- CorVel Corporation
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CorVel Corporation Type Public (NASDAQ: CRVL) Industry Claims Management and Healthcare Management Founded 1988 Headquarters Irvine, California, USA Key people V Gordon Clemons: Chairman of the Board
Daniel J Starck: President, CEO, COOProducts Claims Management and Healthcare Management Revenue 
$310 million USD (2009)[1]Net income $19.2 million USD (2009)[1]Employees 2,700 (2009) Website www.corvel.com CorVel Corporation (NASDAQ: CRVL) 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".[2]
Contents
History
In 1988, 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.[citation needed]
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.[citation needed] The offering raised $3.5 million, net of the repayment of venture funding.[citation needed] The following year the Fortis name was sold,[citation needed] raising $4 million[citation needed] 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.[citation needed] PPO services became an important part of most healthcare management sales. Out of network medical review was added to the portfolio of provider programs.[3]
Operations
CorVel had revenues of $301 million for fiscal year ending March 31, 2008.[4]
CorVel is licensed to do business in all 50 states, the District of Columbia and Puerto Rico.
See also
External links
References
Categories:- Companies listed on NASDAQ
- Companies established in 1988
- Companies based in Irvine, California
- Insurance companies of the United States
- Health maintenance organizations
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