CorVel is a publicly-traded company (NASDAQ: CRVL) with more than $553 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.
This last year has been one of exciting growth. We experienced record revenue through new bookings and increased transaction volume with existing partners. Also very satisfying was welcoming back customers with whom we’ve previously worked. Each day our 4,200 dedicated team members work diligently to achieve optimal results for all partners. So while revenue and new sales were unprecedented, I am even more pleased with the outcomes achieved for those we serve.
Our product development efforts have focused on automation, augmentation, and integration. Automation enhances the quality and consistency of our results, removes the burden of repetitive menial tasks, and increases the time our team spends on higher-value activities. Augmentation elevates the team’s decision-making and, ultimately, improves outcomes. And integration more seamlessly interfaces and exchanges information with our partners.
Mergers and acquisitions, inflation, and the Great Resignation are impacting the casualty and health markets. However, with fiscal conservatism, the ongoing development of our team, and continual investment in technology and innovation, CorVel is benefiting from the dynamics affecting the markets we serve. Our consistent commitment to preparation is presenting opportunities for an acceleration in meaningful growth.
We introduced telehealth to the workers’ compensation market in 2014, long before the global pandemic made it a necessity for other TPAs. Over these last eight years, our award-winning virtual care services have evolved, enhancing the process and transforming care delivery in this market.
We lead with compassionate attention and a “care first” philosophy that prioritizes patient care over compensability. Our Advocacy 24/7 nurse line initiates the intake model, delivers empathetic telephonic care quickly, and sets claims on the right path for the best outcome for the patient. In addition, the model results in an average cost savings of 42% as well as a 62% reduction in litigation.
With the results achieved with telehealth, our virtual care service model was expanded to include TelePT, TeleCBT, and home delivery for DME and Pharmacy. In addition to convenience, speed of service and savings, virtual care also results in 32% higher patient satisfaction. Our growing suite of virtual care services is delivered through our proprietary integrated platform, CareMC, which provides visibility to all stakeholders.
In addition to expanding services, improving savings and enhancing results achieved in the workers’ compensation arena, we have also increased CERiS’s payment integrity offerings. Prepayment itemized bill review has been the backbone of CERiS for years, but we have consistently introduced additional reviews to achieve more rigorous cost control. DRG validation, post-pay review, negotiations, out-of-network repricing and transplant reviews are some of our added services. We also review implants and device bundles, resulting in an average savings per claim of 62%. Combining clinical expertise, cost containment solutions and sincere dedication makes CERiS the partner of choice in the health market.
As we transition to the post-COVID era, I am proud of our team’s flexibility and determination. Despite the many challenges and changes we’ve experienced during and after the pandemic, they have remained focused on the task at hand, providing exemplary service and results to our partners — it is my honor and privilege to serve them. I am also thankful for the support of our business partners and you, our shareholders, for your trust in the Company and our 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
Steven J. Hamerslag
Jean H. Macino
Jeffrey J. Michael
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
In the meantime, check out our resources on risk management here.