CorVel Corporation Announces New Expert Review Matrix in MedCheck Systems
IRVINE, Calif., July 19 -- CorVel Corporation (NASDAQ:CRVLE) today announced the availability of the Expert Review Matrix (ERM) version of the Company's MedCheck systems. MedCheck systems provide medical review for major insurers, third party administrators (TPAs) and employers for healthcare benefits plans, workers' compensation and automobile insurance. The latest ERM release capitalizes on advances in image processing and artificial intelligence (AI) to optimize medical review savings.
MedCheck systems manage medical transaction processing to guide payors' reimbursement of healthcare practitioners. CorVel's remote capture and conversion of healthcare transactions to an electronic format has facilitated more sophisticated workflow processes. This latest version of MedCheck allows several different specialized reviews to be integrated within the overall reimbursement process. ERM processing techniques allow specialists in each diagnosis category, regulatory jurisdiction or benefit category access to bills across the country through MedCheck's secure server. This access permits CorVel specialists to utilize their knowledge and provide optimum review for each bill, in lieu of the current generalized approaches in competing systems.
"CorVel is very proud to announce the new Expert Review Matrix enhancement to our MedCheck systems. We are excited to offer this unique service and feel that this technology will not only improve our processing for payors, but also offer increased savings to our customers," said Gordon Clemons, President and CEO, CorVel Corporation.
The system can be implemented to capture medical billings onsite and remotely in a payor's distributed facilities. MedCheck's remote capture capabilities replace the need for traditional scanning centers and shorten the time required to process medical billings. State-of-the-art management consoles track all medical billings through each stage of processing, assuring timely completion as well as effective monitoring of all work. The system's AI engine includes over nine million individual rules, creating a comprehensive review process that has achieved industry leading savings results and either reduces or eliminates manual tasks. Special reviews can be incorporated, with ERM processing included, without delaying completion of the full review.
ERM capabilities, though recent additions, were piloted late last year and have been operating in production environments for several months. The Company plans further extensions of this technology.
CorVel Corporation is an independent, nationwide provider of healthcare management services in the workers' compensation, group health and auto insurance markets. The company provides services to employers, government entities, insurance companies and third party administrators. In addition to the company's networks of preferred providers, its offices deliver case management, utilization management, independent medical evaluations, bill review and disability management programs. CorVel serves over 2,000 clients through its nationwide branch office network.
CONTACT: Heather Burnham of CorVel Corporation, +1-949-851-1473