Welcome to our dedicated page for Corvel news (Ticker: CRVL), a resource for investors and traders seeking the latest updates and insights on Corvel stock.
CorVel Corporation (CRVL) delivers AI-powered risk management and claims processing solutions for employers, insurers, and government agencies. This news hub provides investors and industry professionals with timely updates on the company’s operational milestones, technological advancements, and regulatory engagements.
Access authoritative reporting on CRVL’s earnings announcements, strategic partnerships, and innovations in healthcare cost containment. Our curated collection features press releases covering AI-driven claims automation, machine learning applications in utilization review, and expansions of its provider networks.
Key updates include developments in CorVel’s proprietary platforms like CareMC, Medicare service enhancements, and regulatory compliance achievements. Bookmark this page for verified information about CRVL’s market positioning in the evolving risk management sector, without promotional bias or speculative content.
CorVel (NASDQ:CRVL) has earned Great Place To Work Certification™ for the fifth consecutive year. This prestigious recognition is based entirely on current employee feedback about their workplace experience. Michael Combs, CorVel's President and CEO, expressed pride in this achievement, highlighting the company's commitment to creating an environment where employees can learn, grow, and advance.
Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place To Work, emphasized that this certification represents official recognition earned through real-time employee feedback. Great Place To Work Certification™ is considered the most definitive "employer-of-choice" recognition that companies aspire to achieve, with more than 10,000 companies across 60 countries applying annually.
CorVel applies technology including artificial intelligence, machine learning, and natural language processing to enhance management of healthcare costs. The company partners with employers, third-party administrators, insurance companies, and government agencies in managing workers' compensation and health, auto, and liability services.
CorVel (CRVL) has promoted Sarah Scott to Executive Vice President of Product. With 25 years of experience at CorVel, Scott will oversee the company's product vision and strategy, from ideation to launch and optimization. In her previous role as Vice President of Network Solutions, she managed key areas including pharmacy management, network management, ancillary services, independent medical examinations, and professional review.
Scott's leadership has contributed to improved clinical outcomes, faster return-to-work rates, cost reductions, and reduced risks. Starting as a Nurse Case Manager, she progressed to an executive leadership position, demonstrating exceptional leadership and vision according to CEO Michael Combs.
CorVel (NASDAQ: CRVL) reported strong financial results for Q3 FY2025. Revenue increased 13% to $228 million compared to $202 million in Q3 FY2024. Earnings per share rose 39% to $0.46 from $0.33 year-over-year.
For the nine months ended December 31, 2024, revenues reached $664 million, up from $588 million in the same period of 2023. Gross profit increased 25% to $52.9 million, achieving a 23.2% gross margin. The company maintained a strong financial position with $163 million in cash and no borrowings, while repurchasing $9.6 million of common stock during the quarter.
The company implemented generative-AI functionality to enhance document processing and claim milestone identification, with plans for further improvements to their integrated communication platform. CorVel also noted increasing demand for medical cost savings solutions through their CERIS platform.
CorVel (NASDAQ: CRVL) has announced the effectiveness of a three-for-one forward stock split, effective December 24, 2024. The company has filed an amendment to its Fourth Amended and Restated Certificate of Incorporation with Delaware's Secretary of State to implement the split and increase its authorized shares proportionately.
Every share of common stock outstanding or held in treasury as of December 23, 2024 (record date) will be split into three shares. Additional shares distribution is expected on December 24, 2024, with post-split trading beginning at market open on December 26, 2024.
CorVel (NASDAQ: CRVL) has announced a three-for-one forward stock split of its common stock, approved by its Board of Directors. The company will also increase its authorized shares proportionately to accommodate the split, while maintaining the current number of authorized preferred shares. The implementation requires filing an amendment to the Company's Certificate of Incorporation, expected on December 24, 2024.
Every share of common stock held on the record date of December 23, 2024, will be split into three shares. Trading on a post-split basis is expected to begin on December 26, 2024, subject to Nasdaq approval. CEO Michael G. Combs attributed this decision to the company's extraordinary stock price growth, driven by strong financial performance and successful strategy execution.
CorVel (NASDAQ: CRVL) announces the retirement of founder V. Gordon Clemons from his position as Chairman and member of the Board of Directors, effective November 26, 2024, after 37 years of service. Michael G. Combs, the company's President and CEO, has been appointed as the new Chairman of the Board. Clemons, who founded CorVel in 1988 and served as Chairman since its 1991 IPO, will continue to serve as an outside consultant to Combs, maintaining an advisory role he has held since 2017.
CorVel (NASDAQ: CRVL) reported strong financial results for Q2 FY2025. Revenue increased 15% to $224 million compared to Q2 FY2024. Earnings per share grew 17% to $1.35. The company's six-month revenue reached $436 million, up from $386 million in the previous year. Gross profit rose 15% to $50.7 million with a 22.6% margin. The company maintained a strong financial position with $138 million in cash and no debt, while repurchasing $9.6 million in common stock. The results were driven by Network Solutions programs and Patient Management Segment performance, achieving 110% Net Revenue Retention.
CorVel (NASDAQ: CRVL) has received two prestigious awards from Business Insurance in 2024. The company won the 2024 Innovation Award for its Generative AI solution in CareMC, which enhances claims management by automating objective tasks and increasing adjuster-injured worker interaction time. CorVel was also recognized alongside O'Reilly Automotive Inc. as the 'Claims Team of the Year' in the 2024 U.S. Insurance Awards for their collaborative Claims Closure Project.
Michael Combs, CorVel's President and CEO, emphasized the company's focus on advancing automation and delivering actionable insights to streamline the claims process. The awards, chosen by a panel of professional risk managers, highlight CorVel's commitment to innovation in risk management solutions and effective claims handling. The recognition ceremony took place in New York City on July 18, 2024, with winner profiles featured in Business Insurance's September 2024 issue.
CERIS, a CorVel Company, has announced enhancements to its Fraud, Waste, and Abuse (FWA) solutions. The improvements include earlier detection capabilities and improved behavioral analytics. Key features of the enhanced offering are:
- Fraud Case Analytics with machine learning capabilities
- Fraud Scanners for pre- and post-pay claims
- Flexible Fraud Dashboard & Reporting
- FWA Consulting services
Over the past year, CERIS analyzed 1.1 billion claims, flagging 1.6 million as questionable and uncovering $700 million in suspicious medical billing. The company aims to support various sectors, including workers' compensation, government payments, and group health, in preventing and mitigating fraud across organizations.
CorVel (NASDAQ: CRVL) reported strong financial results for Q1 FY2025 ended June 30, 2024. Revenue increased 11% to $212 million, while gross profit rose 15% to $48.2 million with a 22.7% gross margin. Diluted earnings per share grew 10% to $1.25. The company ended the quarter with $132 million in cash and no borrowings, while repurchasing $9.5 million of common stock.
CorVel introduced an enhanced communications platform integrated into its CareMC claims system, improving efficiency and security. The company is also leveraging artificial intelligence for clinical bill review and anomaly detection, aiming to enhance outcomes, worker experience, and team satisfaction.
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