CorVel Launches Automated Processing and Payment Platform

IRVINE, Calif., Oct. 09, 2017 -- CorVel Corporation (NASDAQ:CRVL) announced today the launch of its business process automation platform under the name Symbeo. Symbeo includes the longstanding Scan One line of data conversion operations as well as its remittance processing solutions.  Symbeo will serve as the solution center focused on creating efficiencies between payors and payees for both insurance payments as well as corporate accounts payable (AP) business-to-business transactions.

Data integration functionality has expanded business process automation opportunities.  As companies strive to focus on their enterprise-critical activities, the demand to leverage specialized service providers to automate administrative duties has increased.  CorVel began as an outsource vendor for insurance services and has experienced growth in the expansion of those activities in new markets.  Scan One lead this expansion and will be a core element in the Symbeo service line.

Scan One is recognized as a leader in the AP automation industry and works with the world’s top purchase-to-pay providers to help deliver complete solutions for Fortune 100 companies. Symbeo plans to expand its line to include on demand solutions for printing and fulfillment.

“The name Symbeo symbolizes an exciting new beginning for us,” said Symbeo’s President, Matt Wright. “We have a new facility scheduled for operation next year, and look forward to continued growth, capitalizing upon that expansion.”

About CorVel

CorVel Corporation is a national provider of innovative workers’ compensation, liability, auto and health solutions for employers, third party administrators, insurance companies, and government agencies seeking to control costs and promote positive outcomes. We apply technology, intelligence, and a human touch throughout the risk management process so our clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. With a robust technology platform at its core, our connected solution is delivered by a national team of associates who are committed to helping clients design and administer programs that meet their organization’s performance goals.

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 results of operations, including product investment strategies, bill review and claims management services. 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.

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, 2017 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, September 30, 2016 and December 31, 2016. 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.

Contact:  Heather Burnham
Phone:  949-851-1473
http://www.corvel.com