Corvel Corp Stock Price, News & Analysis

CorVel Corporation (NASDAQ: CRVL) reported robust financial results for the quarter ending December 31, 2022, showcasing a revenue increase to $179 million from $165 million year-over-year. Earnings per share (EPS) rose to $0.96, compared to $0.76 in the prior year. For the nine-month period, total revenues reached $533 million, up from $475 million, with EPS increasing to $2.73 from $2.57. The company attributed this growth to record sales in the Enterprise Comp division and effective managed care investments. Additionally, CorVel is advancing its digital transformation with AI-centric enhancements aimed at optimizing operational efficiency.

Symbeo, a CorVel company, has launched a new cloud-based AP invoicing platform aimed at enterprise and mid-market organizations. This innovative solution enhances automation, reduces invoice processing cycle times, and offers rapid startup with a proven ROI. Utilizing advanced optical character recognition (OCR) and deep learning technologies, the platform accurately extracts invoice data from various formats. It seamlessly integrates with ERP systems to enhance financial processes. Customers benefit from automated approvals and increased transparency, aligning with sustainability goals.

CERIS, a CorVel company, has announced a significant rebranding and expansion of services to enhance its role in healthcare claims review. With over 30 years in prepay itemized bill review, CERIS is now incorporating DRG validation and advanced out-of-network repricing methodologies. The firm claims a success rate of 97% in identifying savings during claims review, achieving an average savings of 62% on implant claims. The rebranding aims to underscore its commitment to transparency and integrity in healthcare billing, ensuring a robust partnership with clients.

CorVel Corporation (CRVL) reported Q2 results for the period ending September 30, 2022, with revenues reaching $177 million, up from $158 million year-over-year. EPS for the quarter was $0.83, down from $0.88 in the same quarter last year. Revenues for the six months were $354 million, a rise from $310 million. EPS for the six-month period was $1.77, slightly lower than $1.81 a year prior. Investments continued in technology and services improving operational efficiency, supported by a 97% customer retention rate.

CorVel Corporation is set to host a Quarterly Earnings Release Webcast on November 1, 2022, at 11:30 am EST. The event will feature CEO Michael Combs and CFO Brandon O’Brien, providing insights into the company's financial performance and future outlook. CorVel applies technology like artificial intelligence and machine learning to manage healthcare costs and services effectively. Investors are encouraged to participate in this webcast for updates on the company's operations and financial health.

CorVel Corporation (NASDAQ: CRVL) has received the 2022 Risk Management Team of the Year award in partnership with Bass Pro, recognizing their innovative approach to managing return-to-work and temporary total disability claims. Their award-winning program emphasizes early intervention and continuous support, leading to significant outcomes: a 41% reduction in litigated claims, $1,500,000 in savings, and a 50% decrease in injured workers on the TTD report. The collaboration has also seen narcotics use drop from 18.4% to 3.7%.

CERIS, a CorVel company, has announced the promotions of James Contos and Mark Johnson to Senior Vice Presidents, aimed at enhancing operations and product development. Contos, formerly Vice President of Operations, will now oversee strategic operations that align with CERIS's growth initiatives, focusing on new document technology and recovery efforts. Johnson, who joined in 2019, will manage product management while expanding to strategic partnerships and sales support. These changes are expected to bolster the company's leadership in payment integrity services.

CERiS, a CorVel company, released a white paper advocating for pre-payment healthcare claims reviews. The document highlights challenges and benefits of this strategy, such as avoiding lengthy reversal processes and reducing provider friction. Notably, CERiS claims an average savings of $9,000 per claim and a decrease in appeal rates from 10% to 3%. With 97% of negotiated hospital claims having charge errors, the shift to pre-payment reviews is positioned as a significant improvement for health payers. The white paper is available for download on their website.

CERiS Announces Leadership Change

CorVel’s CERiS has appointed Greg Dorn as President, succeeding his role as Executive Vice President. Dorn, with the company since 1996, emphasizes growth and service expansion. The company is investing in systems and hiring expertise to enhance its payment integrity solutions. Michael Combs, CEO of CorVel, commended Dorn as a strong leader. CERiS focuses on healthcare payment accuracy through its proprietary universal chargemaster, which includes extensive hospital charge data. The press release also contains forward-looking statements about its business strategies.