CorVel provides medical cost containment and managed care services, primarily for workers' compensation claims. The company helps insurers, self-insured employers, and third-party administrators reduce medical claim costs by auditing bills for errors, managing care pathways, and handling end-to-end claims administration. CorVel operates through two service lines: Network Solutions and Patient Management. Network Solutions provides bill review, PPO network management, and hospital bill auditing through the CERIS platform. Patient Management offers third-party administration, case management, and utilization reviews. CorVel generates revenue by charging fees for services performed on each claim, such as bills reviewed or cases managed. Revenue is driven by claims volume and claim complexity. The company utilizes its proprietary CareMC software to integrate claims, clinical, and network data into a single platform. CorVel’s strategy focuses on embedding AI and automation into workflows to improve efficiency and expand margins. The company is also diversifying by expanding its CERIS platform into the commercial health payer market through multiyear contracts with national health plans. Management seeks growth through organic cross-selling and bolt-on M&A funded by its debt-free balance sheet. The company prioritizes returning cash to shareholders through a long-standing share repurchase program.