IRVINE, Calif., Sept. 25 /PRNewswire/ -- CorVel Corporation (Nasdaq: CRVL) will be speaking later today at the Bear Stearns Health Care "Virtual Conference". The Company has completed forty consecutive quarters of record results, and sees operations continuing to perform consistently.
CorVel Corporation does not have any offices on Manhattan Island, and did not have any employees directly impacted by the terrorists' attacks. The Company provides service to several companies affected by the events in New York City and has extended sincerest sympathies to all involved. The employees of CorVel have organized a contribution effort to assist the families impacted by the WTC collapse.
The attack has had a far reaching impact on the nation's economy and CorVel does expect to experience softer results for the month of September. Results for the first two months of the quarter had been strong, and as a result the Company expects to report results in line with expectations. CorVel operates out of 185 offices spread throughout the Country, and is involved in healthcare services, a sector generally less directly connected to economic fluctuations.
In addition to the events of September 11, the Company has seen some disruption from subsequent bomb threats in buildings in which CorVel has operations. The Nimda computer virus also caused downtime in some offices, and those disruptions lasted for approximately a day in some of its offices. CorVel's property/casualty insurer customers are in some cases going to be impacted through their participation in property insurance coverages for buildings and businesses in the New York City area. It is not clear that those issues, though, will in turn have an impact upon those insurer's workers' compensation operations. The Company has been in contact with its customers, offering its outsource services as needed.
The increasing cost of healthcare insurance has improved the market for CorVel's healthcare management programs. During the quarter the Company has continued to experience good service volumes in its Provider Programs services. Investments in the expansion of its CorCare Preferred Provider Organization (PPO), and related support systems, over the last few years, have positioned this service well to serve the market's current interest in addressing healthcare inflation. The newest release of its MedCheck medical bill review software provides the ability to automatically process bills coming in over the internet or through other electronic sources. The efficiency and accuracy enabled by this approach to provider reimbursement is finding a receptive market.
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 e-commerce applications to improve healthcare management in the workers' compensation, accident and 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 1,000 clients through its 3,000 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 the Company may not be indicative of future financial performance and the risk that the recent performance of the Company'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.
SOURCE CorVel Corporation
Web site: http://www.corvel.com
Company News On-Call: http://www.prnewswire.com/comp/158669.html
CONTACT: Heather Burnham of CorVel Corporation, +1-949-851-1473
