Company Summary: CorVel Corporation

Overview:
CorVel Corporation is a nationwide provider of medical cost containment and managed care services focused on addressing escalating healthcare expenses related to workers’ compensation, auto insurance claims, and group health benefits.

Core Services and Operations:

• Claims Management & Medical Cost Containment:
  Manages and streamlines the process of workers’ compensation, auto liability, and general liability claims. Uses technology such as artificial intelligence, machine learning, and natural language processing to improve episode of care management and healthcare costs.

• Key Services Offered:

  • Claims Management: Incident reporting, assessment, and claim administration including investigations, reserves, litigation support, and expert testimony.
  • Bill Review: Automated, paperless review with over 100 million rules, cost-saving algorithms, fee schedule analysis, coding review, and repricing.
  • Preferred Provider Networks (PPO): Over 1.2 million providers nationwide; provides extensive, high-quality contractor networks tailored to customer needs.
  • Network Solutions: Medical fee auditing, hospital bill review, pharmacy services, independent medical examinations, directed care programs, and Medicare compliance.
  • CERIS: Clinical review of billing behavior and charges for accurate payments.
  • Patient Management Services: Includes case management, 24/7 nurse triage, utilization review, vocational rehabilitation, and early intervention.
  • Virtual Care Platform: Telehealth services, nurse triage, and timely medical intervention to reduce claims costs and duration.
  • Directed Care Services: Specialized networks for imaging, diagnostics, therapy, medical evaluations, durable medical equipment, transportation, and translation services.
  • Medicare & Compliance Services: Assists with Medicare set-asides and timely CMS reporting.
  • Clearinghouse Services: Electronic bill submission, adjudication, and compliance tools.
  • Pharmacy Services: Discounted prescriptions, formulary management, drug interactions, and clinical review.

Customer Base & Market:

• Serves insurance companies, TPAs, self-insured employers, government agencies, and municipalities.
• Number of Employees: 5,075 (as of March 31, 2025), with most concentrated in the United States.
• Customer Concentration: No single customer accounted for 10% or more of revenue in fiscal 2025.
• Market Focus: Exponential growth with national and regional insurance carriers, large self-funded employers, and enterprise clients, emphasizing both local and broad-based services.

Financial Highlights (Fiscal Year Ended March 31, 2025):

• Revenue: Approx. $896 million (up 13% from prior year)
• Net Income: $95.2 million (up 25% from prior year)
• Diluted Earnings Per Share: $1.83 (up 24.5% from prior year)
• Operating Income: $120.8 million (up 27%)
• Total Employees: 5,075
• Market Capitalization (as of September 30, 2024): Approximately $2.99 billion, based on stock price of $108.96 and 27,416,919 shares held by non-affiliates.

Company Strategy & Operations:

• Provides services that reduce claim costs by advocating medical management from the onset of injury.
• Offers integrated, standalone, or add-on solutions tailored to customer needs, primarily for self-insured employers and insurance carriers.
• Operates through a nationwide network of branch locations, including a central hub in Fort Worth, Texas, and additional offices across 40 states.
• Focuses on technology-driven solutions to optimize efficiency, cost savings, and quality of care.

Summary:

CorVel Corporation is a leading managed care and cost containment services provider serving the property and casualty insurance industry. It employs over 5,000 staff, generated approximately $896 million in revenue for FY2025, and earned $95.2 million in net income. The company leverages advanced technology, extensive provider networks, and comprehensive claims and medical management services to deliver tailored solutions in a competitive healthcare financial management industry.