CorVel is a publicly-traded company (NASDAQ: CRVL) with more than $719 million in annual revenue. As the only independent, publicly-traded claims management and cost containment provider, we have built momentum in our financial results and continue to make significant progress in our strategy to be a full-service risk management solution.
Reflecting on the past year, I am incredibly proud of the CorVel team and their diligence in serving our partners. With the level of engagement and consistent results achieved, CorVel’s reputation in the industry expanded further. Most pleasing, however, with the growth experienced, was seeing a significant number of team members promoted to roles of greater responsibility within the organization. CorVel is proud to be a place where people learn, grow, advance, and build satisfying and rewarding careers.
Just a few short years ago, CorVel’s conservative model was challenged by many; with the low cost of debt, the assertion was that there was a tremendous opportunity to leverage the company. Others are now dealing with higher debt loads due to elevated interest rates and needing to make difficult staffing and investment decisions. However, we are increasing our investment in and pursuit of digital transformation. Emerging and maturing technologies, such as generative AI, are being leveraged to advance system automation, augmentation, and integration, each of which is becoming more critical in the market. The goals remain the same – enhance the quality, consistency, and overall results achieved by elevating the work of our team members.
In the health market, our payment integrity service offerings at CERIS have expanded substantially with existing and developing partners. We are proud of the agility in responding to market needs, quality and consistency of results achieved, reduced friction within the provider community, and overall ROI delivered to our partners. With the growth realized during recent years, we have elected to strengthen the investment in the CERIS team, SaaS platform, and R&D. The result is a broader portfolio of services and enhanced platform scalability, which will support significant expansion in the years to come.
Momentum continued in 2022 with our claims management product, with the system enhancements delivered and those planned. We look forward to an increasing market share and industry impact this year and well into the future. It was pleasing to see the investments of the last few years in our managed care offerings result in meaningful growth in this segment of the business. The traction with CareIQ, CorVel’s ancillary care solutions program, is particularly noteworthy. CareIQ offers best-in-class physical therapy, radiology, DME, home health, transportation, and translation services. Physical therapy is the largest of those areas, and the CareIQ program has realized lower PT visits and costs per claim than the industry. In addition, by combining proprietary technology with clinical and technical expertise, we see our bill review process achieving more significant savings than industry standards.
While the Great Resignation, overemployment, and quiet quitting are still impacting the workforce, we were pleased to be recognized again as a Great Place to Work. This achievement is due to the efforts and feedback of our team, which makes us an employer of choice. I am grateful for everything our 4,500+ team members do daily to make a difference in the service and resulting outcomes we provide. I am humbled to serve this organization and look forward to another strong year. Thank you to those partners who work closely with us to move our programs forward, and thank you, shareholders, for your support and trust in the management team.
President and Chief Executive Officer
To provide an enduring culture where we are empowered to seek our full potential. Working together to change the industry; making a real difference to those we serve.
Over 1,000 that include Employers, Insurance Carriers, and Government Entities.
Workers’ Compensation Liability Disability Alternative Risk Solutions
Claims Management Case Management Medical Bill Review Provider Network (PPO) Pharmacy Solutions (PBM) Ancilliary Benefit Management (ABM)
1987 (Originally under the name FORTIS)
V. Gordon Clemons (Chairman of the Board)
No debt: cash represents 19% of total assets (11/08/22)
$0.83 (QE 09/30/22)
CorVel is the only independent, publicly traded claims management and cost containment provider. This is a testament to our financial strength and long sustained executive leadership.
Board of Directors
V. Gordon Clemons
Alan R. Hoops
Steven J. Hamerslag
R. Judd Jessup
Jean H. Macino
Jeffrey J. Michael
Michael G. Combs
Mark E. Bertels
Brandon T. O’Brien
Stefan N. Richards
Sharon F. O’Connor
Jennifer L. Yoss
Richard J. Schweppe
5128 Apache Plume Rd, Suite 400
Fort Worth, Texas 76109
Computershare Investor Services
Stradling Yocca Carlson & Rauth, P.C.
Newport Beach, California
Haskell & White LLP
The common stock of CorVel Corporation is traded on the NASDAQ Global Select Market System under the stock symbol CRVL.
CorVel Corporation Annual Report on Form 10K filed with the Securities and Exchange Commission may be obtained without charge by contacting Investor Relations at:
1920 Main Street Suite 900
Irvine, California 92614
Pursuant to Nasdaq Listing Rule 5605(f)(2), CorVel is required to have, or explain why we do not have, at least one director who self-identifies as female and (ii) at least one director who self-identifies as an underrepresented minority or LGBTQ+. CorVel currently has one director who self-identifies as female, but do not have any directors who self-identify as underrepresented minority or LGBTQ+.
CorVel’s Nomination and Governance Committee believes our board of directors, as a whole, should be well-rounded, consisting of directors with backgrounds that are complementary to one another, reflecting a variety and diversity of professional experiences, skills, education, expertise and personal characteristics. However, the Committee does not believe the qualifications of an individual to serve on our board should be defined by any one diversity characteristic.
We believe the current composition of CorVel’s board, as a whole, reflects a mix of qualities, attributes, skills and experiences that are appropriate to support the achievement of our long-term strategic objectives.
CorVel is committed to upholding high Environmental, Social, and Governance standards. Sustainability, social responsibility, and strong corporate governance practices are core to our company values, stakeholders’ and shareholder interests. We strive to create a safe, diverse, and inclusive workplace that fosters teamwork, growth, and innovation while minimizing our ecological footprint.
In the meantime, check out our resources on risk management here.