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CorVel Successfully Implements CareMC Edge
CorVel Successfully Implements CareMC Edge
IRVINE, California, December 4, 2017 - CorVel Corporation (NASDAQ: CRVL) announced today the successful implementation of their CareMC Edge data integration tool for the insurance carrier marketplace. Released last quarter, the Edge is the latest enhancement from the Company’s claims management system caremc.com. Over the last three months approximately 3,000 users have been added to the system. The adjuster workstation collects critical claims processing information in real time for integration with legacy claims platforms at workers’ compensation insurers.
“We’ve received very positive feedback from our customers regarding the new interface and they are actively providing input to further tailor and enhance features of the Edge,” said Michael Combs, CorVel’s President.
The Edge provides end users with a software-based workstation in which claims professionals can act in real time on the developing conditions in their claims most needing attention. The Edge will gather information from medical bill review, provider networks, 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 in which to take immediate action.
Currently under development is CareMC Edge 2.0 which will contain an interface for higher levels of management, including supervisors, for any escalating claim actions and to facilitate effective oversight of adjuster activity. Improved absence and turnover management is also included in the development as well as enhanced medical management codification and advanced pharmacy inventory management.
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.
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.
CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health solutions for employers, insurance companies, third party administrators, 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 and September 30, 2017. 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.