IRVINE, California, March 30, 2020 — CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, is leveraging its expertise in technology and telehealth into expanded virtual services and information, with the goal of minimizing the spread of the coronavirus (COVID-19) and of quickly identifying and safely treating all workers’ compensation cases.
“Our goal at CorVel is to help our customers and their employees get through this crisis as safely as possible,” said CorVel President and CEO Michael Combs. “Due to our advances in automation and telehealth, and our integration of these services with clinical management, we have the ability to provide complete virtual triage and care to our clients. We are also in a strong position to handle an influx of claims, process claims at a higher rate, and help affected employees navigate the medical system.”
During this unprecedented time, case management has become even more critical in assisting injured workers navigating through the healthcare process and in promoting recovery and good health. CorVel’s national network of nurses are acting in an advanced practice role, leveraging the company’s leading-edge technology to keep their injured workers safe. CorVel’s case management solutions include wellness checks to ensure that follow-up care with providers continues, clinical assessments using video calls as allowed by state regulations, virtual therapy visits and mail-order pharmacy servicing.
In response to initial reports of the coronavirus, CorVel proactively set up a dedicated hotline for employers and employees who may be having symptoms or who need additional information. Patients that need testing are directed to a CorVel network provider who manages the testing process to minimize the potential for infection and possible spread of the virus. Follow-up protocol is also in place for infected patients, making sure they get the support and education needed throughout the incubation period. Finally, the CorVel virtual care solution incorporates other necessary services such as rehabilitation by telehealth, video medical visits, and home delivery of prescriptions and durable medical equipment to injured workers who may not have the virus but are required to shelter in place.
CorVel was able to respond quickly to the coronavirus outbreak because of its extensive experience in telehealth. The company was among the first to launch telehealth services in workers’ compensation and worked with state medical boards across the U.S. to get the permissions to offer telehealth in multiple states. Over a five-year period, CorVel’s use of telehealth has decreased treatment wait times from an average of two hours to just 10 minutes, reduced unnecessary medication prescriptions by nearly 50%, lowered treatment costs by anywhere from $100 to $850 per visit, and increased patient satisfaction rates from 3.65 to 4.8 on a scale of 1 to 5.
“This crisis will bring telehealth and virtual care to the forefront in changing the way workers’ compensation claims are managed,” said Combs. “The use of telehealth and the importance of social distancing will become even more crucial, not only in diagnosis and medical oversight but in getting prescriptions to patients by mail, ensuring safe transportation, and bringing new vigilance to home care. CorVel’s expertise and innovative technology allow us to be prepared for an emergency like we are facing today, and to provide exceptional care for any injured worker now and in the future.”
CorVel Corporation is a national provider of innovative workers’ compensation, auto, liability and health 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 throughout the risk management process so our clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. 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 administer 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:
2010 Main Street Suite 600
Irvine, California 92614