Irvine’s Fortis Announces It Is Changing Its Name to CorVel

Fortis Corp., a provider of prepaid health care and cost-containment services, said on Thursday that it will change its name to CorVel Corp. on Monday. The company’s shares will trade on the NASDAQ National Market System under the stock symbol CRVL.

The new name is derived from Latin words meaning “of one heart,” which the company said represents its desire to bring together the separate interests represented in the provision, funding and consumption of health care.

Fortis was created in 1987 as the consolidation of three smaller companies. Last year, the company completed its initial public offering of common stock and began the process of expanding its line of managed care services. The company reported earnings of $1.6 million on revenue of $46.9 million last fiscal year.

“We originally chose the name Fortis, which means ‘strong and able,’ because of our focus on rehabilitation services,” said Gordon Clemons, Fortis chairman, in a prepared statement. “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.”

The company soon to be CorVel Corp. provides two primary services: management of workers’ compensation cases, in which a vocational counselor or nurse is assigned to an injured worker to assist in the worker’s recovery and return to work, if possible, and medical claims review and cost containment. The company operates from 80 offices providing service in 40 states.