CorVel Announces Revenues and Earnings( IRVINE Calif. June 4 /- CorVel Corpor...),Health

IRVINE, Calif., June 4 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) reported earnings per share of $0.33 for the quarter ended March 31, 2009, compared to $0.44 in the same quarter of the prior year. For the fiscal year ended March 31, 2009 earnings were $1.42 per share compared to the prior fiscal year of $1.67 per share.

The Company reported quarterly revenues of $77 million, comparable to the prior year's March quarterly revenue of $77 million. For the fiscal year ended March 31, 2009, revenues were $310 million, representing a 2.7% increase from the $302 million in revenues achieved in the prior fiscal year.

During the March quarter and throughout fiscal 2009, the Company has continued to expand its workers' compensation claims management solutions. During the March quarter, CorVel completed the acquisition of a third party administrator (TPA) in New York, the Company's third acquisition in its TPA expansion effort. Software development 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.

Also in the March quarter, the company continued its Medicare Agent Services initiative. Recent legislation has expanded the definition of the administrative requirements designed to protect the Medicare system from medical expenses considered the primary obligation of private sector plans, including insured and self-insured workers' compensation, liability and no fault plans. These new regulations include a provision that requires claims with the potential to be covered under the Centers for Medicare/Medicaid Services (CMS) regulations to be communicated to the Coordination of Benefits Contractor either directly by parties at risk or by their "Agent". The Act emp
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