Business
CorVel Releases the New Integrated Claims Risk Score for Workers’ Compensation Claims, Leveraging Artificial Intelligence and Predictive Analytics
The new functionality in CareMC Edge® assesses multiple factors to determine a claim risk score, helping claims professionals proactively address potential
About this update from Corvel Corp.
[{"type":"text","content":"The new functionality in CareMC Edge® assesses multiple factors to determine a claim risk score, helping claims professionals proactively address potential issues and positively impact overall outcomes FORT WORTH, Texas, April 06, 2022 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has launched a new Claims Risk Score interface in CareMC Edge®, CorVel’s integrated claims management platform. This new functionality leverages artificial intelligence and predictive analytics to identify which claims might go off track and provides actionable intervention recommendations to impact the total cost of risk. The Risk Score leverages advanced technology to assess all data elements on a claim and assess its level of risk. This score incorporates several factors such as return to work estimates, physical demand requirements, pain levels, claimant medical compliance, comorbidities, claim history, age and other psycho-social indicators. With each factor analyzed, corresponding actions are triggered to help the adjuster proactively address issues in real-time to promote the best possible outcomes. The risk score and alerts begin firing as early as day one of the claim and will continuously recalculate and adjust as additional claim information becomes available. “While we have always looked for ways to improve visibility into a claim, the Risk Score was developed based on direct feedback from our clients to better assess, earlier, the risk factors that can impact the claim,” said Michael Combs, CorVel President and CEO. “Our goal is to provide an integrated approach to claims management. By leveraging predictive analytics, we are providing claims professionals the information they need to change the trajectory of a claim.” About CorVel CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s 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 we...