IRVINE, Calif., May 23 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL), a national healthcare management company, today announced it that has acquired Miramar, Florida based AnciCare PPO, Inc. AnciCare is a leading national provider of diagnostic imaging services, including MRIs, CAT Scans, and Bone Scans. With a strong network of operations in over 30 states, this acquisition represents a substantial expansion of CorVel's CorCare Preferred Provider Organization (PPO).
AnciCare provides the scheduling, report management and reimbursement coordination for a wide range of diagnostic imaging services. Such services provide a meaningful expansion to the scope of services from traditional PPO's. CorVel is expanding the scope of all of its PPO activities, capitalizing upon its extensive involvement in the provision of assistance to injured workers. These second generation forms of provider networks provide services whose goal is the acceleration of turnaround times that assist the resolution of claims, and reduce related indemnity expenses. CorVel seeks to assist patients by helping them find convenient providers and by arranging appointments. By coordinating the related reimbursement, the Company is able to streamline the billing and payment process, improving efficiencies for both the provider and the payor in a healthcare episode. In addition to diagnostic imaging, CorVel is also involved in the scheduling of medical services, independent medical evaluations and many forms of pre-employment and fitness- for-duty examinations.
CorVel's services connect employers, patients and insurers with the Company's preferred provider networks. CareMC ( http://www.caremc.com ), CorVel's healthcare management portal, includes tools to assist with the scheduling, reporting and reimbursement for healthcare and diagnostic services. By facilitating appointments with healthcare professionals, CareMC reduces costs for providers, accelerates claim resolution and improves reimbursement. CareMC also simplifies the patient referral process, by connecting patients to the most available providers.
About CorVel
CorVel Corporation ( http://www.corvel.com ) is a national provider of leading- edge services and solutions in the field of managed healthcare. CorVel specializes in applying information technology and eCommerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets. The Company provides networks of preferred providers, case management, utilization management, independent medical evaluations and medical bill review to more than 1,500 clients through its 3,200 associates and 185 offices in 49 states. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
This press release contains forward-looking statements that are subject to risks and uncertainties, including the risk that the historical financial performance of CorVel may not be indicative of future financial performance and the risk that the recent performance of CorVel's Common Stock may not be indicative of its future performance, as well as other risks detailed from time to time in the company's SEC reports, including the report on Form 10-K for the year ended March 31, 2001, and the company's most recent form 10-Q.
AnciCare and CorVel worked with Pinnacle Partners to complete this transaction.
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CONTACT: CorVel Corporation Investor Relations, +1-949-851-1473
