CorVel Corporation (CRVL): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how CorVel Corporation, a major player in claims management, actually makes its money, especially after seeing their $171 million in cash at the end of Q4 FY2025. Honestly, their model hinges on weaving together technology-like AI for bill review-with hands-on services across their Patient Management (nearly $581 million in FY2025 revenue) and Network Solutions divisions. I've mapped out the nine essential blocks of their business, showing exactly who they sell to, what they charge for, and where their $685.861 million in cost of revenues goes. Dive in below for the precise, no-fluff breakdown of their entire operational blueprint.

CorVel Corporation (CRVL) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports CorVel Corporation's operations, specifically the external relationships that are critical for delivering their medical cost containment and managed care services. These partnerships are the backbone for network access, technology enhancement, and service distribution.

Preferred Provider Organizations (PPOs) for network access

CorVel Corporation's network solutions services generated $314 million in revenue for the fiscal year ended March 31, 2025, up from $265 million in fiscal 2024, showing the financial importance of network access. The company emphasizes its complete medical savings solution which includes Preferred Provider Organization (PPO) management. CorVel believes the strength of its national PPO network, supported by local PPO developers handling recruitment and contract negotiations, allows for growth in network size and discount depth.

Technology vendors for AI/ML/NLP platform development

CorVel Corporation continues to invest in technology, applying artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to manage care episodes and health costs. During the fourth quarter of fiscal year 2025, the company continued its strategic investment in AI to enhance its communication platform, integrating AI, IVR, and chatbots. Furthermore, CorVel completed the acquisition of assets and key talent from a privately held technology firm in July 2025, which is expected to enhance the capabilities of the CERIS group health division.

Here's a look at the financial scale around the time these technology investments were being made:

Metric	Value (As of March 31, 2025)	Value (Q4 FY2025)
Fiscal Year 2025 Revenue	$896 million	N/A
Fourth Quarter Revenue	N/A	$232 million
Cash and Cash Equivalents	$171 million	N/A

Medical providers for case management and utilization review

The integrated claims model relies on advocating medical management at the onset of injury, which involves a network of medical providers for services like professional nurse review and utilization management. CorVel's services include case management and utilization review, which are key components of their holistic savings solutions. Total new claims increased by 5% during fiscal 2025 compared to fiscal 2024, indicating growing utilization of these provider-dependent services.

Third-Party Administrators (TPAs) as distribution and service partners

CorVel Corporation partners with Third-Party Administrators (TPAs) for managing workers' compensation, group health, and auto insurance claims. The company's patient management services, which include claims management and case management, are often sold to claims management customers, which frequently include TPAs. The fiscal year 2025 annual report noted that the increase in total revenue was primarily due to higher revenue from the Company's TPA and related services.

CorVel's customer base is diverse, including insurers, TPAs, self-administered employers, and government agencies. No single customer accounted for 10% or more of revenue for fiscal years 2025, 2024, or 2023.

Government agencies for workers' compensation and Medicare services

CorVel provides workers' compensation services to virtually any size employer in any state or region of the United States, and partners with government agencies. The company's service suite explicitly includes Medicare services. In the health market, CERIS successfully launched its first customer through a new strategic platform partnership and signed a second agreement to expand its partner network, aligning with long-term strategy that includes government-related services.

The scale of CorVel's operations supporting these partners as of the end of the first quarter of fiscal year 2026 (June 30, 2025) shows a healthy operational base:

• Cash and Cash Equivalents (June 30, 2025): $202 million
• Quarterly Revenue (Q1 FY2026): $235 million
• Quarterly Diluted EPS (Q1 FY2026): $0.52

Finance: draft 13-week cash view by Friday.

CorVel Corporation (CRVL) - Canvas Business Model: Key Activities

You're looking at the core engine of CorVel Corporation, the activities they must execute well to keep the whole model running. It's all about managing risk and cost through technology and service delivery. Here's a breakdown of what they are actively doing, grounded in their latest reported numbers.

Developing and integrating proprietary AI/ML technologies

CorVel Corporation uses artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to sharpen how they manage care episodes and control associated health-care costs. This technology focus is a key differentiator, driving both internal efficiency and client value.

• CorVel applies AI, ML, and NLP to enhance the management of episodes of care and related health-care costs.
• AI deployments in claims optimization and fraud detection flagged approximately $700 million (as of Q2 2025 context).
• The company introduced Generative AI (GAI)-powered functionality in fiscal 2024, less than six months after GAI became available.
• The company utilizes a tier III-rated data center as its primary processing site.

Claims management and Third-Party Administration (TPA) services

This is where CorVel Corporation partners with employers, insurers, and government agencies to manage workers' compensation, group health, and auto insurance claims. Their TPA services are bundled or offered standalone, combining technology with human oversight.

Total new claims increased by 5% during fiscal year 2025 compared to fiscal year 2024.

Service Component	FY 2025 Revenue Contribution Note	Key Metric/Activity
Patient Management Services	Revenue decreased from FY 2023 to FY 2025.	Includes claims management, case management, and 24/7 nurse triage.
TPA Services	Increase in income before income taxes was partly due to higher revenue from TPA and related services.	Partners with employers, TPAs, insurance companies, and government agencies.

Medical bill review and cost containment processing

A major activity here is cost containment, often executed through their enhanced review program, CERiS. They process bills for all in-network and out-of-network medical claims.

Revenue from Network Solutions services, which includes enhanced bill review programs, grew to $314 million in fiscal 2025, up 19% from $265 million in fiscal 2024.

CorVel Corporation's services include professional nurse review, true line item review, expert fee negotiations, and medical bill repricing.

Managing and expanding national preferred provider networks

Maintaining and growing their network is critical for ensuring quality care and controlling costs through pre-negotiated rates. They use technology to customize network solutions based on an injury profile.

CorVel Corporation's network provides access to 1.2 million providers, from general practitioners to specialists.

• Providers are re-credentialed every 3 years to ensure consistent quality.
• The network aims for a 0% decrease in average medical spend as a performance indicator.
• They partner with multiple affiliate networks to ensure primary and specialty care access.

Sales and marketing by account executives in key geographic areas

CorVel Corporation markets its services as a fully integrated claims-management program, as discrete standalone services, or as targeted add-ons. Their expanding reputation for delivering improved outcomes helped them win an increased number of high-profile accounts.

The company maintains a nationwide presence across a network of branches, with its Ft. Worth location serving as a centrally located hub.

For the full fiscal year ending March 31, 2025, CorVel Corporation reported total annual revenues of $896 million.

The company had 5,075 employees as of late 2025 data.

CorVel Corporation (CRVL) - Canvas Business Model: Key Resources

You're looking at the core assets CorVel Corporation (CRVL) relies on to execute its risk management and claims solutions strategy. These aren't just line items; they are the engines driving their service delivery and cost containment promises.

Proprietary technology platform and integrated data centers form the backbone. The platform, known as Care🅪 Edge, is designed for real-time visibility and streamlined workflows across claims, care, and billing. CorVel Corporation applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and related health-care costs. For physical infrastructure, the Company utilizes a tier III-rated data center as its primary processing site, also leveraging a leading enterprise-grade cloud computing platform. The platform features built-in Key Performance Indicators (KPIs) and compliance checks aligned with the internal Claims Excellence Tracker. Also, generative AI is integrated to automate objective tasks, like summarizing medical documents, to increase the time adjusters spend interfacing directly with injured workers.

The financial foundation is solid, giving CorVel Corporation the stability to invest and weather market shifts. As of the close of the fourth quarter of fiscal year 2025, the liquidity position was strong.

Resource Category	Metric/Description	Value/Scale (as of late 2025)
Financial Capital (Cash Position)	Cash and cash equivalents at end of Q4 FY2025	$171 million
National Network Scale	Providers in proprietary national PPO network	Over 1.2 million providers
Human Capital	Total employees (including clinical and claims professionals)	5,075

The human element remains critical, pairing technology with expertise. The workforce includes clinical and claims professionals necessary to apply judgment where automation ends. Specifically, CorVel Corporation had 5,075 employees as of March 31, 2025. This represented an increase of 205 employees, or 4.21%, compared to the previous year.

The national network of medical providers and facilities is a key differentiator for cost control. CorVel Corporation offers a national directed care network and manages its proprietary national Preferred Provider Organization (PPO) network, supplemented by leased network agreements. As of March 31, 2025, this PPO network was comprised of over 1.2 million providers nationwide.

Intellectual property related to bill review and care management is continually being enhanced. CorVel Corporation's bill review service is powered by innovative proprietary technology that performs comprehensive line-by-line reviews. Furthermore, in the first quarter of fiscal year 2026, the Company completed the acquisition of assets and key talent from a privately held technology firm. This acquisition included proprietary tools and intellectual property expected to enhance the capabilities of the CERIS group health division. The existing proprietary medical review software interfaces with multiple clearinghouses.

Here are the specific capabilities tied to the intellectual property:

• Proprietary medical review software for bill analysis.
• Integration of utilization management decisions into bill review.
• Customization of bill review software to each client's needs.
• Proprietary tools and intellectual property acquired in Q1 FY2026.
• CogencyIQ service offerings, leveraging AI for efficiency.

Finance: draft 13-week cash view by Friday.

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.