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 provides technology-enabled risk management solutions for workers’ compensation and health, auto, and liability programs. The company partners with employers, third-party administrators, insurance companies, and government agencies, combining claims management, bill review, preferred provider networks, utilization management, case management, pharmacy, directed care, and Medicare services.
CorVel news commonly covers earnings releases, financial-performance webcasts, product innovation, and the use of artificial intelligence, machine learning, and natural language processing in claims and care-management workflows. Recent company updates also include the CareMC claims management platform, the CorVel Connected AI-powered claims intelligence layer, workplace recognition, and leadership or product-portfolio developments tied to insurance and risk management services.
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CorVel Corporation (NASDAQ: CRVL) has launched a pharmacy technician certification test preparation program aimed at enhancing pharmacy training and increasing certifications among team members involved in pharmacy benefits management.
This initiative, developed during the pandemic, consists of an eight-week course that has resulted in a 100% pass rate among participants. CorVel mandates certification for all employees in relevant roles, establishing a new industry standard.
The program aims to ensure comprehensive pharmacy knowledge across the organization, facilitating better oversight and problem-solving in workers' compensation cases.
Furthermore, the pharmacy team actively monitors opioid use, collaborating closely with case managers to ensure safe and cost-effective prescriptions for injured workers, enhancing patient recovery outcomes.
CERIS, a CorVel company, has released a white paper titled "The Pulse of Payment Integrity," urging healthcare payers to focus on reviewing claims prior to payment. This proactive approach aims to reduce errors and strengthen relationships between payers and providers by preventing excess payment collections post-transaction. The document highlights challenges from the COVID-19 pandemic, such as the surge in telehealth services and evolving value-based care initiatives. CERIS emphasizes that a shift in payment integrity culture is essential for reducing care costs and enhancing patient outcomes. The company has a long-standing history of helping clients save billions annually through its payment integrity services.
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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.