CorVel at the Right Place at the Right Time
By Robert Warne - July 19, 2002The value of CorVel Corporation’s services has never been greater, as reflected in its record second quarter net income of $4 million.
CorVel reported that it had benefited from healthcare inflation, coupled with a tight insurance market. This, the company explained has created an environment where employers want improved claims management.
The rise in cost of certain aspects of claims has increased customer interest in CorVel's services. Because employers have become increasingly aware of the importance of productivity, one way they can cut costs in conjunction with their insurance services has been to outsource medical management programs, reported CorVel.
As a result CorVel has capitalized on saving employers, insurers, third party administrators and government entities money in a way that has translated into record profits for the Irvine based firm.
Offering the right services at the right time, when demand is the greatest, seems to be the formula that has led CorVel to post a 15 percent increase in earnings from the second quarter of 2001.
The company attributed its second quarter financial success to ongoing growth in its preferred provider network (PPO) and medical bill review services, as well as the acquisition of a diagnostic imaging network.
If CorVel can continue to apply its information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets it will probably have more good quarters in store. | 
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