FORTIS ANNOUNCES NAME CHANGE
FORTIS ANNOUNCES NAME CHANGE IRVINE, Calif., July 23 /PRNewswire/ -- FORTIS Corp.
(NASDAQ-NMS: FORT) today announced that it will begin doing business as CorVel Corp. effective Monday, July 27. The company's shares will trade on the NASDAQ National Market System under the stock symbol CRVL.
"We originally chose the name FORTIS, which means strong and able, because of our initial focus on rehabilitation services," said Gordon Clemons, FORTIS chairman. "But our services to insurers and patients have expanded to include a complete line of managed care programs, which has in turn lead us to a new company name. New technologies in health care and information processing have opened many opportunities to our company, and the new name more closely describes our expanded strategy. "CorVel is derived from Latin words meaning 'of one heart,'" said Clemons. "It's an appropriate name for us as we strive to bring together the separate interests represented in the provision, funding and consumption of health care. We believe that progressive health care management brings these interests together in one solution. For instance, the most effective way to reduce the cost of health care is to provide the best quality of health care and to avoid unnecessary care. Providers meeting the true needs of patients will build the best long-term practices. Managed care's destiny is to find a balance of cost-effective, high-quality care and available financial resources. FORTIS provides managed healthcare services such as prospective patient management programs, pre-treatment review, preferred provider organizations (PPOs), medical and vocational case management and reimbursement review to help insurers and employers improve the quality of care and reduce costs. "We are guardians of precious benefit dollars. We are also responsible for guiding patients through their health care experiences," Clemons said. "Our goal is to help people with medical problems get the most appropriate care and return to productive, independent lives." FORTIS was originally created in 1987 to consolidate the operations of three smaller companies and had revenues that year of $8.7 million. In 1991 the company completed its initial public offering of common stock and began the process of expanding its line of managed-care services. Revenues in the most recently reported 12-month period were $50 million. FORTIS Corp., now CorVel Corp., is an independent nationwide provider of medical cost containment and managed-care services designed to address the rapidly escalating costs of workers compensation. The company operates from 80 offices providing service in 40 states. -0- 7/23/92 /CONTACT: Gordon Clemons, chairman of FORTIS, 714-851-1473/ (FORT CRVL) CO: FORTIS Corp.; CorVel Corp. ST: California IN: INS HEA SU: 427 07-23-92 17:07 EDT CH-JL -- LA036 -- 2803 07/23/92 17:31 EDT
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|Date:||Jul 23, 1992|
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