Three CorVel Partners Recognized as 2025 Theo Award Winners for Excellence in Workers’ Compensation

Companies recognized for innovative approaches to biopsychosocial care, disaster response, and workplace safety

FORT WORTH, Texas, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Today, CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, is proud to announce that Sharp HealthCare, the State of North Carolina, and The Save Mart Companies have been recognized as winners in the 2025 Theo Awards. These CorVel partners were recognized for their outstanding achievements in workers’ compensation through their innovation and measurable results in addressing complex industry challenges.

The annual Theo Awards highlight organizations that have transformed their approach to workplace safety, claims management, and employee care. This year’s CorVel partners successfully addressed industry-specific problems, from integrating biopsychosocial care models to implementing disaster response protocols and shifting from reactive to proactive safety cultures. These programs have not only reduced costs but also established new standards for industry excellence in their respective verticals.

Sharp HealthCare earned recognition for its biopsychosocial transdisciplinary model, which addresses complex claims involving traumatic brain injuries, chronic pain, PTSD, and substance abuse. By breaking down silos between medical disciplines and focusing on early identification of psychosocial risk factors, Sharp’s approach has delivered accelerated recovery timelines and reduced prescription drug dependency. The healthcare provider’s specialized clinics and integrated treatment approach have transformed recovery outcomes for workers with complex conditions that are among the most challenging and costly in workers’ compensation.

The State of North Carolina demonstrated outstanding crisis management following Hurricane Helene in September 2024—the deadliest and costliest natural disaster in the state’s history. In response to widespread infrastructure damage and communication outages, the North Carolina Office of State Human Resources partnered with CorVel to ensure uninterrupted access to medical care, medications, and wage replacement for injured workers across the 25-county FEMA-designated disaster area. Together, they expanded provider search efforts, authorized emergency 10-day medication refills, coordinated with nurse case managers, and redirected patients to operational clinics, safeguarding continuity of care during a time of unprecedented disruption.

The Save Mart Companies partnered with CorVel to introduce a comprehensive strategy built around four pillars: prevention, early intervention, efficient claim resolution, and collaborative execution. The main priorities of this new workers’ compensation program were to redefine store-level safety by training managers to identify high-risk locations where injury was most likely to occur. These efforts have resulted in significantly fewer claims, faster settlements, and reduced overall program costs, while fostering a safer and more supportive work environment for employees.

“By blending progressive risk management with compassionate care for employees, these organizations have achieved remarkable results,” said Michael Combs, CorVel President and CEO. “Each award recipient overcame significant challenges in their sector and swiftly implemented strategies that reduced costs and improved outcomes for injured workers. We are proud to partner with Sharp Healthcare, the State of North Carolina, and The Save Mart Companies, who are setting the standard for proactive workers’ compensation programs through our innovative solutions.”

This year’s Theo Award winners will be recognized in the September/October Issue of Risk & Insurance and will be honored in November at The Nation's Premier Workers' Comp Conference & Trade Show in Nashville, Tennessee.

About CorVel
CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and 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 our partners and their customers and patients.

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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 services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s product 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 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, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarters ended September 30, 2024 and December 31st 2024. 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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