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CorVel Corporation - CRVL STOCK NEWS

Welcome to our dedicated page for CorVel Corporation news (Ticker: CRVL), a resource for investors and traders seeking the latest updates and insights on CorVel Corporation stock.

CorVel Corp (NASDAQ: CRVL) is a leading provider of technology-driven risk and healthcare management solutions focused on workers' compensation, health, auto, and liability services. Headquartered in Fort Worth, Texas, CorVel integrates advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to streamline care management and reduce associated healthcare costs.

The company partners with a diverse range of clients including employers, third-party administrators, insurance companies, and government agencies. CorVel employs approximately 3,500 associates serving over 2,000 customers across all 50 states, ensuring localized, personalized service backed by a robust national support network.

CorVel's financial stability is highlighted by its consistent growth, with annual revenues surpassing $493 million in fiscal year 2015 and reaching $795 million in fiscal year 2024. The company has demonstrated remarkable resilience and adaptability, with significant investments in technology and system enhancements driving continuous improvement in service delivery and operational efficiency.

Recent achievements include a record quarterly revenue of $207 million, up from $185 million in the same quarter of the previous year, and earnings per share of $1.12. CorVel's strategic focus on automation and AI-driven solutions led to the introduction of a generative AI-powered SaaS platform, enhancing efficiencies within workflows and improving service integration for its partners.

CorVel's commitment to innovation was further highlighted by the promotion of Jeff Gurtcheff to Chief Claims Officer, who will oversee the integration of cutting-edge AI and ML technologies within claims management operations. Additionally, CorVel has been recognized for its collaboration with Carhartt Inc., achieving a 92% decrease in total incurred claims at their Irvine, KY sewing facility.

CorVel's service excellence extends to its revenue cycle management arm, Symbeo, which offers comprehensive AP automation solutions. Symbeo leverages AI, ML, and OCR to optimize payables, enhancing financial controls and operational transparency for enterprise clients.

With a balanced growth in Network Solutions and Patient Management businesses, CorVel continues to expand its service offerings and strengthen its market position. The company's forward-looking strategies and technological advancements ensure its role as a pivotal player in the risk management and healthcare sectors.

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Symbeo, a subsidiary of CorVel, has partnered with Amazon Business to launch its RapidInvoice solution on the Amazon Business App Center. This AI-enabled OCR product aims to streamline accounts payable (AP) functions for businesses, promising cost reduction and improved productivity.

The partnership targets the mid-market and small to medium-sized businesses (SMBs) that are increasingly using e-commerce platforms. RapidInvoice offers features such as document separation, tracking, and financial reconciliation, with an easy setup process of just five business days.

This collaboration is expected to enhance purchasing power, manage cash flows effectively, and maximize ROI for businesses. Symbeo's proven track record in AP automation and customer engagement underpins this strategic alliance with Amazon Business, aiming to deliver innovative solutions and drive operational efficiencies in procurement.

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CorVel (NASDAQ: CRVL) released its financial results for the quarter and fiscal year ending March 31, 2024. Quarterly revenues reached $207 million, up from $185 million the previous year. Earnings per share (EPS) for the quarter were $1.12, compared to $1.04 a year ago. Annual revenues totaled $795 million, an increase from $719 million the prior fiscal year. EPS for the fiscal year rose to $4.40 from $3.77. Patient Management services saw an 11% rise, driving year-over-year growth.

CorVel ranked third in Workers' Compensation revenue on Business Insurance's 2024 TPA Rankings. The company achieved a net revenue retention of 108%, reflecting high customer satisfaction and demand. Notable developments include the implementation of Generative AI (GAI) to improve operations. CorVel launched a GAI-powered SaaS platform to enhance managed care services, automating tasks and increasing workflow efficiencies.

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CorVel (NASDAQ: CRVL) has announced new integrations for managed care services, powered by advanced technologies such as Generative AI. The company is introducing a new hub platform to the carrier market to enhance partners' IT capabilities and improve program outcomes. CorVel's data and service hub will offer a modern approach to managed care, providing customers with a comprehensive view of their data and analytics. The Generative AI Document Viewer will give access to augmented document summaries, enhancing insights for claims and clinical personnel. These innovations aim to create seamless solutions and improve connectivity for partners, ultimately enhancing patient care.
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CorVel Corporation (CRVL) responds to the growing demand for vocational evaluation services post-pandemic by establishing a 'center of excellence', offering virtual and in-person services nationwide. The focus is on aiding companies in returning injured employees to work safely and efficiently through various assessments and research tools.
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CorVel Corporation (CRVL) has been Certified™ by Great Place To Work® for the 4th consecutive year, showcasing a commitment to employee satisfaction and a positive work environment.
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CorVel Corporation (NASDAQ: CRVL) reported a strong financial performance for the quarter and nine months ended December 31, 2023, with revenues increasing to $202 million and $588 million respectively. Earnings per share also saw growth, reaching $0.99 for the quarter and $3.27 for the nine-month period. The company achieved a 34% increase in new business sold and demonstrated strong customer retention rates of 95% for Gross Revenue Retention and 108% for Net Revenue Retention. CorVel's innovative use of advanced technology and AI initiatives has led to increased efficiency and effectiveness in its payment integrity services and claims teams, contributing to improved user experience and results.
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CorVel's CERIS leverages generative AI and machine learning to enhance payment integrity in medical claims, improving efficiency and accuracy. The company pioneers the use of AI and ML to automate tasks, identify fraud or errors, interpret medical language, and summarize data. This advancement allows for increased throughput, accuracy, faster turnaround time, and improved savings ratios for clients, ultimately leading to higher job satisfaction and improved outcomes.
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CorVel Corporation (NASDAQ: CRVL) announced its Q3 2023 results, reporting revenues of $196 million, a 10.7% increase from the same quarter last year. Earnings per share for the quarter were $1.15, compared to $0.83 in the prior year. Revenues for the six months ended September 30, 2023, were $386 million, a 9% increase from the same period in 2022. The company experienced balanced growth in Network Solutions and Patient Management business. Investments in technology and operational excellence are well received in the market.
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CorVel Corporation has announced the promotion of Jeff Gurtcheff to Chief Claims Officer. Gurtcheff will oversee workers’ comp and liability claims operations, lead technology innovation, and launch new products and services. Gurtcheff has experience in machine learning and generative AI.
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CorVel Corporation releases new Generative AI module to interpret medical records and improve efficiency for adjusters.
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FAQ

What services does CorVel Corp offer?

CorVel provides risk and healthcare management solutions focused on workers' compensation, health, auto, and liability services. They utilize advanced technologies like AI, ML, and NLP to improve efficiency and reduce costs.

Where is CorVel Corp headquartered?

CorVel Corp is headquartered in Fort Worth, Texas.

Who are CorVel's clients?

CorVel partners with employers, third-party administrators, insurance companies, and government agencies.

How many employees and customers does CorVel have?

CorVel employs approximately 3,500 associates and serves over 2,000 customers across all 50 states.

What recent financial achievements has CorVel reported?

CorVel reported a record quarterly revenue of $207 million and earnings per share of $1.12 for the quarter ended March 31, 2024.

What are some recent developments in CorVel's technology solutions?

CorVel has introduced a generative AI-powered SaaS platform to enhance efficiencies within workflows and improve service integration for its partners.

Who is the Chief Claims Officer at CorVel?

Jeff Gurtcheff was promoted to Chief Claims Officer, overseeing the integration of AI and ML technologies within claims management operations.

What is Symbeo, and how does it relate to CorVel?

Symbeo is CorVel's revenue cycle management arm, providing comprehensive AP automation solutions using AI, ML, and OCR to optimize payables.

How has CorVel been recognized for its partnerships?

CorVel was recognized for its partnership with Carhartt Inc., achieving a 92% decrease in total incurred claims at their Irvine, KY sewing facility.

What are CorVel's future growth strategies?

CorVel focuses on continuous technological advancements, strategic investments in AI and ML, and expanding its service offerings to strengthen its market position.

CorVel Corporation

Nasdaq:CRVL

CRVL Rankings

CRVL Stock Data

4.88B
17.16M
46.75%
53.83%
1.9%
Dental Laboratories
Manufacturing
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United States of America
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