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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 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.
CorVel Corporation is set to host its Quarterly Earnings Release Webcast on November 2, 2021, at 11:30 am EDT. The event will be led by President and CEO Michael Combs and CFO Brandon O’Brien. This webcast aims to provide insights into the company's latest financial performance and future outlook. CorVel leverages advanced technologies like AI and machine learning to improve healthcare cost management and services in workers' compensation, health, and liability sectors. For inquiries, investors can contact their Investor Relations team.
CorVel Corporation (NASDAQ: CRVL) executives will address the future of telehealth and stress management at the 2021 National Workers Compensation and Disability Conference on Oct. 20-21, 2021. CEO Michael Combs emphasizes insights from the COVID-19 pandemic. CorVel will participate in three panel discussions focusing on workforce leadership, traumatic stress support, and the future of telehealth.
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.
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