CorVel quarterly revenues increase 13% to $91.5 million

CorVel CorporationAug 3 2010

CorVel Corporation (Nasdaq: CRVL) reported earnings per share of $0.64 for the quarter ended June 30, 2010, a 30% increase compared to $0.49 in the same quarter of the prior fiscal year.  The Company reported quarterly revenues of $91.5 million, a 13% increase compared to $81.3 million in the same quarter of the prior fiscal year.

Revenue growth compared to the same quarter the prior year was lead by a 31% increase in the Company's  Patient Management product line which includes traditional case management services and claims management.  Claims management growth included additional new customers and the improved integration of CorVel service components.  CorVel's claims management program continues to gain momentum in the market place.  The Company has increased its information technology resourcing in order to advance the pace of delivery of new features for clients.  CorVel seeks to improve claims outcomes through such investments.  These technology projects will incorporate artificial intelligence to improve the Company's managed workflow environment.  

Network Solutions revenue was flat compared to the same quarter last year.  Growth in the Company's  pharmacy solutions and directed care networks offset a slight decline in medical bill review revenues.