Irvine, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter ended June 30, 2014. Revenues for the quarter ended June 30, 2014 were $124 million, a 5% increase over the $118 million in revenue for the quarter ended June 30, 2013. Earnings per share for the quarter ended June 30, 2014 were $0.39 and were $0.40 for the same quarter of the prior year.
Revenue growth for the quarter was driven by the addition of claims administration clients and the increase in claims administration services. Additionally, revenues from the Company’s facility claim review service in the health market continued to grow as payors face increasing pressure to help contain inflating medical costs. The Affordable Care Act has increased interest in CorVel’s medical and facility review services.
The quarter included expenses to develop the Company’s most recent mobile app that is designed for patients. Patients will be able to log into the secure application on their smart phones and access critical information such as an electronic pharmacy card to cover any prescriptions costs or the status of their disability payments. Investments in information systems continued, including several projects to increase claims intake capabilities and develop new systems features to further integrate all of the Company’s proprietary claims and managed care services.
The complete earnings release is available here: CorVel Q2 2014 Revenues and Earnings