IRVINE, Calif., Nov. 21 CorVel Corporation(Nasdaq: CRVL) announced today plans to provide "agent" services under the newMedicare legislation requiring expanded reporting for insurers, third partyadministrators and employers. The Company currently provides MedicareSet-Aside (MSA) services for workers' compensation and general liabilitycustomers throughout the country, and is expanding that service offering toinclude communications soon to be mandated under the legislation coveringCenters for Medicare/Medicaid Services (CMS) requirements.
Recent legislation has expanded the definition of the administrativerequirements designed to protect the Medicare system from medical expensesconsidered the primary obligation of private sector plans, including insuredand self-insured workers' compensation, liability and no fault plans. Thesenew regulations include a provision that enables Medicare to examinesettlements, judgments and awards to ensure that conditional payments areidentified and reimbursed. Claims with the potential to be covered under theCMS regulations must be communicated to the Coordination of BenefitsContractor (COBC) either directly by parties at risk or by their "agent". TheAct does not change current practices regarding Medicare Set-Aside agreementsbut rather emphasizes positive enforcement of protection and recovery measuresfor Medicare with respect to all classes of casualty claims.
CorVel currently conducts electronic interfaces with various governmententities as well as between itself and other private sector payors. Inaddition, the Company offers clearinghouse services providing electroniccommunications with healthcare providers and plans to expand these activitiesto include communications with CMS. Such activities reflect the growingvolume of electronic activity in healthcare records processing and leveragethe Company's longstanding investment in related information processingfacilities and software.
CorVel Corporation (http://www.corvel.com/) is a national provider ofleading-edge services and solutions in the field of disability management.CorVel specializes in applying information technology and e-commerceapplications to improve healthcare management in the workers' compensation,group health, auto and disability management insurance markets. The Companyprovides networks of preferred providers, claims administration, casemanagement, utilization management, and medical bill review to more than 2,000clients nationwide. Leveraging its commitment to flexibility and personalservice, CorVel delivers custom solutions for employers, insurers, third partyadministrators and government entities.
Safe Harbor Statement under the Private Securities Litigation Reform Actof 1995
All statements included in this press release, other than statements orcharacterizations of historical fact, are forward-looking statements. Theseforward-looking statements are based on the Company's current expectations,estimates and projections about the Company, management's beliefs, and certainassumptions made by the Company, and events beyond the Company's control, allof which are subject to change. Such forward-looking statements include, butare not limited to, statements relating to the Company's financial statementsand business. These forward-looking statements are not guarantees of futureresults and are subject to risks, uncertainties and assumptions that couldcause the Company's actual results to differ materially and adversely fromthose expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limitedto, factors described in this press release and the Company's filings with theSecurities and Exchange Commission, including "Risk Factors" in the Company'sAnnual Report on Form 10-K for the year ended March 31, 2008, and theCompany's most recent Form 10-Q. The forward-looking statements in this pressrelease speak only as of the date they are made. The Company undertakes noobligation to revise or update publicly any forward-looking statement for anyreason.
SOURCE CorVel Corporation