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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) 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.
CorVel Corporation (NASDAQ: CRVL) has been awarded the 2020 Innovation Award by Business Insurance for its Virtual Care Services. This program, which includes 24/7 nurse triage, assists in the care and recovery of injured workers by providing integrated solutions from initial care to return-to-work processes. CEO Michael Combs emphasized the need for innovative management of claims and patient care, particularly during the COVID-19 pandemic. The award recognizes the company’s leadership in risk management solutions, amidst an increase in nominations this year due to the pandemic's impact.
CorVel Corporation (NASDAQ: CRVL) reported Q1 2020 earnings with EPS at 46 cents and revenues of $129.6 million, reflecting a decline from the previous year due to reduced healthcare activity amid the pandemic. The cash position improved by $11 million to $94 million. Despite transaction volume increases, the company faced challenges related to elective surgeries. Investments in virtual care and technology are progressing, with enhancements to its Care Edge platform. The balance sheet shows total assets of $425 million.
CorVel Corporation announced its proactive response to the rise in liability claims due to COVID-19. The company is leveraging its expertise to assist clients with claims related to inadequate PPE, social distancing, and contingency plans. CorVel’s liability division is monitoring emerging legislation on workers' compensation and business interruptions as many states revise laws to address these claims. With a robust system, the company provides tools for effective claims management, ensuring timely support for clients navigating this complex landscape.
CorVel Corporation, a leading provider of workers’ compensation solutions, announced a quarterly earnings release webcast scheduled for August 4, 2020, at 11:30 am EDT, featuring CEO Michael Combs and CFO Brandon O’Brien. This event aims to offer stakeholders insights into the company’s financial performance and strategic direction. CorVel emphasizes its technology-driven risk management processes designed to control costs and improve outcomes for clients, including employers and insurance companies. The company warns of inherent risks that could affect future performance, drawing attention to their SEC filings for detailed disclosures.
CorVel Corporation has enhanced its case management resources in response to COVID-19, introducing virtual tools to support injured workers. Key offerings include virtual wellness checks, telehealth programs, and a customizable app aimed at improving recovery metrics. Previous app results indicate a 57% faster return to work and a 38% reduction in medical costs. Additionally, new employee assessment screenings and education ensure a safe return to the workplace in alignment with CDC guidelines. CEO Michael Combs emphasizes adapting to evolving work environments with proactive strategies for healthcare management.
FORT WORTH, Texas, May 20, 2020 (GLOBE NEWSWIRE) -- CERiS, a division of CorVel Healthcare, has launched a COVID-19 dashboard for insurance clients to enhance payment integrity processing. This tool offers real-time data on COVID-19 cases, locations, and claims, aiding informed decision-making during the pandemic. CERiS aims to reduce unnecessary work for hospitals and ensure accurate reviews continue where possible. The solution helps clients evaluate case-specific information, avoiding broad, assumption-based decisions. CERiS reports significant savings with its services, achieving 62% savings on implant claims.
CorVel Corporation announced its upcoming Fiscal Year Earnings Release Webcast scheduled for May 27, 2020, at 11:30 am EST. The event will be hosted by CEO Michael Combs and CFO Brandon O'Brien. CorVel is a leader in providing workers’ compensation solutions across various sectors, emphasizing technology and early intervention in risk management. The press release also includes a note on forward-looking statements, highlighting risks related to financial performance and stock trends, cautioning investors about potential performance inconsistencies.
CorVel Corporation announced an expansion of its provider portal interface, enhancing payment options for healthcare providers to ensure timely compensation. The CEO, Michael Combs, emphasized the importance of supporting frontline medical professionals amid the pandemic. The upgraded portal enables providers to submit bills and medical records electronically, reducing payment delays. CorVel's commitment to investing in technology during these challenging times aims to streamline claims management and improve outcomes for injured workers, showcasing its financial stability and dedication to innovation.
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