CorVel Launches Pharmacy Technician Certification (CPhT) Test Preparation Program

Expanded Training Requirements Sets New Industry Standard for Quality Pharmacy Management

FORT WORTH, Texas, April 12, 2023 — CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, has developed a pharmacy technician certification (CPhT) test preparation program to expand the availability of pharmacy training and increase team certifications. CorVel requires all employees participating in pharmacy benefit management to be trained and certified as pharmacy technicians, setting a new standard of knowledge in workers’ compensation.

The initiative began during the pandemic when access to the usual education channels changed. CorVel developed an internal test preparation program for team members meeting the 50 hours of pharmacy experience required to obtain their pharmacy tech certification. The program consists of an eight-week course to prepare team members for the certification exam. Among the most recent training group, 100 percent passed the exam to obtain certification.

“Those handling the oversight of prescription medications have always been certified pharmacy technicians. What makes CorVel’s program unique is that we believe it is important for all team members involved, not just those on the frontline, to have this knowledge,” said Sarah Scott, CorVel’s Vice President of Network Services. “This includes individuals performing formulary support, report analysts and evaluators, and personnel tracking state regulatory changes. With a shared foundation of this pharmacy knowledge, we are raising the standard of oversight, problem-solving, and risk management for all our customers.”

CorVel’s approach to pharmacy benefit management uses a “high-touch” model, engaging resources at the point of sale when an injured worker goes to the pharmacy to fill a prescription. Connection with a pharmacy tech at the point of sale makes it possible to ensure the prescription is safe, work-related, and cost-effective for our customers.

CorVel’s pharmacy team also closely monitors the use of dangerously addictive drugs such as opioids, using morphine equivalency scores to identify potential problems and intervening directly with the patient’s physician to find alternatives. A close partnership between case managers, adjusters, and pharmacy staff leads to a faster, safer recovery for each patient.

For more information about CorVel’s pharmacy benefit management program, click here.

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 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 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 pharmacy 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 and September 30, 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.