IRVINE, Calif., Nov. 21 /PRNewswire-FirstCall/ -- CorVel Corporation (Nasdaq: CRVL) announced today plans to provide "agent" services under the new Medicare legislation requiring expanded reporting for insurers, third party administrators and employers. The Company currently provides Medicare Set-Aside (MSA) services for workers' compensation and general liability customers throughout the country, and is expanding that service offering to include communications soon to be mandated under the legislation covering Centers for Medicare/Medicaid Services (CMS) requirements.
Recent legislation has expanded the definition of the administrative requirements designed to protect the Medicare system from medical expenses considered the primary obligation of private sector plans, including insured and self-insured workers' compensation, liability and no fault plans. These new regulations include a provision that enables Medicare to examine settlements, judgments and awards to ensure that conditional payments are identified and reimbursed. Claims with the potential to be covered under the CMS regulations must be communicated to the Coordination of Benefits Contractor (COBC) either directly by parties at risk or by their "agent". The Act does not change current practices regarding Medicare Set-Aside agreements but rather emphasizes positive enforcement of protection and recovery measures for Medicare with respect to all classes of casualty claims.
CorVel currently conducts electronic interfaces with various government entities as well as between itself and other private sector payors. In addition, the Company offers clearinghouse services providing electronic communications with healthcare providers and plans to expand these activities to include communications with CMS. Such activities reflect the growing volume of electronic activity in healthcare records processing and leverage the Company's longstanding investment in related information processing facilities and software.
CorVel Corporation (http://www.corvel.com/) is a national provider of leading-edge services and solutions in the field of disability management. 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, claims administration, case management, utilization management, and medical bill review to more than 2,000 clients nationwide. Leveraging its commitment to flexibility and personal service, CorVel delivers custom solutions for employers, insurers, third party administrators and government entities.
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 financial statements and business. 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 "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2008, and the Company's most recent Form 10-Q. 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.
SOURCE CorVel Corporation
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