Michael Combs and CFO Brandon O’Brien, discussing the company's financial performance and future outlook. CorVel utilizes advanced technologies like artificial intelligence and machine learning to manage healthcare services and costs effectively. Investors are reminded of the potential risks and uncertainties associated with forward-looking statements in the release.
CorVel Corporation (NASDAQ: CRVL) has enhanced its Care Advocacy model to improve worker’s compensation claims management by emphasizing a nurse's role in the first 30 days post-injury. The updated program incorporates personalized service, aiming to expedite care and recovery. Key results include a 49% reduction in litigated claims, 53% decrease in total temporary disability payments, and a 74% reduction in medical costs. The initiative is expected to enhance satisfaction and outcomes for injured workers, showcasing a commitment to patient-centered care.
CorVel Corporation (NASDAQ: CRVL) reported its financial results for the quarter and fiscal year ending March 31, 2021. Earnings per share for Q4 rose to $0.81, up from $0.64 year-over-year, despite a revenue decrease to $146 million from $147 million. For the fiscal year, EPS remained stable at $2.55, but revenues dropped to $553 million, down from $592 million in the previous year. The company noted significant growth in its CERiS health market segment and continues to leverage technology and AI for improved operations. CorVel also celebrated its 30th anniversary on NASDAQ.
CorVel Corporation will host a webcast on May 27, 2021, at 11:30 am EDT to discuss its fiscal year earnings. CEO Michael Combs and CFO Brandon O’Brien will provide insights into the company's financial performance and future outlook. The event is aimed at investors and stakeholders interested in CorVel's strategic initiatives in managing healthcare costs through advanced technology. Investors can access the webcast with a broadband connection and Windows Media Player. For further information, contact Investor Relations at 949-851-1473.
CorVel Corporation (NASDAQ: CRVL) has been approved by the Maryland Board of Nursing as the sole provider of the Workers’ Compensation Case Manager (WCCM-RN) training program in Maryland. This program, significant due to its focus on patient advocacy and navigation through the workers’ compensation process, comes after the previous vendor terminated its offering. CorVel’s training course aims to ensure quality case management for injured workers in Maryland and is now open for registration.
CorVel Corporation (NASDAQ: CRVL) has appointed Joseph Rupp as Area Vice President, bringing over 30 years of management experience to enhance the company’s operations in California. Rupp's role focuses on optimizing employee performance and meeting revenue goals. Previously, he led successful teams at MetLife and Safeco Insurance, generating significant revenue growth. CorVel leverages advanced technology for risk management solutions, catering to various sectors. The appointment aims to boost market share and customer satisfaction.
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