CORVEL CORP recently released its 10-K report. CorVel Corporation is an independent provider of medical cost containment and managed care services focused on workers’ compensation, auto liability, general liability, and group health claims. Its business centers on bill review, network solutions, and patient management services for insurers, third-party administrators, government entities, and self-insured employers. The company was incorporated in 1987 and is based in Fort Worth, Texas.
Item 1. Business
CorVel describes itself as a nationwide medical cost containment and managed care company serving the insurance and risk management market. It uses technology, including artificial intelligence, machine learning, and natural language processing, to manage episodes of care and related health-care costs. Its services are sold to insurance companies, TPAs, government entities, and self-administered employers, and are delivered as integrated claims-management programs, standalone services, or add-on modules.
The company’s service lines include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and Medicare services. CorVel says its model combines technology with local service support from a national branch network. Its principal executive offices are at 5128 Apache Plume Road, Suite 400, Fort Worth, Texas 76109.
CorVel also points to its geographic operating structure, with regional vice presidents responsible for services and operating results across multiple states. The company says it has Dallas-Fort Worth area offices that handle both workers’ compensation and group health services, and that its Fort Worth headquarters serves as a central hub for its branch network.
In its industry discussion, CorVel says it serves employers and payors in workers’ compensation, general liability, auto liability, and hospital bill auditing and payment integrity. It notes that workers’ compensation is state-specific and complex, with claims handling, disability evaluation, dispute settlement, benefit guidelines, and cost-control strategies shaped by state statutes and court decisions. The company says occupational injury counts reported by the Bureau of Labor Statistics were 2.34 million in 2024, 2.37 million in 2023, 2.34 million in 2022, 2.24 million in 2021, 2.11 million in 2020, and 2.69 million in 2019.
CorVel says its network solutions include professional nurse review, true line item review, fee negotiations, specialty networks, PPO management, medical bill repricing, automated adjudication, and electronic reimbursement. Its bill review system uses automated algorithms, and the company says its artificial intelligence engine contains more than 100 million individual rules. Its PPO network had more than 1.2 million providers nationwide as of March 31, 2026.
The company’s other services include CERIS, its enhanced review program for facility claims; professional review for facility bills; provider reimbursement; Symbeo scanning and document management; pharmacy services; directed care services such as imaging, therapy, diagnostics, durable medical equipment, transportation, and translation; Medicare set-aside and reporting services; clearinghouse services; and patient management services including claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, disability management, liability claims management, and auto claims management.
During fiscal 2026, CorVel spent $56.2 million to repurchase 782,744 shares of common stock. Since the program began in fiscal 1997, it has repurchased 115,259,435 shares at a cost of about $888 million, with 1,740,565 shares still authorized for repurchase as of March 31, 2026. The company also appointed Brian S. Nichols as chief financial officer, effective September 10, 2025. Today the company's shares have moved -4.23% to a price of $61.54. For more information, read the company's full 10-K submission here.
