FORT WORTH, TX. September 12, 2023 – CorVel Corporation (NASDAQ: CRVL) today announced the release of its initial Generative AI module. A new addition to CorVel’s CogencyIQ® service offerings, the module will leverage machine learning to interpret medical records for adjusters and prompt immediate actions.
Interpreting medical data and determining the next steps in managing a case is critical and time-consuming for adjusters. CorVel’s generative AI model will now read and summarize this often-complex information, provide the summary to the adjusters, and propose actions to be taken. Simultaneously, the extraction of unstructured data from the reports will be highlighted for the claims staff to quickly and efficiently update claim fields in CareMC and ensure the key stakeholders are notified. This innovative solution significantly reduces the adjuster’s time commitment to objective tasks and allows them more time to interface directly with injured workers, be more strategic, and ultimately improve outcomes.
The generative AI module is the latest addition to CorVel’s award-winning CareMC claims platform integrated technology system, which delivers a holistic view of all data on a claim and automates routine processes for speed and efficiency.
“Our approach to Generative AI is marked by intentionality, fostering collaborative efforts with our team and partners. Our unwavering commitment lies in leveraging technology to elevate the efforts of our professional staff and improve the outcomes delivered. We also see generative AI as an efficient approach to mitigate labor-related challenges by offering guidance to upcoming generations of professionals.” said Michael Combs, President and CEO, of CorVel.
For more information on CorVel’s technology, visit corvel.com/technology/
CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the managing of episodes of care and the related healthcare costs. We partner with employers, third-party administrators, insurance companies, and government agencies in managing workers’ compensation and health, auto, and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel’s customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates, and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include but are not limited to, statements relating to the Company’s managed care services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s workers’ comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2022, and December 31, 2022. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.