CorVel Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2023
May 25, 2023 at 03:45 pm IST
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CorVel Corporation reported earnings results for the fourth quarter and full year ended March 31, 2023. For the fourth quarter, the company reported sales was USD 185.44 million compared to USD 171.36 million a year ago. Net income was USD 18.17 million compared to USD 19.64 million a year ago. Basic earnings per share from continuing operations was USD 1.06 compared to USD 1.11 a year ago. Diluted earnings per share from continuing operations was USD 1.04 compared to USD 1.09 a year ago.
For the full year, sales was USD 718.56 million compared to USD 646.23 million a year ago. Net income was USD 66.37 million compared to USD 66.41 million a year ago. Basic earnings per share from continuing operations was USD 3.83 compared to USD 3.74 a year ago. Diluted earnings per share from continuing operations was USD 3.77 compared to USD 3.66 a year ago.
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the management of episodes of care and the related health care costs. The Company partners with employers, third-party administrators, insurance companies and government agencies in managing workers' compensation and health, auto and liability services. Its customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients. The Company's services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care and Medicare services. The Company offers a complete medical savings solution for all in-network and out-of-network medical bills. Its bill review services include coding review and re-bundling, reasonable and customary review, fee schedule analysis, preferred provider organization management, and repricing.