CorVel Announces First Generative AI Initiative to Transform Claims and Case Management
01 Mayo 2023 - 8:47AM
CorVel Corporation (NASDAQ: CRVL) today announced the integration
of generative AI into its claims and care solution, launching the
next generation in intelligent, efficient claims automation.
With a proven track record for its innovative use of technology,
integrated data streams, and person-centered care, the Company is
driving to set the industry standard by offering the advantages of
generative AI through its award-winning CareMC claims
platform. This technology, the latest iteration of CorVel's
CogencyIQSM service offerings, will introduce new capabilities to
improve efficiencies throughout the claims management process.
Leveraging generative AI to automate objective tasks will increase
the amount of time adjusters spend interfacing directly with
injured workers, which will, ultimately, improve outcomes. At the
same time, customers will continue to benefit from CorVel's
existing risk management tools which leverage artificial
intelligence and predictive analytics to provide insights such as
claim and clinical risk scores, litigation avoidance, and severity
modeling.
“Generative AI will revolutionize claims administration in the
next several years, transforming how insurance companies,
third-party administrators, and medical management firms manage
claims processing,” said Michael Combs, President and CEO of
CorVel. “With these capabilities, we will reach new standards of
efficiency, results, and lower costs of risk.”
Generative AI is a subset of artificial intelligence techniques
that involve the creation of new content or data using machine
learning models. While discriminative AI identifies and classifies
existing patterns in data, generative AI creates new patterns and
content. Implementation of generative AI functionality for Risk
Management will use proprietary, fully segmented data sets.
As CorVel continues to integrate its services with generative AI
technologies, benefits will include:
- Automated tasks to reduce the need for human intervention and
speed up the claims processing cycle. For instance, generative AI
can summarize medical documents, extract keywords, answer specific
questions, and bring overlooked items to the attention of adjusters
or nurses.
- AI technologies can learn from past claims and generate new
information that matches established patterns, thereby reducing the
workload of claims administrators and enabling faster claim
closures. Additionally, analyzing claim data can help identify
potential fraud cases by detecting patterns and anomalies.
- AI-powered chatbots can enhance customer service and engagement
by answering queries and providing support throughout the claims
process. For example, they can offer a claim overview, explain
benefits, and provide status updates using natural language
processing.
- AI can help increase the retention of valued employees by
making their work more meaningful and person-centered, boosting job
satisfaction and engagement.
For more information, visit
https://www.corvel.com/technology
About CorVel
CorVel Corp. applies technology, including artificial
intelligence, machine learning, and natural language processing, to
enhance the management of episodes of care and the related health
care costs. We partner with employers, third-party
administrators, insurance companies, and government agencies in
managing workers’ compensation and health, auto, and liability
services. Our diverse suite of solutions combines our integrated
technologies with a human touch. CorVel's customized services,
delivered locally, are backed by a national
team to support clients as well as their customers
and patients.
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 claims management and managed care services and the
Company’s continued investment in these and other innovative
technologies, and statements relating to the Company’s workers’
comp service offerings. 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, including the risk that
the impact of the COVID-19 pandemic on our business, results of
operations and financial condition is greater than our initial
assessment.
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, 2022 and the
Company’s Quarterly Report on Form 10-Q for the quarters ended June
30, 2022, September 30, 2022 and December 31, 2022. 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: Melissa Storan |
Phone: 949-851-1473 |
www.corvel.com |
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