Corvel Corp - CRVL STOCK NEWS

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.

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.

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.

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.

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.

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.

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.

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.