CorVel Corporation (CorVel or ‘the company’) is a US-based company that provides workers’ compensation solutions for employers, third party administrators, insurance companies, and government agencies. The company’s services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and Medicare services. The company operates in the US. The company operates in one reportable operating segment: Managed Care. CorVel offers its services in two categories: patient management, and network solutions. The company's patient management services include claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, life care planning, disability management, liability claims management and auto claims management services. The patient management services involve working on a one-on-one with injured employees and their various healthcare professionals, employers and insurance company adjusters. Patient management services include the processing of claims for self-insured payors with respect to property and casualty insurance. CorVel provides several claims management services as a third party administrator (TPA) which includes claims administration, case management, and medical bill review. In addition, the company also may provide initial loss reporting services for claims, loss mitigation services such as medical bill review and vocational rehabilitation, administration of trust funds established to pay claims and risk management information services. The company's case management and utilization review services address aspects of disability management and recovery, including utilization review (pre-certification, concurrent review and discharge planning), early intervention, telephonic, field and catastrophic case management, as well as vocational rehabilitation. CorVel's 24/7 nurse triage services provide channeling to a preferred network of providers, allows employer access to online case information, comprehensive incident gathering, and healthcare advocacy for injured workers. The processes in utilization management include injury review, diagnosis and treatment planning, contacting and negotiating provider treatment requirements, certifying appropriateness of treatment parameters, and responding to provider requests for additional treatment. Its utilization management services include prospective review, retrospective review, concurrent review, professional nurse review, second opinion, peer review, pre-certifications and independent medical evaluation. The company's vocational rehabilitation services include ergonomic assessments, rehabilitation plans, transferable skills analysis, labor market services, job seeking skills, resume development, job analysis and development, job placement, career counseling and expert testimony. CorVel’s life care planning services include comprehensive documentation, projecting future care requirements, customized reporting, certified documentation and costs specific to local areas. CorVel's disability management services include absence reporting, disability evaluations, national preferred provider organizations, independent medical examinations, utilization review, medical case management, return-to-work coordination and integrated reporting. The company offers liability claims management services that are sold as a stand-alone service or part of patient management. The liability claims management services include auto liability, general liability, product liability, personal injury, professional liability and property damage, accidents and weather-related damage. These services include claims management, adjusting services, litigation management, claims subrogation, and investigations. CorVel's auto claims services is comprised of national preferred provider organizations, medical bill review, first and third party bill review, first notice of loss, demand packet reviews and reporting and analytics. In addition, the company also operates CareMC, an application platform that allows for electronic communication and reporting between providers, payers, employers and patients. In FY2017, the patient management services category reported revenues of $288.4 million, which accounted for 55.6% of the company's total revenue. Network solutions services offered by the company include automated medical fee auditing, preferred provider management and reimbursement services, retrospective utilization review, facility claim review, professional review, pharmacy services, directed care services, Medicare solutions, clearinghouse services, independent medical examinations, and inpatient medical bill review. It also offers medical savings solution for all in-network and out-of-network medical bills including preferred provider organization (PPO) management, specialty networks, medical bill repricing, true line item review, expert fee negotiations, professional nurse review, automated adjudication and electronic reimbursement. The company's bill review services include coding review and re-bundling; reasonable and customary review; fee schedule analysis; out-of-network bill review; pharmacy review; PPO management; and repricing. The company's PPOs include groups of hospitals, physicians and other healthcare providers that offer services at pre-negotiated rates to employee groups. It also offers CERiS, CorVel's bill review program that allows claim payors to adjust individual line item charges on all bills to reasonable and customary levels while removing all error and billing discrepancies by means of professional review. CorVel's professional review services offer audit and validation of facility bill accuracy. The company's professional review services also includes review of in-network facility bills. Network solutions services offered by the company also include other services such as provider reimbursement, and scanning services. In FY2017, the network solutions services category reported revenues of $230.3 million, which accounted for 44.4% of the company's total revenue.
Scope of the Report
-- About the Company - Historical Details, Current Ownership Structure and basic overview of CorVel Corporation in terms of revenue, net income, and operating income.
-- Financials - Details about CorVel Corporation listing status, annual financial reports (for the past 5 years), key financial highlights and region wise and category wise breakdown of their net revenue.
-- Products / Services - Listing of the company’s entire portfolio along with description of individual products / services providing a clear picture of their target audience.
-- Company SWOT Analysis - Outlines CorVel Corporation’s strengths, weaknesses, and opportunities and threats facing the company.
-- Recent Developments - Showcases CorVel Corporation’s recent developments including mergers, acquisitions, partnerships, collaborations, new product launches, investment and divestment plans.
-- Strategic Evaluation - Provides an overview of CorVel Corporation’s corporate goals and strategic initiatives and evaluates their outcomes along with outlining any persisting legal issues and outlook of our in-house analyst panel on the particular company.
-- Technology Landscape - Details how the company allocates its IT budget across the core areas of its business, CIO/CTO Profile, Key IT Initiatives and Deals undertaken buy the company at present along with outlook.
Key Questions Answered
-- What domain does CorVel Corporation operate and what are key points about it?
-- What is the product / service portfolio of CorVel Corporation?
-- How has CorVel Corporation performed financially from the 2013?
-- How does CorVel Corporation rank among its peers in terms of revenue and market share?
-- What are CorVel Corporation strengths and weaknesses and what opportunities and threats does it face?
-- What are CorVel Corporation’s main growth strategies and how successful has the company been at implementing them?
-- What is the in-house technical capability of CorVel Corporation? Where does it procure / outsource it?
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1. About the Company
1.1 History and Basic Facts
1.2 Ownership Structure and Key Executives
1.3 Head Office
1.4 Other Locations & Subsidiaries
1.5 List of Competitors
1.6 Employee Count & Distribution
2.1 Company Type (Listed / Unlisted)
2.2 Annual Statements
2.3 Key Financial Highlights
2.4 Region-wise Breakdown
3. Product / Services
4. SWOT Analysis
4.1 SWOT Overview
5. Recent Developments
5.1 Mergers & Acquisitions
5.2 Partnerships, Collaborations & Joint Ventures
5.3 New Product Launches
5.4 Business Expansion / Divestment
6. Strategic Evaluation
6.1 Corporate Strategy
6.2 Legal Issues
6.3 Analyst Outlook
7. Technology Landscape
-- 7.1.1 Industry Snapshot
-- 7.1.2 IT Spend
-- 7.1.3 Key Information Technology Trends
-- 7.2.1 IT Overview
-- 7.2.2 Key IT Technologies
-- 7.2.3 Recent IT Initiatives
-- 7.2.4 IT Outsourcing Engagements
-- 7.2.5 Key IT Management
-- 7.2.6 CIO/CTO Profile
-- About Us
-- Contact Us