CorVel
CorVel provides comprehensive risk management solutions, including claims management, liability management, and disability management, leveraging AI and data-driven technology to optimize patient care and claims processes.
Services
CorVel provides a comprehensive suite of risk management solutions tailored for payors and employers. Their services include claims management for workers' compensation, liability management to resolve claims efficiently, disability management to streamline employment leaves and return-to-work programs, and alternative risk solutions customized for unique business needs. They also offer pharmacy benefit management, Medicare services for compliance with reporting requirements, and virtual care options aimed at reducing recovery times and claim costs. Additional services feature litigation management, nurse file review, and a nurse triage hotline for immediate workplace injury intervention.
Technology Solutions
CorVel leverages advanced technology and data-driven methods to optimize patient care and claims management. The company's proprietary platform, CareMC Edge, provides an integrated approach to streamline tasks. It utilizes AI and machine learning to enhance the efficiency of their services, from predictive modeling to identify potential barriers to recovery, to analytics available on an executive dashboard. The CogencyIQ system offers insights through trend identification and data-driven recommendations. Their generative AI initiative is set to revolutionize claims and case management processes.
Provider Network
CorVel maintains a proprietary network of healthcare providers that serves over 10 million workers nationwide. They ensure quality care through a thorough credentialing process and offer a comprehensive provider network that comes with discounted rates. Ancillary care solutions are designed to support every stage of an employee's recovery, while their fast-track program focuses on resolving non-complex liability claims expeditedly. This extensive network allows CorVel to provide holistic and patient-centric advocacy models to ensure quality care.
Company History
CorVel has been publicly traded on Nasdaq since 1991, making it the sole independent, publicly-traded claims management provider in the industry. The company reported an annual revenue exceeding $719 million. Over the years, CorVel has developed a robust range of integrated services and technology solutions aimed at improving the effectiveness and efficiency of risk management for various organizations. Their continued focus on innovation and quality service delivery has solidified their position as a leading provider in the field.