CorVel Corporation is an American technology company.
History
In 1987, Gordon Clemons joined with Jim Michael and
Jeffrey Michael, investors from
Minnesota
Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...
, and founded CorVel Corporation (originally named FORTIS). Three small vocational rehabilitation firms were consolidated to form the initial foundation of the new company, valued at approximately $2 million with over 200 associates.
Within two years, the company expanded to 51 American locations, and they entered the medical bill review and
medical case management
Medical case management is a collaborative process that facilitates recommended treatment plans to assure the appropriate medical care is provided to disabled, ill or injured individuals. It is a role frequently overseen by patient advocates.
I ...
business.
In 1991, the company first issued stock to the public and began trading on the
NASDAQ
The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
at a market capitalization value of $46 million.
The offering raised $3.5 million, net of the repayment of venture funding.
[ The following year, the Fortis name was sold,][ raising $4 million][ and the company changed its name to CorVel Corporation. With the funding from the name sale, CorVel began building a national ]preferred provider organization
In U.S. health insurance, a preferred provider organization (PPO), sometimes referred to as a participating provider organization or preferred provider option, is a managed care organization of medical doctors, hospitals, and other health care p ...
(PPO).
During the mid '90s, CorVel doubled its office network again, and expanded its software offerings.[ PPO services became an important part of most ]healthcare management
Health care, or healthcare, is the improvement or maintenance of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is deli ...
sales. Out of network medical review was added to the portfolio of provider programs.workers' compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...
claims management solutions. During the March quarter, CorVel completed the acquisition of a third party administrator
In the United States, a third-party administrator (TPA) is an organization that processes insurance claims or certain aspects of employee benefit plans for a separate entity. It is also a term used to define organizations within the insurance indu ...
(TPA) in New York, the company's third acquisition in its TPA expansion effort. Software development
Software development is the process of designing and Implementation, implementing a software solution to Computer user satisfaction, satisfy a User (computing), user. The process is more encompassing than Computer programming, programming, wri ...
efforts have been focused on the incorporation of artificial intelligence capabilities and workflow management tools in to the claims' management systems in order to enable CorVel's unique process.
In August 2010, CorVel introduced a provider look up app that can be accessed in the Apple Store
The Apple Store is a chain of Retail, retail stores owned and operated by Apple Inc. The stores sell, service and repair various Apple products, including Macintosh, Mac desktop and MacBook laptop personal computers, iPhone smartphones, iPad ta ...
and Google Play
Google Play, also known as the Google Play Store, Play Store, or sometimes the Android Store (and was formerly Android Market), is a digital distribution service operated and developed by Google. It serves as the official app store for certifie ...
. This mobile app provides access to locate network doctors, specialists, hospitals and other facilities near the user.
In August 2011, the company also introduced a claim intake app available from Apple that provides mobile access to report workplace incidents and injuries.
In March 2012, the company announced revenues for the quarter ended March 31, 2012, that were a 4% increase over the previous quarter in 2011.
In September 2014, CorVel released a new app (My Care) that provides online access to view indemnity payments, access pharmacy cards, review treatment guidelines and review details of the workplace injury claim. The newest feature of the app provides Touch ID for iPhone
The iPhone is a line of smartphones developed and marketed by Apple that run iOS, the company's own mobile operating system. The first-generation iPhone was announced by then–Apple CEO and co-founder Steve Jobs on January 9, 2007, at ...
s that provides secure fingerprint access on iOS devices
The iPhone, developed by Apple Inc., is a line of smartphones that combine a mobile phone, digital camera, personal computer, and Portable media player, music player into one device. Introduced by then-CEO Steve Jobs on January 9, 2007, the iPh ...
.
In August 2015, the company announced Telehealth Services as part of their existing Enterprise Comp claims management model to offer immediate access to medical providers for injured workers.
Operations
CorVel had revenues of $592 million for fiscal year ending March 31, 2020.Puerto Rico
; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...
.
See also
*Workers' compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her emp ...
*Managed Care
In the United States, managed care or managed healthcare is a group of activities intended to reduce the cost of providing health care and providing health insurance while improving the quality of that care. It has become the predominant system o ...
*Preferred Provider Organization
In U.S. health insurance, a preferred provider organization (PPO), sometimes referred to as a participating provider organization or preferred provider option, is a managed care organization of medical doctors, hospitals, and other health care p ...
References
{{Reflist
Health care companies established in 1987
Financial services companies established in 1987
Companies based in Irvine, California
Health insurance companies of the United States
Health care companies based in California
Companies listed on the Nasdaq
1991 initial public offerings