CorVel Acquires Assets of Hazelrigg Risk Management Services
Posted on: Thursday, 1 February 2007, 09:01 CST
IRVINE, Calif., Feb. 1 /PRNewswire-FirstCall/ -- CorVel Corporation announced the acquisition of the assets of Hazelrigg Risk Management Services, Inc. and its affiliated companies (HRMS). HRMS is a California based provider of integrated medical management, claims processing and technology services for workers' compensation clients. The acquisition was completed on January 31, 2007. The acquisition represents a substantial expansion of CorVel's Enterprise Comp service offering in the California marketplace.
Enterprise Comp is a fully integrated end-to-end claims management solution directed toward the self-insured and public-sector markets. CorVel's solution proactively manages the entire episode of a workers' compensation claim, providing improved return to work outcomes as cost effectively as possible.
CorVel is committed to providing innovative technology based healthcare management solutions to its insurer, third party administrator (TPA) and employer customers. The Enterprise Comp claims management process includes real time web based claim intake and medical triaging capabilities -- including interpretive systems and sophisticated rules engines. This outcome-based solution offers online access to integrated care information, standardized medical treatments, claims and bill review data on CorVel's healthcare management portal, http://www.caremc.com/.
About CorVel
CorVel Corporation (http://www.corvel.com/) is a national provider of leading-edge services and solutions in the field of managed healthcare. CorVel specializes in applying information technology and e-commerce applications to improve healthcare management in the workers' compensation, group health, auto and disability management insurance markets. The Company provides networks of preferred providers, case management, utilization management, independent medical evaluations and medical bill review to customers nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
This press release contains forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates,""expects,""intends,""plans,""predicts,""believes,""seeks,""estimates,""may,""will,""should,""would,""could,""potential,""continue,""ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are based on CorVel's current expectations, estimates and projections about its industry, management's beliefs, and certain assumptions made by CorVel, all of which are subject to change. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause CorVel's actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties referred to above include, but are not limited to, risks associated with the acquisition of HRMS, CorVel's ability to retain HRMS' existing customers and to market HRMS' services to new customers, the speed, quality and cost of CorVel's efforts to integrate HRMS' business with CorVel's business, and CorVel's ability to retain and motivate HRMS' employees and consultants. Further information on potential factors that could affect CorVel's financial results is included in CorVel's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date they are made. CorVel undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
CONTACT: Heather Burnham of CorVel Corporation, +1-949-851-1473
Web site: http://www.corvel.com/http://www.caremc.com/
Source: PRNewswire-FirstCall
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