On NASDAQ Since 1991
CorVel Releases Advanced Claims Management Workstation
IRVINE, California, July 18, 2017 - CorVel Corporation (NASDAQ: CRVL) announced today the release of a data integration tool for the insurance carrier marketplace. The Edge is the latest enhancement from the Company’s claims management system caremc.com. This adjuster workstation collects critical claims processing information in real time for integration with legacy claims platforms at workers’ compensation insurers.
“We’re bringing the same improved claims results achieved in our Enterprise Comp solution to the legacy claims platforms of our carrier customers,” commented Michael Combs, CorVel’s President. Traditional carrier environments include disparate information flows from independent sources each of which have their own data structures. To access the various inputs, an adjustor typically must navigate through many screens, often in different systems. The delays in organizing information typically results in the “diarying” of claims for actions in the future when the necessary information is available.
The Edge provides end users with a software-based workstation in which they can act in real time on the developing conditions in their claims most needing attention. The Edge gathers information from medical bill review, PPO, directed care and case management activities. These separate data streams are consolidated and then combined with the carrier’s claims information, to provide the claims professional with a single site from which to take immediate action.
The Edge is equipped with the technology necessary to properly prioritize those claims most needing attention. Claims actions are segmented by type, with each grouping highlighted for attention to those claims requiring the most immediate actions.
Results across a carrier’s book of business are the net result of millions of transactions. Consolidating information is a cumbersome task in traditional work environments. When the results of managed care activities are consolidated in real time, claims progress is facilitated, and overall combined costs are reduced. CorVel has seen approximately a 20% reduction of claims costs in the programs managed in an integrated process, and hopes to bring these results to its carrier customers.
“Our customers have been actively involved in the design of the Edge,” said Dave Brown, CorVel’s Chief Claims Officer, “and we expect a steady stream of future enhancements.” CorVel remains focused on delivering innovative, technology-driven solutions with continuous investments in the Company’s technology infrastructure. The Edge has introduced the next generation of on-demand information processing solutions for risk management. The Company has also recently added a new “Return to Work” module to enhance the assistance both their employer and CorVel provide to injured workers in their effort to rejoin the workforce.
CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. We apply technology, intelligence, and a human touch throughout the risk management process so our clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. With a robust technology platform at its core, our connected solution is delivered by a national team of associates who are committed to helping clients design and administer programs that meet their organization’s performance goals.
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 results of operations, including product investment strategies, bill review and claims management services. 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.
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, 2017 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, September 30, 2016 and December 31, 2016. 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.