CorVel Corp (NASDAQ: CRVL) is a managed care company that provides medical cost containment and managed care services to payors of workers' compensation benefits, automobile insurance claims, and group health insurance benefits. Revenue comes from two service lines: patient management services and network solutions services, both priced on a fee-for-service basis to insurance companies, third-party administrators, governmental entities, and self-administered employers. Patient management services include claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, and life care planning. Network solutions services include automated medical fee auditing, preferred provider management, pharmacy services, independent medical examinations, directed care (CareIQ network), and inpatient medical bill review. The company operates as a single reportable segment, managed care, across regional operations nationwide. Operating cash flow was $155.6 million in fiscal year 2026 and $127.3 million in fiscal year 2025, with the FY2026 increase driven primarily by a $15.2 million rise in net income. CEO Michael G. Combs also serves as Chairman and President, with Brian S. Nichols as CFO, as of the 10-K filed May 22, 2026.

Revenue model

Fee-for-service model across two lines: patient management services and network solutions services. Customers are insurance companies, third-party administrators, governmental entities, and self-administered employers. Network solutions revenue share grew from FY2024 to FY2026, driven by increased focus on enhanced bill review programs.

Products and services

Patient management: claims management, case management, 24/7 nurse triage, utilization management, vocational rehabilitation, life care planning, Telehealth. Network solutions: automated medical fee auditing, hospital bill auditing, preferred provider management, pharmacy services, independent medical examinations, directed care network (CareIQ) covering imaging, physical therapy, durable medical equipment, translation and transportation, Medicare solutions, clearinghouse services, inpatient medical bill review. Auto claims services: national preferred provider organizations, medical bill review, first/third party bill review, first notice of loss, demand packet reviews, reporting and analytics.

Customers and end markets

Insurance companies, third-party administrators (TPAs), governmental entities, and self-administered employers. End markets: workers' compensation, automobile insurance claims, and group health insurance. Single reportable segment: managed care.

Value-chain role

Intermediary between payors (insurers, employers, TPAs) and the medical care system. Reduces medical costs for payors by auditing bills, managing networks of preferred providers, reviewing utilization, and coordinating care for injured workers and claimants. Operates a tier III-rated primary data center near Portland, Oregon, with a backup redundancy center in Lone Mountain, Nevada.

Geographic exposure

Nationwide U.S. operations. Primary data center near Portland, Oregon; redundancy center in Lone Mountain, Nevada. Telehealth approved in nearly all U.S. states as of the 10-K filed May 22, 2026.

Source: SEC 10-K, filed 2026-05-22

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