Annual Letter to Our Investors
Chairman and CEO
2018 President's Message
SUPERIOR SERVICE, OUTSTANDING OUTCOMES
The vision when CorVel was founded some 30 years ago was to pursue the business with a level of passion that allowed the organization to make a difference. The foundation was to leverage technology to serve customers in such a way that created growth and allowed our folks to see what they could accomplish in life. To build a culture where each member of the team would be empowered to seek their potential, where working together we would be good enough to not just succeed but to change the industry, making a meaningful difference. I am pleased to report that in 2018, the start of our 4th decade as a company, the vision is alive and well.
In 2017, we began to fully realize the desired impact of the consistent investments that we’ve made in our workers’ compensation claims management program over the past number of years. We’ve moved well beyond the transitional period, where investments exceeded sales, and are now widely recognized as an industry leader in claims management.
This last year has been one with many exciting developments, one of the most notable being the release of the Adjuster Workstation, CareMC EdgeSM. The Edge, developed for both our carrier customers and CorVel’s claims management team, coalesces information from across the claims management continuum and presents prioritized actionable insights to the claim professional in a single interface.
CorVel has found that integrated services yield superior outcomes. A goal of the Edge is to provide a platform that supports the integration of data from disparate sources allowing delivery of the same results that we’ve achieved in our integrated claims system to our Network Solutions carrier clients. We’re pleased with the progress made with the Edge since the initial release in August, and we have a compelling list of additional functionality and integration points planned through 2018 and beyond.
In addition to the Edge, we also released our return-to-work module and continued development on claims intake and machine learning initiatives. While we are certainly pleased with the progress that we’ve made in claims management and the momentum achieved in the market, we are confident that the efforts underway will further advance the process in which claims are managed and the outcomes realized.
CERiS expanded market share with growth in the Health TPA space. The health market’s need for payment integrity, accountability and oversight has grown commensurate with the increase in healthcare costs. CERiS is uniquely positioned to satisfy key aspects of this need. Improving the accuracy of medical payment processing will continue to be a focus for CERiS. Symbeo experienced solid growth through the year with their complete accounts payable solution. Some adjustments to the onboarding process and systems were required and are underway to more efficiently handle increased demand.
While leveraging technology is essential to afford us the opportunity to change the industry, the heart of our organization is our team. We are grateful to the CorVel associates across the country who have embraced the vision to pursue the business with a level of passion that allows us to make a meaningful difference to those we serve. We are also indebted to our business partners, our customers, who support our committment to bring innovative solutions to market.