|Type||Public (NASDAQ: CRVL)|
|Industry||Claims Management and Healthcare Management|
|Headquarters||Irvine, California, USA|
|Key people||V Gordon Clemons: Chairman / CEO
Scott R. McCloud: Chief Financial Officer
Donald C. McFarlane: Chief Information Officer
|Products||Claims Management and Healthcare Management|
|Revenue||$413 million USD (2012)
$380 million USD (2011)
$337 million USD (2010)
$310 million USD (2009)
|Net income||$26.5 million USD (2012)
$24.6 million USD (2011)
$26 million USD (2010)
$19.2 million USD (2009)
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 programs. The name CorVel is based on the Latin language meaning "of one heart".
In 1987, Gordon Clemons joined with Jim Michael and Jeff Michael, investors from Minnesota and founded CorVel Corporation (originally named FORTIS). 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.
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 had revenues of $380 million for fiscal year ending March 31, 2011.
CorVel is licensed to do business in all 50 states, the District of Columbia and Puerto Rico.