Corvel Revenue, Net Income & 10-K Summary

Industry position

Independent nationwide provider of medical cost containment and managed care services.
Focus areas: workers’ compensation, automobile insurance claims, and group health insurance.
Uses artificial intelligence, machine learning, and natural language processing to enhance management of episodes of care and related healthcare costs.
Serves insurance companies, third-party administrators (TPAs), government entities, and self-administered employers.

Claims Management: end-to-end administration of injury and illness claims.
Bill Review: cost containment through review and repricing of medical bills.
PPO Networks: management of national and leased provider networks to reduce costs.
Utilization Management: pre-certification, concurrent review, and discharge planning to ensure appropriate care.
Case Management: telephonic, field, catastrophic, vocational rehabilitation, and other care coordination.
Pharmacy Services: formulary management, discount networks, and drug utilization programs.
Directed Care: access to specialized networks (imaging, diagnostics, therapy, etc.) with preferred rates.
Medicare Solutions: CMS compliance services, including set-asides and agent reporting.
Clearinghouse Services: interfaces with multiple clearinghouses for bill submission and format conversion.
Patient Management Services: 24/7 nurse triage, telehealth, vocational rehabilitation, disability management, and auto/liability claims management.
Delivery options: services can be provided as a fully integrated, end-to-end program; as discrete standalone services; or as targeted add-ons to existing workflows.

Integrated, end-to-end bundled programs for self-insured employers seeking a turnkey partner.
Standalone modules and à-la-carte add-ons for carriers and TPAs to plug into broader service stacks.

PPO Network: over 1.2 million providers nationwide (as of March 31, 2026).
CareMC®: online portal for customers to review bills, manage claims, schedule appointments, and access savings reports.
CERIS®: enhanced review program for clinical review and analysis of itemized billing against standards.
SymbeoSM: scanning, optical character recognition, and document management with “Capture Centers” for paper and digital claims.
Edge (within CareMC®): module that prioritizes and highlights actionable claims data to guide next steps.
Telehealth and Virtual Care: 24/7 nurse triage with telehealth options integrated into patient management.
IT infrastructure: tier III data center near Portland, Oregon; redundancy center in Lone Mountain, Nevada with near-real-time data replication; modernization of claims-processing interfaces in progress.
Data analytics: use of data to drive cost containment and outcomes reporting.

Serves a diverse mix: insurers, TPAs, self-administered employers, government entities, municipalities, and state funds.
No single customer accounted for 10% or more of revenue in fiscal years 2024, 2025, or 2026.
Two customers accounted for 10% or more of accounts receivable as of March 31, 2026 and 2025.

Headquarters: Fort Worth, Texas — 5128 Apache Plume Road, Suite 400, Fort Worth, TX 76109.
Properties: 59 branch offices in 39 states; headquarters lease for approximately 26,000 square feet (expires April 2028); Milwaukie, Oregon building of 32,000 square feet.
Employees: 5,239 as of March 31, 2026; predominantly U.S.-based; 93% work from home or in hybrid arrangements; no union representation.
Culture and diversity: Great Place to Work certification for six consecutive years; over one-third of employees are racially/ethnically diverse; more than 79% of employees are women; over 74% of managers are women.
Training and development: CorVel University (launched in 2024) for claims training; supervisor training series and ongoing internal leadership and skills development.

Stock repurchases: $56.2 million spent in fiscal year 2026 to repurchase 782,744 shares.
Cumulative repurchases (through fiscal year 2026): 115,259,435 shares repurchased at an aggregate cost of approximately $888 million.
As of March 31, 2026, 1,740,565 shares remained authorized for repurchase.
Fiscal 2026 CFO appointment: Brian S. Nichols appointed Chief Financial Officer, effective September 10, 2025.

Operates in a regulated landscape with licensing and regulatory requirements across states.
Regulatory developments affect privacy, data security, AI-related guidelines, and healthcare/workers’ compensation rules.
Emphasizes risk management around cybersecurity, data privacy, system availability, and potential litigation exposure related to managed care activities.