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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 Corp. is set to present a session on the transformation of care due to the pandemic at RIMS LIVE 2021. David Lupinsky will co-host the session discussing AI and telehealth in claims management. The session aims to showcase how these technologies enhance care for injured workers and improve patient experiences, making care delivery more efficient and cost-effective. The conference offers access to this session for 60 days post-event. CorVel utilizes technology to manage health care costs and related services, emphasizing the importance of data-driven care.
CERiS, a division of CorVel Healthcare, has launched enhanced prospective claim review services for clients paying medical claims. This new offering features comprehensive reviews for itemized bills and DRG validation, with a track record of correcting billed charges. CERiS utilizes advanced technology like AI and machine learning to ensure payment integrity. As a publicly traded company, its independent operations stand out in a consolidating market, with a strong commitment to growth and investment in innovative systems.
CorVel Corporation (NASDAQ: CRVL) announced Lori Landon as Vice President of Network Solutions, bringing over 20 years of experience in the workers' compensation sector. Landon will oversee various products, streamline workflows, and lead competitive market analysis to enhance service capabilities. The company attributes its recent growth to an agile technical foundation that has successfully adapted to increased telehealth demand. This strategic addition aims to strengthen CorVel's innovative offerings and fulfill its commitment to improving customer outcomes.
CorVel Corporation will release its quarterly earnings results on February 2, 2021, during a webcast at 11:30 am EST. The webcast will be led by CEO Michael Combs and CFO Brandon O’Brien. The company provides advanced workers’ compensation solutions to various sectors, emphasizing technology and proactive risk management. CorVel is publicly traded on NASDAQ under the symbol CRVL.
The press release also includes a forward-looking statement, highlighting various risks that may affect future performances.
CorVel and ReedGroup have partnered to enhance absence management through a new integrated program, combining workers' compensation and other leave types.
This initiative aims to streamline processes for employees facing absences due to illness or injury, offering a centralized intake process available 24/7. The program is designed to reduce costs for employers while ensuring regulatory compliance and prompt employee return to work.
Key benefits include seamless employee experience and integrated analytics reporting.
CorVel Corporation has partnered with 1health to provide self-administered COVID-19 testing kits for employees, enhancing its telehealth platform. The home tests, featuring nearly 100% accuracy, allow employees to safely collect samples and receive lab-certified results within 36 hours, promoting workplace safety. As COVID-19 cases rise, this initiative helps employers manage employee health efficiently, facilitating quicker returns to work. CorVel's telehealth program currently handles up to 300 COVID-related inquiries daily, ensuring timely response and care for employees.
CorVel Corporation (NASDAQ: CRVL) reported Q2 earnings of 65 cents per share with revenues of $136 million, and year-to-date revenues of $266 million. Despite ongoing global economic uncertainty, the company exhibited strong fundamentals with robust new business sales. The pandemic has accelerated technology adoption, enhancing CorVel's digital strategy and leading to a significant rise in telehealth usage. Strategic partnerships in the healthcare sector are expected to improve payment operations and reduce costs.
CorVel Corporation (NASDAQ: CRVL) was awarded the Third Party Association Team of the Year at the Business Insurance U.S. Insurance Awards on September 10 for exceptional achievements with the State of Tennessee. The recognition highlights CorVel's innovative claims management services, which have improved efficiency and reduced costs. Key efforts include a statewide return-to-work program, pharmacy solutions, and 24/7 nurse triage. This partnership has significantly helped the Tennessee government manage risk among its 85,000 employees and 6.7 million residents.
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