Annual Letter to Our Investors
Chairman and CEO
2017 Chairman's Message
This last year has been one of exciting change. We brought three new software applications much closer to launch, and we’ve made important progress strengthening our organization. To improve our ability to launch new products, we linked our strategy more effectively to product development, and over the coming year we expect to see the results of that effort. The Company continues to expand its workers’ compensation business, but also has growing activity in the health market (CERiS) and in Business Process Automation (Symbeo).
The development work on the claims intake and Return-to-Work components of our integrated enterprise solution for workers’ compensation continued to make progress. In each of these claims management components we are improving the integration of the information generated, and advancing the manner in which our professionals and our customers can use the ongoing data and results generated during the claims management continuum to better serve clients.
Additionally, this last year we began the development of a workstation for both our carrier customers and CorVel’s internal claims professionals. This tool, branded the Edge, brings together in real time, data from disparate aspects of the workers’ compensation management ecosystem, and presents it as actionable information. This leverages our integrated solution by allowing the claims professional to perform their work much more easily with organized information at their fingertips. The Edge will also help claims professionals focus on the necessary next steps in each of their claims. We expect to launch this service in the September quarter.
CorVel now has a database of the history generated in our integrated workers’ compensation models sufficient to support analyses of our results and to compare them to competitive results. These analyses demonstrate the effectiveness of the solutions we are introducing. We’ve made capital investments to take advantage of the latest information systems developments and are also investing to make our office network a more effective workplace.
CERiS growth has been somewhat slowed by the legislative efforts to modify the Affordable Care Act. However, results were improving at yearend, and we continue to be optimistic about the future of this line of claim review services. Symbeo began the development of a more complete total solution in the payables automation services they provide to major corporations. There are attractive synergies between the medical review services of the workers’ compensation group and the payables automation services of Symbeo.
Building our organization’s strength was another key initiative for the year. Michael Combs was announced as CorVel’s President and Michael Saverien is now the senior executive for workers’ compensation operations. We’ve added management to the Symbeo business and strengthened the sales effort in CERiS.
I’d like to thank the thousands of people in CorVel for their commitment to our customers. We are also appreciative of our business partners, the clients of CorVel. Our ability to innovate is actively supported by our clients, whose needs we serve. We look forward to the coming year and as always, seek to make a difference in the service of patients.