IRVINE, Calif., Oct. 1 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL), a leading provider of workers' compensation claims management services, announced the addition of over 150,000 facility and provider locations to its national CorCare Preferred Provider Network effective November 1, 2007. The new provider network additions are the result of a new partnership with Integrated Health Plan (IHP) headquartered in St. Petersburg, FL.
With more than 5,500 hospitals and over 637,000 physicians and ancillary facilities in their network, Integrated Health Plan is one of the nation's largest multi-specialty PPO networks. IHP is experienced in working with both self-insured and fully-insured clients of all sizes and is currently utilized by many of the largest payors and intermediaries in the group health, limited medical, workers'compensation and auto liability industries.
CorVel conducts periodic evaluations of its network performance customer savings in order to ensure the continuation of its industry-leading Network Solutions results. The cornerstone of CorVel's Network Solutions is CorVel's proprietary "First Review" artificial intelligence software engine. Investments are expected to continue to further expand the scope of this cutting edge tool. Most recently CorVel announced plans to extend its clearinghouse capabilities to its customers and providers. For several years CorVel has been involved in the acceptance and routing of electronic bills (ebills) in workers compensation. The technologies supporting the expanded use of its clearinghouse facilities include document conversion and tracking tools, ebill processing capabilities and "smart routing" capabilities first implemented three years ago. Legislative initiatives in Texas, California, North Carolina, Minnesota and other states have indicated rapidly growing interest in the benefits of increased provider reimbursement automation. These efforts, while initially focused on ebill transmission, lay the groundwork for other innovations that will further improve the cost effectiveness of healthcare delivery and reimbursement.
This fall CorVel plans to introduce further expansions to its CareMC healthcare transaction processing portal. These changes will continue the Company's strategic initiatives focused upon the integration of healthcare reimbursement and patient management activities. CareMC provides a central repository for electronic medical records and allows various constituencies role-based access to information on an "as appropriate" basis. The expansion of the CorCare network and new clearinghouse capabilities further enhance the capabilities of CareMC.
CorVel Corporation (http://www.corvel.com/) is a national provider of leading-edge services and solutions in the field of managed healthcare. CorVel specializes in applying information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets. The Company provides networks of preferred providers, case management, utilization management, independent medical evaluations and medical bill review to more than 1,500 clients nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
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, and 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 new service offerings and features new partnership with Integrated Health Plan, investments in and savings results of Network Solutions, and expansion of CorCare and CareMC. 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.
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 "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2007. 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.
|SOURCE CorVel Corporation|
Copyright©2007 PR Newswire.
All rights reserved