Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 203

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 203
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 in the U.S. Revenues before reimbursements by service line were as follows:

    In thousands (except percentages)

    Year Ended December 31,
     
    2024

    2023

    Variance

    Claims Management
     
    $
    198,797

    $
    182,840

    8.7
    %

    Medical Management

    189,277

    172,810

    9.5
    %

    Total Broadspire Revenues before Reimbursements
     
    $
    388,074

    $
    355,650

    9.1
    %

Revenues before reimbursements from Broadspire totaled $388.1 million in 2024, compared with $355.7 million in 2023. This increase was primarily due to an increase in new client growth across both service lines, increased medical management usage, and pricing improvements. Revenues were positively impacted by a slight increase in unit volumes, measured principally by cases received, of 0.4% for 2024 compared with 2023. Claims increased from growth within the Medical Management service line that was partially offset by an increase of takeover claims for disability clients in the prior year. This resulted in a reduction of 24,700 claims, or 4.6%, which had minimal revenues associated with them. Revenues were positively impacted by a $2.7 million increase within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or 0.8% of the increase in revenues. There was also an $8.0 million increase in revenues within our Medical Management service line for which no cases are received, or 2.2% of the increase in revenues. Changes in product mix and in the rates charged for those services accounted for a 1.1% revenue increase for 2024 as compared with 2023. 

Revenue variance components for our Broadspire segment for the year ended December 31, 2024 are summarized as follows:

    2024 Period compared to 2023 Period Ending:
     
    December 31

    Increase in cases received
     
    0.4%

    Reduction in disability cases within claims management due to prior year takeover cases for two specific clients
     
    4.6%

    Increase in claims management revenues with no cases received