Irvine, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter June 30, 2012. Revenues for the quarter ended June 30, 2012 were a record $105 million, a 2% increase over the $102 million in revenue in the June 2011 quarter. Earnings per share for the quarter ended June 30, 2012 were $0.58. Earnings per share for the quarter ended June 30, 2011, were $0.70.
Revenue growth for the quarter over the prior year was driven by a 9% increase in the Company’s Patient Management service line which offset a 4% decrease in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management growth included new customers as well as revenue from liability claims services, a natural product line extension in the casualty market.
During the quarter the Company continued to sign new claims management business, including several marquee accounts, which will be implemented over the next several months. Business opportunities continue to increase due to the Company’s growing reputation in the marketplace, expanded relationships within the broker and carrier communities and the improved delivery of CorVel’s total suite of services.
The Company continues the expansion of investments in the Network Solutions service line. Work also continues on the development of mobile applications, including an application specifically designed for nurse case managers. Utilizing the advances in mobile computing, the Company’s goal is to improve the workers’ compensation experience for all constituents. The case manager app allows field case managers to easily communicate in real time with physicians, adjusters and employers, update case files and access critical data while they are out in the field with patients thereby reducing inherent delays in the claims process.
The complete earnings release is available here: CorVel Second Quarter 2012 Revenues and Earnings
Source: CorVel