CorVel Announces New Integrations for Managed Care Services Enabling Partners to Increase Connectivity and Create a Seamless Workflow Experience

FORT WORTH, Texas, April 23, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL), a national provider of risk management solutions, is announcing upcoming innovations to its managed care service offerings. Over the past year, CorVel has invested substantially in advanced technologies, particularly Generative AI. As a result, CorVel is pleased to introduce a new hub platform to the carrier market. This offering will lessen our partners' IT constraints and lead to better program outcomes.

Founded over thirty years ago, CorVel started as a managed care solutions provider, and these services have remained the cornerstone of the business. As a leader in the industry, CorVel is committed to technological innovation and bringing new solutions to our partners. The initiative results from engagement and collaboration with our partners following CorVel's philosophy of connecting technology and humans in a high-tech, high-touch environment.

CorVel's data and service hub will offer a unique, modern approach to managed care. This technology will provide customers with a comprehensive 360-degree view of their data with unparalleled analytics, allowing them to automate tasks and increase efficiencies within their business models. This enhancement will deliver the capability to seamlessly integrate CorVel's products with their claim platform, as well as with other analytics platforms, ancillary service providers, PPO vendors, and more.

"As the premier managed care vendor in the market, we are excited to announce our new integration services," said Michael Combs, CorVel's President and CEO. "This marketplace will create unmatched connectivity for our partners, allowing them to manage claims more effectively, achieving better results and providing better care for patients."

Another exciting new offering is CorVel's Generative AI Document Viewer. This technology will give managed care customers access to our newest innovation, augmented document summaries. Leveraging predictive AI, generative AI, and industry-specific large language models, the CorVel AI Document Viewer creates document summaries and identifies key data elements to deliver actionable insights to claims and clinical personnel within their native systems through EDI, API, and web services - By ingesting and analyzing new information as soon as it is available, the technology helps claims and clinical professionals stay current on important claim and treatment events and highlight the most relevant information.

"CorVel approaches healthcare with a unique perspective by offering our partners a holistic approach. Our goal is to create seamless solutions that address both their business needs and the well-being of their people," said Ron Wojciechowski, Vice President of Managed Care Strategy at CorVel. "These integration services deliver managed care support in a way that makes customers' lives easier and brings a connected experience to the market that is one of a kind."

These integrations are part of CorVel's newest campaign, "Managed Care, Your Way". Our partners' challenges are unique, and so are our strategies to overcome them. To learn more about CorVel's managed care services, visit https://www.corvel.com/managed-care/.

About CorVel

CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and related health care costs. We partner with employers, third-party administrators, insurance companies, and government agencies in managing workers' compensation and health, auto, and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support our partners and their customers and patients.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company's current expectations, estimates, and projections about the Company, management's beliefs, certain assumptions made by the Company, and events beyond the Company's control, all of which are subject to change. Such forward-looking statements include but are not limited to, statements relating to the Company's managed care services and the Company's continued investment in these and other innovative technologies, and statements relating to the Company's workers' comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company's actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company's filings with the Securities and Exchange Commission, including but not limited to "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2024, and the Company's Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.