Risk & Insurance Names Three CorVel Partners as 2021 All-Star Risk Managers

Rhea-AI Summary

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.

Positive

• Partners received All Star Risk Managers 2021 award, enhancing CorVel's reputation.
• Staples' program achieved 50-70% claim avoidance and 73% closure rates.
• Hoag Memorial's safety initiatives resulted in a 28% cost reduction per claim.
• COVID safety protocols by Oklahoma City avoided mass outbreaks.

Negative

• None.

Partnership enhances risk management strategies and improves outcomes for Staples, Oklahoma City, and Hoag Memorial Hospital

FORT WORTH, Texas, Oct. 05, 2021 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, today announced that three of the company’s partners were named All Star Risk Managers 2021 by Risk & Insurance. Risk managers from Staples, Hoag Memorial Hospital, and the City of Oklahoma City won the award, which recognizes emerging risks and mitigation strategies and highlights outstanding individuals who are responsible for managing risk or claims for their employers and are driving the industry forward.

Karen Dalton, Senior Manager, Risk Management at Staples, launched a new workers’ compensation program in less than a month utilizing CorVel’s Advocacy 24/7 call line, which employees can call to report a workplace injury at any time. The improved system led to a 50–70% claim avoidance rate per month, a 73% claim closure rate, and no litigation to date. 

Windee McKinley, Director, HR, Operations and Compliance at Hoag Memorial Hospital Presbyterian in Newport Beach, CA, implemented new safety protocols, increased personal protective equipment orders to cope with the surge in admissions, and managed the latest state-mandated reporting for the hospital. CorVel’s risk management platform helped McKinley protect her employees during a global pandemic and resulted in a 28% decrease in average costs incurred per claim, zero COVID-related litigation claims, and 96% of employees returning to work at full capacity.

Nick Kelly, Risk Manager of the City of Oklahoma City (COKC), partnered with CorVel to implement various safety initiatives, a dedicated task force, and an expanded COVID testing and vaccine program for COKC employees and their families, which helped to avoid mass COVID outbreaks and keep the city’s services running smoothly.

“We are incredibly proud of our partners and their innovative approaches to improving their programs,” said Michael Combs, CorVel’s CEO. “We look forward to continuing to work with our outstanding partners, and we celebrate their accomplishments.”

All-Stars Risk & Insurance winners were announced in the September 2021 issue of Risk & Insurance and are featured on their official website, in an e-newsletter, and in the digital edition of the magazine.

About CorVel
CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing workers’ compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients. For more information about CorVel, please visit: www.corvel.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s continued investments in innovative technologies. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2020, September 30, 2020, and December 31, 2020. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com