CorVel's Net Income Falls 33% in Q1 despite Revenue Increase

CorVel Corp.'s net income dropped 33% in the first quarter of 2015 despite increasing revenues. The company reported net income of $5.6 million during the first quarter of the year, down from $8.3 million during the same period last year, in an earnings report released Tuesday. The cost of revenues rose 6.2%, or $5.8 million, offsetting a 1.6% revenue increase of $1.9 million. The report highlighted an increasing investment in CorVel's preferred provider network. The company said it made improvements to its process of verifying provider data, as well as upgrades to provider reimburse...