CorVel Corporation
Encyclopedia
CorVel Corporation is a provider of healthcare management services and solutions for workers' compensation, auto & liability, group health and disability insurance markets. The company’s target markets include: employers, insurance companies, third party administrators, and state and municipal governments. In addition to their national network of over 750,000 preferred healthcare providers, CorVel offers claims management, case management, medical bill review and disability management program
s. The name CorVel is based on the Latin language meaning "of one heart".
). 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 US locations and they entered the medical bill review and medical case management
business.
In 1991 the Company first issued stock to the public and began trading on the NYSE at a market capitalization value of $43 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
(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 sales. Out of network medical review was added to the portfolio of provider programs.
CorVel is licensed to do business in all 50 states, the District of Columbia and Puerto Rico.
Disability Management Program
A Disability Management Program, or DMP, is used by employers to assist employees who are unable to work due to injury or illness. The DMP consists of several components, however not all DMPs have all possible components. Smaller programs may only include the basic components while larger programs...
s. The name CorVel is based on the Latin language meaning "of one heart".
History
In 1988, Gordon Clemons joined with Jim Michael and Jeff Michael, investors from Minnesota and founded CorVel Corporation (originally named FORTISFortis
Fortis is a Latin word meaning "strong, sturdy, brave, manly, resolute", and in modern usage may refer to:* Aqua fortis, an alternate name for concentrated nitric acid...
). 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 US locations and they entered the medical bill review and medical case management
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....
business.
In 1991 the Company first issued stock to the public and began trading on the NYSE at a market capitalization value of $43 million. The offering raised $3.5 million, net of the repayment of venture funding. The following year the Fortis
Fortis (finance)
Fortis N.V./S.A. was a company active in insurance, banking and investment management. In 2007 it was the 20th largest business in the world by revenue but after encountering severe problems in the financial crisis of 2008, most of the company was sold in parts, with only insurance activities...
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
Preferred provider organization
In health insurance in the United States, a preferred provider organization is a managed care organization of medical doctors, hospitals, and other health care providers who have covenanted with an insurer or a third-party administrator to provide health care at reduced...
(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 sales. Out of network medical review was added to the portfolio of provider programs.
Operations
CorVel had revenues of $301 million for fiscal year ending March 31, 2008.CorVel is licensed to do business in all 50 states, the District of Columbia and Puerto Rico.