CorVel Announces First Generative AI Module
September 12 2023 - 7:23AM
CorVel Corporation (NASDAQ: CRVL) today announced the release of
its initial Generative AI module. A new addition to CorVel’s
CogencyIQ® service offerings, the module will leverage machine
learning to interpret medical records for adjusters and prompt
immediate actions.
Interpreting medical data and determining the next steps in
managing a case is critical and time-consuming for adjusters.
CorVel’s generative AI model will now read and summarize this
often-complex information, provide the summary to the adjusters,
and propose actions to be taken. Simultaneously, the extraction of
unstructured data from the reports will be highlighted for the
claims staff to quickly and efficiently update claim fields in
CareMC and ensure the key stakeholders are notified. This
innovative solution significantly reduces the adjuster's time
commitment to objective tasks and allows them more time to
interface directly with injured workers, be more strategic, and
ultimately improve outcomes.
The generative AI module is the latest addition to CorVel’s
award-winning CareMC claims platform integrated technology system,
which delivers a holistic view of all data on a claim and automates
routine processes for speed and efficiency.
“Our approach to Generative AI is marked by intentionality,
fostering collaborative efforts with our team and partners. Our
unwavering commitment lies in leveraging technology to elevate the
efforts of our professional staff and improve the outcomes
delivered. We also see generative AI as an efficient approach to
mitigate labor-related challenges by offering guidance to upcoming
generations of professionals,” said Michael Combs, President and
CEO, of CorVel.
For more information on CorVel’s technology visit
https://www.corvel.com/technology/
About CorVel
CorVel Corp. applies technology, including artificial
intelligence, machine learning, and natural language processing, to
enhance the managing of episodes of care and the related health
care costs. We partner with employers, third-party
administrators, insurance companies, and government agencies in
managing workers’ compensation and health, auto, and liability
services. Our diverse suite of solutions combines our integrated
technologies with a human touch. CorVel's customized services,
delivered locally, are backed by a national
team to support clients as well as their customers
and patients.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on the Company’s current expectations, estimates, and
projections about the Company, management’s beliefs, and certain
assumptions made by the Company, and events beyond the Company’s
control, all of which are subject to change. Such forward-looking
statements include but are not limited to, statements relating to
the Company’s managed care services and the Company’s continued
investment in these and other innovative technologies, and
statements relating to the Company’s workers’ comp service
offerings. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties, and
assumptions that could cause the Company’s actual results to differ
materially and adversely from those expressed in any
forward-looking statement, including the risk that the impact of
the COVID-19 pandemic on our business, results of operations and
financial condition is greater than our initial assessment.
The risks and uncertainties referred to above include but are
not limited to factors described in this press release and the
Company’s filings with the Securities and Exchange Commission,
including but not limited to “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended March 31, 2023 and the
Company’s Quarterly Report on Form 10-Q for the quarters ended June
30, 2023, September 30, 2022, and December 31, 2022. The
forward-looking statements in this press release speak only as of
the date they are made. The Company undertakes no obligation to
revise or update publicly any forward-looking statement for any
reason.
CorVel Corporation801 Cherry St. #2400Fort Worth, TX 76102
Contact: Melissa StoranPhone: 949-851-1473www.corvel.com
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