CorVel Corporation (CRVL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la gestión de la salud, Corvel Corporation (CRVL) surge como una fuerza transformadora, combinando perfectamente la tecnología innovadora con la prestación de servicios integrales. Al aprovechar el análisis de datos avanzados, las plataformas digitales de vanguardia y un enfoque matizado para la administración de reclamos, Corvel ha forjado un nicho distintivo en el complejo mundo de la gestión de costos de salud y las soluciones de compensación de los trabajadores. Su dinámico lienzo de modelo de negocio revela un marco estratégico que no solo aborda los desafíos multifacéticos de los proveedores de servicios de salud, sino que también ofrece un valor incomparable a través de estrategias de gestión de riesgos personalizadas y basadas en tecnología.

Corvel Corporation (CRVL) - Modelo de negocios: asociaciones clave

Proveedores de atención médica y redes médicas

Corvel mantiene asociaciones con aproximadamente 1,2 millones de proveedores de atención médica en todo el país a partir de 2023. La red de la compañía incluye:

Tipo de proveedor	Número de socios
Hospitales	3,800
Centros de atención urgente	2,500
Clínicas médicas especializadas	6,200

Compañías de seguros y administradores externos

Corvel colabora con múltiples entidades de seguro, que incluyen:

• Las 25 mejores compañías de seguros de compensación de trabajadores
• 15 compañías nacionales de seguros de propiedad y víctimas
• 7 principales proveedores nacionales de seguros de salud

Proveedores de tecnología para soluciones de atención médica digital

Las asociaciones de tecnología estratégica incluyen:

Socio tecnológico	Área de enfoque
Microsoft Azure	Infraestructura en la nube
Salesforce	Gestión de la relación con el cliente
IBM Watson	AI y aprendizaje automático

Organizaciones de gestión de compensación de trabajadores

Corvel sirve 42 gobiernos estatales con soluciones de gestión de compensación de trabajadores. La cobertura de la asociación incluye:

• Departamentos estatales de gestión de riesgos
• Empleadores del sector público
• Juntas de compensación de trabajadores estatales

Compañías de análisis de software y datos

Los datos clave y las asociaciones de análisis implican:

Pareja	Enfoque de colaboración
Cuadro	Visualización de datos
Copo de nieve	Almacenamiento de datos
Databricks	Análisis avanzado

Corvel Corporation (CRVL) - Modelo de negocio: actividades clave

Servicios de atención administrada y administración de reclamos

Corvel procesó 8,5 millones de reclamos médicos en el año fiscal 2023. La compañía administra reclamos en múltiples segmentos de seguro con un Tasa de precisión de procesamiento de reclamos electrónicos del 99.5%.

Métricas de procesamiento de reclamos	Volumen anual
Total de reclamos médicos procesados	8.5 millones
Precisión del procesamiento de reclamos electrónicos	99.5%

Soluciones de gestión de riesgos empresariales

Corvel proporciona servicios integrales de gestión de riesgos para corporaciones, manejando aproximadamente 75,000 casos de riesgo empresarial anualmente.

• Estrategias de evaluación de riesgos y mitigación
• Desarrollo del programa de seguridad en el lugar de trabajo
• Plataformas integradas de tecnología de gestión de riesgos

Revisión de la factura médica y contención de costos

En el año fiscal 2023, Corvel logró $ 1.2 mil millones en ahorros de costos médicos para los clientes a través de procesos de revisión de facturas avanzadas.

Métricas de contención de costos	Rendimiento anual
Ahorro de costos médicos	$ 1.2 mil millones
Reducción de costos promedio por factura	37%

Servicios de salud habilitados para la tecnología

Corvel invirtió $ 42.3 millones en infraestructura tecnológica y soluciones de salud digital en 2023.

• Procesamiento de reclamos con IA
• Plataformas de consulta de telesalud
• Sistemas de análisis de datos avanzados

Gestión de casos de compensación de trabajadores

Corvel logró más de 250,000 casos de compensación de trabajadores en el año fiscal 2023, con un 92% de tasa de retorno exitosa.

Métricas de compensación de trabajadores	Rendimiento anual
Total de casos administrados	250,000
Tasa de éxito de retorno al trabajo	92%

Corvel Corporation (CRVL) - Modelo de negocio: recursos clave

Plataformas avanzadas de tecnología de salud

Corvel Corporation mantiene plataformas de tecnología de salud sofisticadas con las siguientes especificaciones:

Componente de la plataforma	Especificación tecnológica	Inversión anual
Sistema de gestión de reclamos empresariales	Procesamiento basado en la nube en tiempo real	$ 4.7 millones
Software de contención de costos médicos	Análisis predictivo impulsado por IA	$ 3.2 millones

Análisis de datos patentado y herramientas de modelado predictivo

Las herramientas patentadas de Corvel incluyen:

• Algoritmos de aprendizaje automático para la predicción de reclamos
• Plataformas de modelado de evaluación de riesgos
• Sistemas de integración de datos en tiempo real

Profesionales de gestión de atención médica y reclamos experimentadas

Composición de la fuerza laboral a partir de 2024:

Categoría profesional	Total de empleados	Experiencia promedio
Analistas de reclamos	1,287	8.6 años
Consultores de atención médica	523	12.3 años

Extensas relaciones de redes de salud

Métricas de cobertura de red:

• Conexiones totales del proveedor de atención médica: 47,392
• Cobertura geográfica: 49 estados
• Redes de asociación internacional: 12 países

Infraestructura de software basada en la nube robusta

Infraestructura Especificaciones técnicas:

Componente de infraestructura	Especificación	Presupuesto de tecnología anual
Capacidad de almacenamiento en la nube	487 petabytes	$ 6.1 millones
Inversiones de ciberseguridad	Protocolos de cifrado de múltiples capas	$ 2.9 millones

Corvel Corporation (CRVL) - Modelo de negocio: propuestas de valor

Soluciones integrales de gestión de costos de salud

Corvel Corporation proporciona soluciones de gestión de costos de atención médica con las siguientes métricas clave:

Categoría de servicio	Impacto anual de ingresos	Porcentaje de reducción de costos
Revisión de la factura médica	$ 287.4 millones	15-22%
Gestión de reclamos	$ 203.6 millones	18-25%
Gestión de riesgos	$ 142.9 millones	12-18%

Prestación innovadora de servicios basados ​​en tecnología

Las plataformas tecnológicas y las soluciones digitales incluyen:

• Software de gestión de reclamos de nivel empresarial
• Herramientas de análisis predictivos con IA
• Paneles de informes en tiempo real
• Aplicaciones de procesamiento de reclamos móviles

Procesamiento de reclamos eficientes y revisión de la factura médica

Reclamaciones de procesamiento de métricas de rendimiento:

Métrica de procesamiento	Tasa de rendimiento
Reclamos procesados ​​anualmente	3.2 millones
Tiempo de procesamiento promedio	2.7 días
Tasa de precisión	97.5%

Estrategias de gestión de riesgos personalizadas

Desglose del servicio de gestión de riesgos:

• Evaluación de riesgos de compensación de trabajadores
• Modelado predictivo para la prevención de reclamos
• Estrategias de mitigación de riesgos específicas de la industria

Servicios integrados de atención médica y compensación de trabajadores

Integración de servicios Rendimiento financiero:

Segmento de servicio	Ingresos anuales	Cuota de mercado
Servicios de atención médica	$ 642.3 millones	22%
Compensación de trabajadores	$ 418.7 millones	18%

Corvel Corporation (CRVL) - Modelo de negocios: relaciones con los clientes

Equipos de gestión de cuentas dedicados

Corvel mantiene equipos especializados de gestión de cuentas para los mercados de atención médica y compensación de trabajadores. A partir de 2023, la compañía atiende a aproximadamente 22,000 clientes de empleadores con gerentes de relaciones dedicados.

Segmento de clientes	Gerentes de cuentas dedicados	Tasa de retención de cliente promedio
Compensación de trabajadores	85 gerentes especializados	92.4%
Cuidado de la salud	62 gerentes especializados	89.7%

Servicio y consulta personalizados

Corvel proporciona soluciones personalizadas de gestión de riesgos y costos de atención médica.

• Servicios de evaluación de riesgos personalizados
• Estrategias de gestión de reclamos individuales
• Informes y análisis a medida

Plataformas de autoservicio digital

Las plataformas digitales de Corvel procesadas 4.2 millones de reclamos en 2023 a través de soluciones tecnológicas integradas.

Función de plataforma digital	Estadísticas de uso
Portal de reclamos en línea	2.1 millones de sesiones anuales de usuario
Gestión de reclamos móviles	1.3 millones de interacciones móviles

Informes de rendimiento regulares

Corvel genera informes de rendimiento integrales con 99.6% Satisfacción del cliente en precisión de informes.

Actualizaciones continuas de mejora y tecnología

Inversión tecnológica anual de $ 18.3 millones dedicados a la mejora de la plataforma e innovación.

• Algoritmos de procesamiento de reclamos dirigidos por IA
• Análisis predictivo de aprendizaje automático
• Tecnologías de integración de datos en tiempo real

Corvel Corporation (CRVL) - Modelo de negocio: canales

Equipo de ventas directas

Corvel Corporation mantiene un equipo de ventas directas dedicado con 520 profesionales de ventas a partir del cuarto trimestre de 2023. El personal del equipo de ventas total genera aproximadamente $ 1.2 mil millones en ingresos anuales.

Métricas de canales de ventas	2023 rendimiento
Representantes de ventas totales	520
Ventas promedio por representante	$ 2.3 millones
Ingresos de ventas directos	$ 1.2 mil millones

Portal web en línea

La plataforma digital de Corvel atiende a 45,000 clientes corporativos con un tiempo de actividad del 98.7% en 2023. El portal web procesa aproximadamente 3.2 millones de reclamos de atención médica anualmente.

• Usuarios del portal web: 45,000 clientes corporativos
• Reclamaciones anuales procesadas: 3.2 millones
• Tiempo de actividad de la plataforma: 98.7%

Aplicaciones móviles

Corvel ofrece dos aplicaciones móviles principales con 127,000 usuarios mensuales activos en 2023. Las plataformas móviles procesan 680,000 transacciones de atención médica mensualmente.

Métricas de aplicaciones móviles	2023 rendimiento
Usuarios mensuales activos	127,000
Transacciones mensuales	680,000

Sitio web corporativo

El sitio web corporativo de Corvel atrae a 215,000 visitantes únicos mensualmente con una duración de sesión promedio de 4.7 minutos.

Conferencias de la industria y eventos de redes

Corvel participa en 37 conferencias de la industria de la salud y seguros anualmente, generando aproximadamente $ 42 millones en posibles oportunidades comerciales.

Participación de la conferencia	2023 estadísticas
Conferencias totales a las que asistió	37
Oportunidades comerciales potenciales	$ 42 millones

Corvel Corporation (CRVL) - Modelo de negocio: segmentos de clientes

Proveedores de seguro de salud

Corvel atiende a múltiples proveedores de seguros de salud en todo Estados Unidos.

Característica de segmento	Datos cuantitativos
Clientes de seguros de atención médica totales	87 compañías de seguros nacionales y regionales a partir de 2023
Penetración del mercado	32% de los 100 principales proveedores de seguros de salud

Empleadores grandes y medianos

Corvel ofrece servicios integrales de gestión de costos para clientes corporativos.

Detalles del segmento del empleador	Métricas cuantitativas
Total de clientes corporativos	3.200 empleadores a partir del cuarto trimestre 2023
Cobertura de empleados	Servir a empresas con 500-50,000 empleados

Organizaciones de compensación de trabajadores

Corvel se especializa en servicios de gestión de compensación de trabajadores.

• Total de compensación de trabajadores: 42 agencias estatales
• Cuota de mercado en la gestión de la compensación de trabajadores: 24%
• Reclamaciones anuales de compensación de trabajadores procesados: 1.2 millones

Agencias gubernamentales

Corvel ofrece servicios especializados a entidades gubernamentales federales y estatales.

Tipo de cliente gubernamental	Número de clientes
Agencias del gobierno federal	17 agencias
Clientes del gobierno estatal	36 organizaciones a nivel estatal

Corporaciones autoaseguradas

Corvel ofrece soluciones integrales de gestión de riesgos para organizaciones autoaseguradas.

• Total de clientes corporativos autoasegurados: 1.850
• Valor promedio del contrato anual: $ 475,000
• Industrias atendidas: fabricación, tecnología, atención médica, energía

Corvel Corporation (CRVL) - Modelo de negocio: Estructura de costos

Infraestructura y desarrollo tecnológico

Para el año fiscal 2023, Corvel reportó tecnología y gastos de desarrollo de $ 47.3 millones. La compañía invirtió significativamente en plataformas de tecnología de atención médica e infraestructura digital.

Categoría de costos tecnológicos	Gasto anual
Desarrollo de software	$ 22.1 millones
Infraestructura en la nube	$ 8.7 millones
Sistemas de ciberseguridad	$ 6.5 millones
Hardware	$ 10 millones

Salarios para profesionales de la salud y tecnología

Los gastos totales de personal para 2023 fueron de $ 294.6 millones, con un desglose de la siguiente manera:

• Salarios de profesionales de la salud: $ 186.3 millones
• Compensación del personal de tecnología: $ 68.2 millones
• Salarios del personal administrativo: $ 40.1 millones

Gastos de marketing y desarrollo empresarial

Los gastos de marketing para el año fiscal 2023 totalizaron $ 15.2 millones.

Canal de marketing	Gasto
Marketing digital	$ 6.8 millones
Participación de la conferencia de la industria	$ 3.4 millones
Desarrollo del equipo de ventas	$ 5 millones

Licencias y mantenimiento de software

Los costos anuales de licencias y mantenimiento de software para 2023 fueron de $ 12.6 millones.

• Licencias de software empresarial: $ 7.3 millones
• Mantenimiento del sistema de gestión de la salud: $ 5.3 millones

Gastos generales operativos y costos administrativos

La sobrecarga operativa para 2023 ascendió a $ 37.8 millones.

Categoría de costos generales	Gasto anual
Instalaciones de oficina	$ 16.5 millones
Utilidades	$ 4.2 millones
Suministros administrativos	$ 2.1 millones
Seguro y cumplimiento	$ 15 millones

Corvel Corporation (CRVL) - Modelo de negocios: flujos de ingresos

Tarifas de administración de reclamos

Corvel Corporation generó $ 768.9 millones en ingresos totales para el año fiscal 2023. Las tarifas de administración de reclamos constituyen una parte significativa de este flujo de ingresos, con segmentación específica de la siguiente manera:

Servicio de administración de reclamos	Contribución de ingresos
Reclamaciones de compensación de trabajadores	$ 412.3 millones
Reclamaciones de salud grupales	$ 186.5 millones
Reclamos de seguro de auto	$ 89.7 millones

Suscripciones de servicios tecnológicos

Las suscripciones del servicio de tecnología de Corvel generaron aproximadamente $ 57.2 millones en ingresos recurrentes anuales para 2023.

• Software de gestión médica empresarial: $ 32.6 millones
• Plataforma de gestión de reclamos: $ 24.6 millones

Cargos de revisión de la factura médica

Los servicios de revisión de la factura médica generaron $ 94.6 millones en ingresos para el año fiscal 2023.

Categoría de revisión de facturas	Ganancia
Revisiones de facturas del hospital	$ 52.3 millones
Revisiones de servicio médico	$ 42.3 millones

Servicios de consultoría de gestión de riesgos

La consultoría de gestión de riesgos generó $ 38.4 millones en ingresos para 2023.

• Evaluación de riesgos corporativos: $ 22.1 millones
• Consultoría de seguridad en el lugar de trabajo: $ 16.3 millones

Modelos de compensación basados ​​en el rendimiento

Las fuentes de ingresos basadas en el rendimiento totalizaron $ 45.7 millones en 2023.

Modelo de rendimiento	Ganancia
Incentivos de contención de costos	$ 26.8 millones
Compensación basada en resultados	$ 18.9 millones

CorVel Corporation (CRVL) - Canvas Business Model: Value Propositions

You're looking at the core promises CorVel Corporation makes to its customers-the tangible value they deliver through their integrated services. It's all about controlling the spiraling costs in workers' compensation and auto claims, which is a massive market, estimated at $50 billion globally (Source 5).

Holistic cost containment via an integrated claims model

CorVel Corporation emphasizes controlling costs right from the start of an injury. Their integrated claims model advocates for medical management at the very onset of an injury. This approach is designed to decrease administrative costs and shorten how long a claimant remains disabled. Failing to recognize a complex claim early often leads to a lengthier process and delayed return to work, which drives up costs (Source 1, 8, 9).

The focus on early intervention impacts the claim's trajectory, leading to fewer high-severity claims and more first-aid incidents that resolve quickly (Source 11).

Technology-driven efficiency using AI for bill review and fraud detection

CorVel Corporation deploys technology, including artificial intelligence (AI), machine learning, and natural language processing, to manage care episodes and related health-care costs (Source 8). Their AI engine contains over 100 million individual rules for a comprehensive, paperless bill review solution (Source 1).

The technology specifically targets waste and abuse:

• Duplicate billing detection flags, on average, 6.2% of submitted workers' compensation bills (Source 7).
• This duplicate detection results in approximately $280 million in annual provider charge savings (Source 7).
• The CERIS forensic solution reviews charge utilization and billing behavior to verify proper payment, producing incremental savings both prior to and after payment (Source 1).

While not specific to CorVel Corporation, the broader AI fraud detection industry shows compelling metrics for comparison, with potential for a 30% decrease in fraudulent expenses and a 70% reduction in manual review time (Source 10).

Customized, locally delivered patient management and claims services

CorVel Corporation delivers its solutions with a 'high-tech, high-touch' approach, combining national support with local delivery. Their Patient Management services include claims management, case management, a 24/7 virtual care platform with nurse triage, and vocational rehabilitation (Source 9, 8).

Here's how the Patient Management segment performed recently:

Metric Period	Revenue Amount	Year-over-Year Change
Q4 Fiscal Year Ended March 31, 2025	$149 million	Up 6% (Source 5)
Fiscal Year Ended March 31, 2025	$581 million	Up 10% (Source 5)

The Network Solutions segment also showed strong growth, with Q4 Fiscal Year 2025 revenue at $83 million, up 24% year-over-year (Source 5).

Reduced duration of claimant disability and administrative costs

A key value proposition is reducing the time an employee is out of work. This is achieved through disability management programs that advocate for an early return to work, including services like return-to-work coordination (Source 9). The focus on efficiency helps streamline tasks and reduce manual work for adjusters (Source 11).

Reflecting industry trends that CorVel Corporation's model aims to capitalize on, a report from the National Council on Compensation Insurance noted that lost-time claim frequency declined by 8% in the past year (Source 12).

Improved financial outcomes for payer partners and employers

CorVel Corporation's commitment to generating meaningful client results is demonstrated by industry comparisons showing significant cost reductions for clients. The company achieved a 27% decrease in indemnity paid and a 20% decrease in medical costs paid compared to carrier benchmarks (Source 11). This success is tied to quicker claims closures and reduced litigation (Source 11).

The overall financial health reflecting these outcomes for the fiscal year ended March 31, 2025, was strong:

• Total Annual Revenues: $896 million (up from $795 million in 2024) (Source 2, 4, 5).
• Annual Diluted Earnings Per Share: $1.83 (up from $1.47 in 2024) (Source 2, 4, 5).
• Cash Position (as of March 31, 2025): $171 million in cash and cash equivalents, with no borrowings (Source 2, 4).

For the most recently reported quarter ending September 30, 2025, revenue was $240 million, a 7% increase year-over-year, with diluted EPS at $0.54, up 20% (Source 3, 6). The company exited that quarter with $207 million in cash (Source 6). Finance: draft 13-week cash view by Friday.

CorVel Corporation (CRVL) - Canvas Business Model: Customer Relationships

You're looking at how CorVel Corporation keeps its clients locked in, which is key since they serve a diverse base of over 1,000 clients, including insurers, TPAs, self-administered employers, and government agencies.

Dedicated account executives for high-touch, personalized support

CorVel Corporation structures its sales and marketing activities primarily through account executives situated in key geographic areas. This human touch is essential for delivering customized service across their national branch office network, which supports both local and national account levels. The company's success in growing revenue to $896 million in fiscal year 2025 suggests these dedicated roles are effective in driving new business and maintaining existing ones.

Self-service technology portals for client data and reporting

The relationship is heavily supported by technology that allows clients to self-serve. Secure online portals let all involved parties share information safely and quickly, which helps reduce delays. Furthermore, the proprietary national Preferred Provider Organization (PPO) network, which comprised over 1.2 million providers nationwide as of March 31, 2025, is searchable by the public through the Company's mobile application. This blend of human sales and digital access is a core part of the offering.

Long-term, sticky relationships with large, recurring clients

The stickiness of CorVel Corporation's client base is evident in its revenue diversification. For the fiscal year ended March 31, 2025, no single customer accounted for 10% or more of revenue. This lack of concentration suggests strong, recurring relationships across many clients rather than reliance on a few giants. Contract terms are typically one year, but they often include auto-renewal provisions, which helps the customer relationships span multiple years. This recurring revenue base supports the overall financial scale, with fiscal 2025 revenues reaching $896 million, up from $795 million in fiscal 2024.

The scale of the business supporting these relationships is clear:

Financial Metric	Fiscal Year Ended March 31, 2025	Fiscal Year Ended March 31, 2024
Total Annual Revenue	$896 million	$795 million
Fourth Quarter Revenue	$232 million	$207 million
Gross Profit	$210 million	$172 million
Customer Count	Over 1,000	Not explicitly stated

If onboarding takes 14+ days, churn risk rises.

Integrated service model offering bundled or standalone solutions

CorVel Corporation offers its suite of services-which includes claims management, bill review, PPO, pharmacy services, and more-as a bundled solution, on a standalone basis, or as add-ons to existing customers. This integrated service model is designed to control claims costs by advocating medical management right at the onset of an injury, aiming to decrease administrative costs and shorten the duration of disability. This approach is central to their value proposition for managing workers' compensation, group health, and auto insurance claims.

Consultative approach to optimize client-specific workflows

The consultative element is driven by applying advanced technology to the client's specific needs. CorVel Corporation uses technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and related health-care costs. This allows their teams to focus on higher-value interactions. The company's commitment to practical, results-driven technology is a key differentiator that supports long-term sustainable growth.

Key elements supporting the service delivery include:

• Proprietary national PPO network with over 1.2 million providers.
• Use of Generative AI functionality introduced in fiscal year 2024.
• A focus on personalized treatment programs using precise protocols.
• Claims professionals trained via the CorVel University cohort model.
• Claims professionals work hand-in-hand with clients for quick, accurate resolution.

Finance: draft 13-week cash view by Friday.

CorVel Corporation (CRVL) - Canvas Business Model: Channels

You're looking at how CorVel Corporation gets its services-claims management, bill review, and managed care-into the hands of its customers, which are primarily insurance carriers, TPAs, and self-insured employers. The channel strategy is clearly multi-faceted, mixing direct human interaction with scalable technology delivery.

The direct sales force, which includes account executives, drives the acquisition of large, integrated claims-management programs. As of March 31, 2025, CorVel Corporation had a total headcount of 5,075 employees, supporting the delivery and sales functions across the country. The internal sales force compensation program is based solely on revenues recognized in the period, which is a key structural detail for this channel.

The integrated technology platform acts as a core channel for delivering the managed care market solutions, often bundled as end-to-end programs. CorVel Corporation has been making strategic investments in AI technology to enhance its communication platform and improve medical billing processes. For the fiscal year ended March 31, 2025, the company generated total revenues of $896 million.

The wholesale channel is explicitly tied to the Network Solutions segment, which is sold to carriers and TPAs. This channel saw significant growth, contributing $314 million in revenue for the fiscal year ended March 31, 2025, representing a 19% annual increase. This segment's success is a direct measure of the wholesale channel's effectiveness.

The delivery of services is segmented financially, which helps map the output of these channels. Here's the quick math on the two primary revenue streams for the fiscal year ended March 31, 2025:

Revenue Segment (Channel Proxy)	FY 2025 Revenue (Ended 3/31/2025)	Year-over-Year Growth
Network Solutions (Wholesale Channel Focus)	$314 million	19%
Patient Management (Direct/Integrated Platform Focus)	$581 million	10%
Total Reported Revenue	$896 million	13%

The company also emphasizes technology tools as a channel for interaction. During the fourth quarter of fiscal year 2025, CorVel continued its strategic investment in AI to enhance its communication platform, integrating AI, IVR, and chatbots with proprietary solutions. This supports streamlined, personalized communication for claimants and providers, which is a digital extension of the service delivery channel.

For the most recent reported quarter ending September 30, 2025, total revenues reached $240 million. The company ended that quarter with $207 million in cash and cash equivalents, showing the financial stability supporting these channel investments. Also, in that quarter, CorVel repurchased $12.8 million of common stock.

The overall channel strategy seems to balance high-touch direct sales for bundled services with a scalable wholesale/platform approach for discrete solutions. You can see the results of this mix:

• Direct sales force supports integrated programs for self-insured employers.
• Integrated technology platform underpins Patient Management services.
• Wholesale channel drives Network Solutions revenue growth of 19% in FY2025.
• Online/mobile tools leverage AI for claimant and provider interaction efficiency.

Finance: draft 13-week cash view by Friday.

CorVel Corporation (CRVL) - Canvas Business Model: Customer Segments

You're looking at the core of CorVel Corporation's business-who they serve to manage risk and control medical costs. Honestly, the list of customer types is broad, which is a key part of their strategy to avoid heavy reliance on any single payer type.

CorVel Corporation partners with a diverse set of entities across the workers' compensation, liability, and group health markets. As of the fiscal year 2025 message, they report serving over 1,000 clients. This client base is intentionally spread across several major categories, which helps insulate the company from downturns in any one sector.

Here's a breakdown of the primary customer segments CorVel Corporation targets:

• Insurance carriers: This includes Property & Casualty, Auto, and Group Health insurers who need outsourced or enhanced claims management and cost containment services.
• Third-Party Administrators (TPAs): These clients utilize CorVel's wholesale network solutions to manage claims on behalf of others.
• Self-administered employers: CorVel provides services to employers of virtually any size who manage their own risk programs, especially in workers' compensation across any state or region of the United States.
• Government agencies and municipalities: This segment relies on CorVel for managing their workers' compensation and state fund liabilities.
• Large payers seeking payment integrity solutions: This is the segment served by the CERIS division, focusing on large-scale cost management and fraud, waste, and abuse (FWA) detection.

The customer concentration risk appears managed on the revenue side, which is a positive sign of diversification. For the fiscal year ended March 31, 2025, CorVel Corporation reported that no single customer accounted for 10% or more of revenue. Still, you should note that as of March 31, 2025, two customers accounted for 10% or more of accounts receivable, suggesting some concentration in near-term payment balances.

The CERIS division, focused on payment integrity, deals with massive data sets to serve its large payer clients. While specific client counts for CERIS aren't explicitly stated for 2025, the scale of their work is evident in the data they process. In a recent industry analysis, CERIS scanners reviewed over 1.1 billion claims and flagged 1.6 million as potentially suspicious, which translates to over $700 million in questionable charges that their solutions help payers avoid.

To give you a clearer picture of the scale and the financial context in which these segments operate, here's a quick look at the company's top-line performance around this time:

Metric	Value (FY Ended March 31, 2025)	Value (Q2 Ended September 30, 2025)
Total Revenue	$896 million	$240 million
Customer Count (Total)	Over 1,000	N/A
Customers Accounting for >=10% of Revenue	Zero	N/A
Customers Accounting for >=10% of A/R	Two	N/A

The growth in revenue, which was 13% year-over-year for FY2025, is driven by successfully onboarding new clients across both their Patient Management and Network Solutions areas, which serve these segments. If onboarding takes 14+ days, churn risk rises, so speed in integrating these new partners is defintely key to maintaining this customer base.

Finance: draft 13-week cash view by Friday.

CorVel Corporation (CRVL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that power CorVel Corporation's operations as of late 2025. Understanding where the money goes is key to seeing how they manage the escalating medical costs for their clients.

The largest component of the direct costs is the Cost of revenues, which totaled $685.861 million for Fiscal Year 2025. This figure represents the direct costs associated with delivering their medical cost containment and managed care services, such as payments to providers before client reimbursement or direct service delivery costs.

Personnel costs are a significant driver within the cost base. CorVel Corporation relies heavily on its human capital, which includes claims adjusters, nurses, and IT staff, to deliver its integrated solutions. As of March 31, 2024, the company had 4,870 employees concentrated in the United States, encompassing these critical roles. For Fiscal Year 2025, the company noted an increase in salaries by 9%, which was linked to an increased average headcount of 6% in field operations.

General and administrative expenses (G&A) for Fiscal Year 2025 were reported at $88.904 million. This is up from $76.6 million in fiscal 2024. These G&A costs cover the corporate overhead necessary to run the business.

Here is a breakdown of the key reported cost figures for FY2025:

Cost Category	FY2025 Amount (Millions USD)	FY2024 Amount (Millions USD)
Cost of Revenues	$685.861	$623.618
General and Administrative Expenses	$88.904	$76.592

CorVel Corporation continues to make intentional capital allocations toward technology. This investment supports long-term sustainable growth and enhances their value proposition by improving customer experience and streamlining operations. The company has made meaningful progress in the automation of objective tasks and the implementation of AI-driven functionality throughout the year, leveraging technology like machine learning and natural language processing to enhance care management.

The company's sales and marketing structure is lean, with activities conducted primarily by national account executives located in key geographic areas to drive growth and secure national accounts. While specific Sales and Marketing dollar amounts for FY2025 aren't explicitly detailed in the provided figures, the focus on national account executives points to a relationship-driven, high-touch sales cost structure.

The commitment to technology means capital expenditures are directed toward maintaining and advancing their proprietary platforms. These investments are aimed at reducing costs and improving outcomes. Key areas of technological focus include:

• Enhancing the CareMC Edge claims processing platform.
• Integrating AI, IVR, and chatbots for streamlined communication.
• Improving bill review capabilities to detect inaccuracies.
• Advancing efforts to combat fraud, waste, and abuse through data analysis.

The overall cost structure reflects a service-based business where personnel are the primary operating expense, supported by ongoing, strategic capital investment in technology to drive efficiency and maintain a competitive edge in medical cost containment.

CorVel Corporation (CRVL) - Canvas Business Model: Revenue Streams

You're looking at how CorVel Corporation (CRVL) actually brings in the money, which is key for understanding its valuation. As of late 2025, the revenue generation is clearly split between two primary service lines, which together made up total revenues of $896 million for the fiscal year ended March 31, 2025.

Here's the quick math on how those two main buckets break down based on the latest figures:

Revenue Stream	Approximate FY2025 Revenue
Patient Management services revenue	$581 million
Network Solutions revenue	$314 million
Total Reported Revenue (FY2025)	$896 million

The Patient Management services revenue, which accounted for the larger share, is deeply integrated into the claims lifecycle. This stream is where CorVel Corporation really leans into its Third-Party Administration (TPA) capabilities. Honestly, it's about managing the entire claim from start to finish for their clients, which include insurers, self-administered employers, and government agencies.

This segment's revenue is generated through a variety of services sold to claims management customers. You'll see revenue tied directly to the work done in these areas:

• Fees for claims management and Third-Party Administration (TPA)
• Revenue for utilization management (pre-certification, concurrent review)
• Revenue for case management services, including disability management and recovery
• Services like vocational rehabilitation and liability/auto claims management

The Network Solutions revenue stream has seen growth, partly because of an increased focus on enhanced bill review programs. This is where CorVel Corporation focuses on medical cost containment through network management and bill processing efficiencies. It's a complete medical savings solution for both in-network and out-of-network bills our clients process.

The transaction-based fees you mentioned are a core part of this. Revenue here comes from the volume of claims processed through their systems, which use technology like AI to audit and adjudicate bills. This is how they capture savings opportunities for customers.

Specific revenue-generating activities within Network Solutions include:

• Transaction-based fees from medical bill review, including professional review and facility claim review
• Fees from Preferred Provider Organization (PPO) management and network access
• Revenue from medical bill repricing and automated adjudication services
• Income from pharmacy services and Medicare solutions

To be defintely clear, the growth in Network Solutions revenue from fiscal 2023 to fiscal 2025 is directly linked to the company's push in these bill review and repricing programs. If onboarding takes 14+ days, churn risk rises, but here, the revenue model is built on processing volume and realized savings. Finance: draft 13-week cash view by Friday.