IRVINE, California, May 14, 2020 — CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, today announced expansion of its provider portal interface, increasing payment options to ensure timely and accurate payment for healthcare providers.
“The healthcare environment has been particularly challenging for physicians and nurses on the front lines of the pandemic, and we are deeply indebted to them for their service,” said Michael Combs, CorVel’s CEO. “Dealing with the loss of income or delayed payment should not be a concern for medical professionals. To help alleviate that burden, CorVel is offering additional payment options to facilitate prompt payment to providers. Due to our financial stability allowing ongoing investment in technological innovation, we are in a position to support our customers and providers during this crisis.”
To ensure healthcare providers receive prompt payment for their services, CorVel offers a portal through which providers can submit bills, medical records, and be paid, overcoming barriers to slow payment or lack of electronic remittance options. The provider portal, in combination with the Company’s AI-augmented claim workflow, compresses the time that it takes to process and pay medical bills. The program is gaining momentum as the use of the portal increases.
COVID-19 has proven to be a powerful test of all organizations, and their services and systems, forcing enterprises to adapt to the rapidly evolving communication applications available today.
“This crisis has proven that CorVel’s decision to create a single platform that brings together all of the programs necessary for managing episodes of care does significantly ease claims management and improve outcomes for the injured worker. We remain committed to investing in our innovative technology despite this disruption,” said Combs.
CorVel Corporation is a national provider of industry-leading workers’ compensation solutions for employers, third-party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. We apply technology, intelligence, and a human touch to the risk management process so our clients can intervene early and are connected to the critical intelligence they need to manage risk proactively. With a robust technology platform at its core, our connected solution is delivered by a national team of associates who are committed to helping clients design and manage programs that meet their organization’s performance goals.
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 telehealth and virtual care services. 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 security incident 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, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019. 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.
CorVel Corporation is publicly traded on the NASDAQ National Market System under the stock symbol CRVL. The CorVel Corporation Annual Report on Form 10-K filed with the Securities and Exchange Commission may be obtained by clicking here or by contacting:
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Irvine, California 92614