CorVel (CRVL) 10-K 24 May 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2024	May 10, 2024	Sep. 29, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	CorVel Corporation
Entity Central Index Key	0000874866
Entity File Number	0-19291
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		17,121,778
Entity Public Float			$ 1,771,296,000
Share Price			$ 196.65
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	5128 Apache Plume Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76109
City Area Code	(817
Local Phone Number	390-1416
Entity Tax Identification Number	33-0282651
Title of 12(b) Security	Common Stock, Par Value $0.0001 Per Share
Trading Symbol	CRVL
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Information required by Items 10 through 14 of Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference to portions of the registrant’s Definitive Proxy Statement for the registrant’s 2024 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended March 31, 2024 . Except with respect to the information specifically incorporated by reference in this Annual Report on Form 10-K, the registrant’s definitive proxy statement is not deemed to be filed as a part of this Form 10-K.
Auditor Name	HASKELL & WHITE LLP
Auditor Location	Irvine, California
Auditor Firm ID	200
Document Financial Statement Error Correction [Flag]	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 105,563,000	$ 71,329,000
Customer deposits	88,142,000	80,022,000
Accounts receivable (less allowance for doubtful expected credit losses of $4,245,000 at March 31, 2024 and $2,823,000 at March 31, 2023)	97,108,000	81,034,000
Prepaid expenses and income taxes	11,418,000	11,385,000
Total current assets	302,231,000	243,770,000
Property and equipment, net	85,892,000	82,770,000
Goodwill	36,814,000	36,814,000
Other intangible assets, net	821,000	1,244,000
Right-of-use asset, net	24,058,000	27,721,000
Deferred tax asset, net	3,545,000	224,000
Other assets	1,318,000	1,380,000
Total assets	454,679,000	393,923,000
Current Liabilities
Accounts and income taxes payable	16,631,000	15,309,000
Accrued liabilities	167,868,000	152,578,000
Total current liabilities	184,499,000	167,887,000
Long-term lease liabilities	22,533,000	23,860,000
Total liabilities	207,032,000	191,747,000
Commitments and contingencies
Stockholders' Equity
Common stock, $.0001 par value: 120,000,000 shares authorized at March 31, 2024 and 2023; 55,162,075 shares issued (17,128,896 shares outstanding, net of treasury shares) and 54,987,366 shares issued (17,169,500 shares outstanding, net of treasury shares) at March 31, 2024 and March 31, 2023, respectively	3,000	3,000
Paid-in-capital	233,629,000	218,700,000
Treasury stock, at cost (38,033,179 and 37,817,866 shares at March 31, 2024 and 2023, respectively)	(793,905,000)	(748,195,000)
Retained earnings	807,920,000	731,668,000
Total stockholders' equity	247,647,000	202,176,000
Total liabilities and stockholders' equity	$ 454,679,000	$ 393,923,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for expected credit losses, accounts receivable	$ 4,245,000	$ 2,823,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	55,162,075	54,987,366
Common stock, shares outstanding	17,128,896	17,169,500
Treasury stock, shares	38,033,179	37,817,866

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 795,311,000	$ 718,562,000	$ 646,230,000
Cost of revenues	623,618,000	560,303,000	494,116,000
Gross profit	171,693,000	158,259,000	152,114,000
General and administrative	76,592,000	73,705,000	67,602,000
Income before income taxes	95,101,000	84,554,000	84,512,000
Income tax provision	18,849,000	18,189,000	18,102,000
Net income	$ 76,252,000	$ 66,365,000	$ 66,410,000
Net income per share:
Basic	$ 4.45	$ 3.83	$ 3.74
Diluted	$ 4.4	$ 3.77	$ 3.66
Weighted average shares outstanding:
Basic	17,122,000	17,328,000	17,753,000
Diluted	17,347,000	17,592,000	18,127,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Beginning balance at Mar. 31, 2021	$ 220,402,000	$ 3,000	$ 185,941,000	$ (564,435,000)	$ 598,893,000
Beginning balance, shares at Mar. 31, 2021		54,529,642		(36,653,552)
Stock issued under employee stock purchase plan	564,000	$ 0	564,000	$ 0	0
Stock issued under employee stock purchase plan, shares		3,363
Stock issued under stock option plan, net of shares repurchased	9,906,000	$ 0	9,906,000	0	0
Stock issued under stock option plan, net of shares repurchased, shares		255,707
Stock-based compensation expense	5,198,000	$ 0	5,198,000	0	0
Purchase of treasury stock	$ (90,085,000)	$ 0	0	$ (90,085,000)	0
Purchase of treasury stock, shares	(566,073)	0		(566,073)
Net Income (Loss)	$ 66,410,000	$ 0	0	$ 0	66,410,000
Ending balance at Mar. 31, 2022	212,395,000	$ 3,000	201,609,000	$ (654,520,000)	665,303,000
Ending balance, shares at Mar. 31, 2022		54,788,712		(37,219,625)
Stock issued under employee stock purchase plan	676,000	$ 0	676,000	$ 0	0
Stock issued under employee stock purchase plan, shares		4,457
Stock issued under stock option plan, net of shares repurchased	10,856,000	$ 0	10,856,000	0	0
Stock issued under stock option plan, net of shares repurchased, shares		194,197
Stock-based compensation expense	5,559,000	$ 0	5,559,000	0	0
Purchase of treasury stock	$ (93,675,000)	$ 0	0	$ (93,675,000)	0
Purchase of treasury stock, shares	(598,241)	0		(598,241)
Net Income (Loss)	$ 66,365,000	$ 0	0	$ 0	66,365,000
Ending balance at Mar. 31, 2023	202,176,000	$ 3,000	218,700,000	$ (748,195,000)	731,668,000
Ending balance, shares at Mar. 31, 2023		54,987,366		(37,817,866)
Stock issued under employee stock purchase plan	$ 681,000	$ 0	681,000	$ 0	0
Stock issued under employee stock purchase plan, shares	2,503,570	3,178
Stock issued under stock option plan, net of shares repurchased	$ 9,266,000	$ 0	9,266,000	0	0
Stock issued under stock option plan, net of shares repurchased, shares		171,531
Stock-based compensation expense	4,982,000	$ 0	4,982,000	0	0
Purchase of treasury stock	$ (45,710,000)	$ 0	0	$ (45,710,000)	0
Purchase of treasury stock, shares	(215,313)	0		(215,313)
Net Income (Loss)	$ 76,252,000	$ 0	0	$ 0	76,252,000
Ending balance at Mar. 31, 2024	$ 247,647,000	$ 3,000	$ 233,629,000	$ (793,905,000)	$ 807,920,000
Ending balance, shares at Mar. 31, 2024		55,162,075		(38,033,179)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 76,252,000	$ 66,365,000	$ 66,410,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,252,000	25,121,000	23,916,000
Loss on write down or disposal of property, capitalized software or investment	290,000	415,000	122,000
Stock compensation expense	4,982,000	5,559,000	5,198,000
Provision for expected credit losses	1,828,000	1,216,000	158,000
Deferred income taxes	(3,321,000)	(1,913,000)	2,302,000
Changes in operating assets and liabilities:
Accounts receivable	(17,902,000)	336,000	(18,022,000)
Customer deposits	(8,120,000)	(10,241,000)	(13,284,000)
Prepaid expenses and income taxes	(32,000)	3,738,000	(7,116,000)
Other assets	60,000	(919,000)	(135,000)
Accounts and income taxes payable	(1,322,000)	(4,395,000)	1,423,000
Accrued liabilities	15,290,000	(4,361,000)	8,052,000
Operating lease liabilities	2,336,000	1,367,000	(1,802,000)
Net cash provided by operating activities	99,237,000	82,288,000	67,222,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(29,240,000)	(26,320,000)	(29,819,000)
Net cash used in investing activities	(29,240,000)	(26,320,000)	(29,819,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of employee stock purchase options	681,000	676,000	564,000
Exercise of common stock options	9,266,000	10,856,000	9,906,000
Purchase of treasury stock	(45,710,000)	(93,675,000)	(90,085,000)
Net cash used in financing activities	(35,763,000)	(82,143,000)	(79,615,000)
Net increase (decrease) in cash and cash equivalents	34,234,000	(26,175,000)	(42,212,000)
Cash and cash equivalents at beginning of year	71,329,000	97,504,000	139,716,000
CASH AND CASH EQUIVALENTS AT END OF YEAR	105,563,000	71,329,000	97,504,000
Supplemental cash flow information
Income taxes paid	22,874,000	19,993,000	19,405,000
Accrual of software license purchase	$ 0	$ 5,273,000	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 19,454,000	$ 17,095,000	$ 19,898,000	$ 19,805,000	$ 18,169,000	$ 16,849,000	$ 14,656,000	$ 16,691,000	$ 76,252,000	$ 66,365,000	$ 66,410,000

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies Organization: CorVel Corporation (“CorVel” or “the Company”), incorporated in Delaware in 1987, is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers’ compensation benefits, automobile insurance claims, and group health insurance benefits. The Company’s services are provided to insurance companies, TPAs, governmental entities, and self-administered employers to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims. Basis of Presentation: The consolidated financial statements include the accounts of CorVel and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. These changes had no impact on previously-reported results of operations or shareholders’ equity. The Company evaluated all subsequent events and transactions through the date of this filing. Use of Estimates: The preparation of financial statements in compliance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results could differ from those estimates. Significant estimates include the values assigned to intangible assets, capitalized software development, the allowance for expected credit losses, work in process, accrual for income taxes, share-based payments related to performance-based awards, loss contingencies, estimated lives of claims for claims administration revenue recognition, estimates used in stock options valuations, and accrual for self-insurance reserves. Cash and Cash Equivalents: Cash and cash equivalents consist of short-term, interest-bearing highly-liquid investment-grade securities with maturities of 90 days or less when purchased. The carrying amounts of the Company’s financial instruments approximate their fair values at March 31, 2024 and 2023 due to the short-term nature of those instruments. Customer deposits represent cash that is expected to be returned or applied towards payment within one year through the Company’s provider reimbursement services. Fair Value of Financial Instruments: The Company applies ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value, and provides for disclosures about fair value measurements, with respect to fair value measurements of (i) nonfinancial assets and liabilities that are recognized or disclosed at fair value in the Company’s consolidated financial statements on a recurring basis (at least annually) and (ii) all financial assets and liabilities. ASC 820 prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 Quoted market prices in active markets for identical assets or liabilities; Level 2 Observable inputs other than those included in Level 1 (for example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets); and Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in estimating the value of the asset. The carrying amount of the Company’s financial instruments (i.e. cash and cash equivalents, accounts receivable, accounts payable, etc.) approximates their fair values at March 31, 2024 and 2023 due to the short-term nature of those instruments. The Company has no financial instruments that are measured at fair value on a recurring basis. Revenue Recognition: Revenue is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified in Note 2, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s billed accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company offers multiple services under its patient management and network solutions service lines. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer. In transactions related to third-party service revenue, which includes pharmacy, directed care services and other services provided by the Company’s integrated network solutions services, the Company is considered the principal, as it directs the third party, controls the specified service, performs program utilization review, directs payment to the provider, accepts the financial risk of loss associated with services rendered and combines the services provided into an integrated solution, as specified within the Company’s customer contracts. The Company has the ability to influence contractual fees with customers and possesses the financial risk of loss in certain contractual obligations. These factors indicate the Company is the principal and, as such, it is required to recognize revenue gross and service partner vendor fees in the cost of revenue in the Company’s consolidated income statements. Accounts Receivable: The majority of the Company’s accounts receivable are due from companies in the property and casualty insurance industries, self-insured employers and governmental entities. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are generally due within 30 days and are stated at amounts due from customers net of an allowance for expected credit losses. Those accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable against the reserve when they become uncollectible. Accounts receivable includes $ 42,417,000 and $ 26,639,000 of unbilled receivables at March 31, 2024 and 2023 , respectively. Unbilled receivables represent the amounts expected to be collected for work performed which has not yet been invoiced to the customer. Unbilled receivables are generally invoiced within one year. Concentrations of Credit Risk: Substantially all of the Company’s customers are payors of workers’ compensation benefits and property and casualty insurance, which include insurance companies, third party administrators, self-insured employers and government entities. Credit losses consistently have been within management’s expectations. Virtually all of the Company’s cash is invested at financial institutions in amounts which exceed the FDIC insurance levels. No customer accounte d for 10 % or more of revenue for fiscal 2024, 2023 or 2022. One customer accounted for 10 % or more of accounts receivable at March 31, 2024 and 2023 . Property and Equipment: Additions to property and equipment are recorded at cost. The Company provides for depreciation on property and equipment using the straight-line method by charges to operations in amounts that allocate the cost of depreciable assets over their estimated lives as follows: Asset Classification Building Building Improvements Land Improvements Estimated Useful Life 40 years 20 years 20 years Leasehold Improvements Shorter of 5 years or the life of lease Furniture and Equipment 5 to 7 years Computer Hardware 2 to 5 years Computer Software 3 to 5 years The Company accounts for internally-developed software costs in accordance with ASC 350-40, “Internal Use Software”. Capitalized software development costs, intended for internal use, totaled $ 37,166,000 (net of $ 155,998,000 in accumulated amortization) and $ 33,695,000 (net of $ 143,329,000 in accumulated amortization), as of March 31, 2024 and 2023 , respectively. These costs are included in computer software in property and equipment and are amortized over a period of five years . Long-Lived Assets: The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets and the projected, undiscounted cash flows of the operations in which the long-lived assets are deployed. Leases: The Company determines if an arrangement includes a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term; and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease, renewal date of the lease or significant remodeling of the lease space based on the present value of the remaining future minimum lease payments. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. Operating and financing lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, we utilize our incremental borrowing rate to discount lease payments, which reflects the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Company’s leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Goodwill and Indefinite Lived Long-Lived Assets: The Company accounts for its business combinations in accordance with the ASC 805-10 through ASC 805-50, “Business Combinations,” which (i) requires that the purchase method of accounting be applied to all business combinations and (ii) addresses the criteria for initial recognition of intangible assets and goodwill. In accordance with ASC 350-10 through ASC 350-30, goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment annually, or more frequently if circumstances indicate the possibility of impairment. If the carrying value of goodwill or an intangible asset exceeds its fair value, an impairment loss will be recognized. Based on the Company’s tests and reviews, no impairment of its goodwill, intangible assets or other long-lived assets existed at March 31, 2024 and 2023 . However, future events or changes in current circumstances could affect the recoverability of the carrying value of goodwill and long-lived assets. Goodwill amounted to $ 36,814,000 (net of accumulated amortization of $ 2,069,000 ) at March 31, 2024 and at March 31, 2023 . Cost of Revenues: Cost of services consists primarily of the compensation and fringe benefits of field personnel, including managers, medical bill analysts, field case managers, telephonic case managers, systems support, administrative support, account managers and account executives, and related facility costs including rent, telephone and office supplies. Historically, the costs associated with these additional personnel and facilities have been the most significant factor driving increases in the Company’s cost of services. Income Taxes: The Company provides for income taxes in accordance with provisions specified in ASC 740, “Accounting for Income Taxes”. Accordingly, deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities. These differences will result in taxable or deductible amounts in the future, based on tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. In making an assessment regarding the probability of realizing a benefit from these deductible differences, management considers the Company’s current and past performance, the market environment in which the Company operates, tax-planning strategies and the length of carry-forward periods for loss carry-forwards, if any. Valuation allowances are established when necessary to reduce deferred tax assets to amounts that are more likely than not to be realized. Further, the Company accrues for income tax issues not yet resolved with federal, state and local tax authorities, when it appears more likely than not that a tax liability has been incurred. Share-Based Compensation: The Company accounts for share-based compensation in accordance with the provisions of ASC Topic 718 “Compensation – Stock Compensation.” Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues performance-based stock options which vest only upon the Company’s achievement of certain earnings per share targets on a calendar year basis, as determined by the Company’s Board of Directors. These options were valued in the same manner as the time-based options. However, the Company only recognizes stock compensation expense to the extent that the targets are determined to be probable of being achieved, which triggers the vesting of the performance options. Accrual for Self-insurance Costs: The Company self-insures for the group medical costs and workers’ compensation costs of its employees. Management believes that the self-insurance reserves are appropriate; however, actual claims costs may differ from the original estimates requiring adjustments to the reserves. The Company determines its estimated self-insurance reserves based upon historical trends along with outstanding claims information provided by its claims paying agents. Earnings per Share: Earnings per common share-basic is based on the weighted average number of common shares outstanding during the period. Earnings per common shares-diluted is based on the weighted average number of common shares and common share equivalents outstanding during the period. In calculating earnings per share, earnings are the same for the basic and diluted calculations. Weighted average shares outstanding is greater for diluted earnings per share due to the effect of stock options. The difference between the basic weighted average shares and the diluted weighted average shares for each of the fiscal years ended March 31, 2024, 2023 and 2022 is as follows: Fiscal 2024 Fiscal 2023 Fiscal 2022 Basic weighted average shares 17,122,000 17,328,000 17,753,000 Treasury stock impact of stock options 225,000 264,000 374,000 Diluted weighted average shares 17,347,000 17,592,000 18,127,000 Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Mar. 31, 2024
Revenue Recognition [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition Revenue from Contracts with Customers Revenue is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. As the Company completes its performance obligations, which are identified below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. The Company generates revenue through its patient management and network solutions service lines. The Company operates in one reportable operating segment, managed care. Patient Management Service Line The patient management service line provides services primarily related to workers’ compensation claims management and case management. This service line also includes additional services such as accident and health claims programs. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is readily available from the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims, generally between three and fifteen months . The Company believes this approach reasonably reflects the transfer of the claims management services to its customer. The Company’s obligation to manage claims and cases under the patient management service line can range from less than one year to multi-year contracts. They are generally one year under the terms of the contract; however, many of these contracts contain auto-renewal provisions and the Company’s customer relationships can span multiple years. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, the Company would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services is generally less than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing the Company’s services. The patient management service line also offers the services of case managers who provide administration services by proactively managing medical treatment for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for case management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Case management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount in which the Company has the right to invoice for services performed. The Company believes this approach reasonably reflects the transfer of the case management service to the customer. Network Solutions Service Line The network solutions service line consists primarily of medical bill review and third-party services. Medical bill review services provide an analysis of medical charges for customers’ claims to identify opportunities for savings. Medical bill review services revenues are recognized at a point in time when control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer. Medical bill review revenues are variable, generally based on performance metrics set forth in the underlying contracts. Each period, the Company bases its estimates on a contract-by-contract basis. The Company makes its best estimate of amounts the Company has earned and expects to be collected using historical averages and other factors to project such revenues. Variable consideration is recognized in the amount that the Company concludes is probable that a significant revenue reversal will not occur in future periods. Third-party services revenue includes pharmacy, directed care services and other services, and includes amounts received from customers compensating the Company for certain third-party costs associated with providing its integrated network solutions services. The Company is considered the principal in these transactions as it directs the third party, controls the specified service and its pricing, performs program utilization review, directs payment to the provider, accepts the financial risk of loss associated with services rendered and combines the services provided into an integrated solution, as specified within the Company’s customer contracts. The Company has the ability to influence contractual fees with customers and possesses the financial risk of loss in certain contractual obligations. These factors indicate the Company is the principal and, as such, it is required to recognize revenue gross and service partner vendor fees in the operating expense in the Company’s consolidated statements of income. The following table presents revenues disaggregated by service line for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Patient management services $ 529,995,000 $ 478,751,000 $ 424,050,000 Network solutions services 265,316,000 239,811,000 222,180,000 Total services $ 795,311,000 $ 718,562,000 $ 646,230,000 Arrangements with Multiple Performance Obligations For many of the Company’s services, the Company typically has one performance obligation; however, the Company also provides the customer with an option to acquire additional services. The Company offers multiple services under its patient management and network solutions service lines. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivables, unbilled receivables, and contract liabilities (reported as deferred revenues) on the Company’s consolidated balance sheets. Unbilled receivables are due to the Company unconditionally for services already rendered except for physical invoicing and the passage of time. Invoicing requirements vary by customer contract, but substantially all unbilled revenues are billed within one year . March 31, 2024 March 31, 2023 Billed receivables $ 58,936,000 $ 57,218,000 Allowance for expected credit losses ( 4,245,000 ) ( 2,823,000 ) Unbilled receivables 42,417,000 26,639,000 Accounts receivable, net $ 97,108,000 $ 81,034,000 When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on the Company’s consolidated balance sheets, which represents a contract liability. Certain services, such as claims management, are provided under fixed-fee service agreements and require the Company to manage claims over a contract period, typically for one year with the option for auto renewal, with the fixed fee renewing on the anniversary date of such contracts. The Company recognizes deferred revenues as revenues when it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach. For all fixed fee service agreements, revenues are straight-lined and recognized over the expected service periods by type of claim. The table below presents the deferred revenues balance and the significant activity affecting deferred revenues during the fiscal year ended March 31, 2024: March 31, 2024 Beginning balance at April 1, 2023 $ 26,978,000 Additions 52,433,000 Revenue recognized from beginning of period ( 17,685,000 ) Revenue recognized from additions ( 31,765,000 ) Ending balance at March 31, 2024 $ 29,961,000 Remaining Performance Obligations As of March 31, 2024 , the Company had $ 30.0 million of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues. The Company expects to recognize approximately 98 % of its remaining performance obligations as revenues within one year and the remaining balance thereafter. See the discussion below regarding the practical expedients elected for the disclosure of remaining performance obligations. Costs to Obtain a Contract The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented on the Company’s consolidated balance sheets . Practical Expedients Elected As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component. It expects, at contract inception, that the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less . For patient management services that are billed on a time-and-expense incurred or per unit basis and for which revenue is recognized over time, the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, and (ii) contracts with variable consideration allocated entirely to a single performance obligation.

Stock Options and Stock-Based C

Stock Options and Stock-Based Compensation	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Options and Stock-Based Compensation	Note 3 — Stock Options and Stock-Based Compensation Under the Company’s Restated Omnibus Incentive Plan (formerly the Restated 1988 Executive Stock Option Plan) (“the Plan”) as in effect at March 31, 2024 , options exercisable for up to 20,615,000 shares of the Company’s common stock may be granted over the life of the Plan to key employees, non-employee directors, and consultants at exercise prices not less than the fair market value of the common stock on the date of grant. Options granted under the Plan are non-statutory stock options and generally vest 25 % one year from the date of grant, with the remaining 75 % vesting ratably each month for the next 36 months. The options granted to employees and the Company’s Board of Directors expire at the end of five years and ten years from date of grant, respectively. All options granted in fiscal 2024 and 2023 were granted with an exercise price equal to the fair value of the Company’s common stock on the grant date. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses historical data, among other factors, to estimate the expected volatility, the expected dividend yield, and the expected option life. The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures. The risk-free rate is based on the interest rate paid on a U.S. Treasury issue with a term similar to the estimated life of the option. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following weighted average assumptions were used for the fiscal years ended March 31, 2024, 2023 and 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Expected volatility 34 % 36 % 36 % Risk free interest rate 3.91 % to 4.65 % 2.73 % to 4.36 % 0.71 % to 1.66 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted average option life 4.0 to 4.1 years 4.2 to 4.3 years 4.3 to 4.4 years For the fiscal years ended March 31, 2024, 2023 and 2022 , the Company recorded share-based compensation expense of $ 4,982,000 , $ 5,559,000 , and $ 5,198,000 , respectively. The table below shows the amounts recognized in the financial statements for the fiscal years ended March 31, 2024, 2023 and 2022. Fiscal 2024 Fiscal 2023 Fiscal 2022 Cost of revenue $ 2,797,000 $ 2,566,000 $ 2,063,000 General and administrative 2,185,000 2,993,000 3,135,000 Total cost of stock-based compensation 4,982,000 5,559,000 5,198,000 Amount of income tax benefit recognized ( 987,000 ) ( 1,210,000 ) ( 1,119,000 ) Amount charged to net income $ 3,995,000 $ 4,349,000 $ 4,079,000 Effect on basic earnings per share $ 0.23 $ 0.25 $ 0.23 Effect on diluted earnings per share $ 0.23 $ 0.25 $ 0.23 The following table summarizes information for all stock options for the fiscal years March 31, 2024, 2023 and 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Options outstanding – beginning of fiscal year 651,857 723,876 937,158 Options granted 59,900 168,300 130,200 Options exercised ( 201,293 ) ( 209,301 ) ( 298,570 ) Options cancelled/forfeited ( 20,737 ) ( 31,018 ) ( 44,912 ) Options outstanding – end of fiscal year 489,727 651,857 723,876 During the fiscal year, weighted average exercise Options granted $ 206.76 $ 159.43 $ 161.95 Options exercised $ 80.30 $ 63.21 $ 55.44 Options cancelled/forfeited $ 157.84 $ 140.38 $ 79.30 At the end of fiscal year: Price range of outstanding options $ 33.16 -$ 235.34 $ 33.16 -$ 197.16 $ 22.07 -$ 197.16 Weighted average exercise price per share $ 129.39 $ 108.10 $ 84.55 Options available for future grants 618,809 657,972 805,097 Exercisable options 269,253 319,703 354,460 The following table summarizes the status of stock options outstanding and exercisable at March 31, 2024: Range of Exercise Prices Number of Weighted Outstanding Exercisable Exercisable $ 33.16 to $ 87.49 133,743 2.55 $ 62.80 127,559 $ 62.15 $ 87.50 to $ 148.89 127,254 2.04 111.95 89,078 103.10 $ 148.90 to $ 189.02 137,885 4.23 161.24 37,873 160.12 $ 189.03 to $ 235.34 90,845 4.02 203.48 14,743 197.16 Total 489,727 3.16 $ 129.39 269,253 $ 96.87 The following table summarizes the status of all outstanding options at March 31, 2024, and changes during the fiscal year then ended: Number of Weighted Weighted Average Aggregate Options outstanding, March 31, 2023 651,857 $ 108.10 Granted 59,900 206.76 Exercised ( 201,293 ) 80.30 Cancelled – forfeited ( 20,538 ) 158.25 Cancelled – expired ( 199 ) 110.66 Options outstanding, March 31, 2024 489,727 $ 129.39 3.16 $ 65,414,479 Options vested and expected to vest 430,808 $ 122.90 3.10 $ 60,445,126 Ending exercisable 269,253 $ 96.87 2.51 $ 44,719,800 The weighted average fair value of options granted during fiscal 2024, 2023 and 2022 was $ 75.49 , $ 56.34 , and $ 50.29 , respectively. The total intrinsic value of options exercised during fiscal years 2024, 2023 and 2022 was $ 29,230,000 , $ 21,094,000 , and $ 27,615,000 respectively. Included in the above-noted stock option grants and stock compensation expense are performance-based stock options which vest only upon the Company’s achievement of certain earnings per share targets on a calendar year basis, as determined by the Company’s Board of Directors. These options were valued in the same manner as the time-based options. However, the Company only recognizes stock compensation expense to the extent that the targets are determined to be probable of being achieved, which triggers the vesting of the performance options. During the fiscal years ended March 31, 2024, 2023 and 2022 , the Company recognized stock compensation expense for performance-based options in the amount of $ 1,199,000 , $ 1,961,000 , and $ 2,280,000 , respectively. The Company received $ 9,266,000 , $ 10,856,000 , and $ 9,906,000 of cash receipts from the exercise of stock options during fiscal 2024, 2023 and 2022, respectively. As of March 31, 2024 , $ 8,178,000 of total unrecognized compensation costs related to stock options is expected to be recognized over a weighted average period of 3 years.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4 — Property and Equipment Property and equipment, net consisted of the following at March 31, 2024 and 2023: 2024 2023 Computer software $ 213,145,000 $ 202,095,000 Office equipment and computers 66,608,000 68,253,000 Land, building and improvements 11,123,000 11,081,000 Leasehold improvements 18,010,000 18,295,000 308,886,000 299,724,000 Less: accumulated depreciation and amortization ( 222,994,000 ) ( 216,954,000 ) $ 85,892,000 $ 82,770,000 Depreciation expense totaled $ 25,829,000 , $ 24,696,000 and $ 23,481,000 for the fiscal years ended March 31, 2024, 2023 and 2022 , respectively.

Accounts and Income Taxes Payab

Accounts and Income Taxes Payable and Accrued Liabilities	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts and Income Taxes Payable and Accrued Liabilities	Note 5 — Accounts and Income Taxes Payable and Accrued Liabilities Accounts and income taxes payable consisted of the following at March 31, 2024 and 2023: 2024 2023 Accounts payable $ 16,410,000 $ 15,058,000 Income taxes payable 221,000 251,000 $ 16,631,000 $ 15,309,000 Accrued liabilities consisted of the following at March 31, 2024 and 2023: 2024 2023 Payroll, payroll taxes and employee benefits $ 26,291,000 $ 22,170,000 Customer deposits 88,142,000 80,022,000 Accrued professional service fees 9,838,000 8,601,000 Self-insurance accruals 3,818,000 3,563,000 Deferred revenue 29,961,000 26,978,000 Operating lease liabilities 8,864,000 9,900,000 Other 954,000 1,344,000 $ 167,868,000 $ 152,578,000

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 6 — Income Taxes The income tax provision consisted of the following for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Current — Federal $ 17,463,000 $ 14,745,000 $ 11,977,000 Current — State 4,707,000 5,357,000 3,823,000 Subtotal 22,170,000 20,102,000 15,800,000 Deferred — Federal ( 2,828,000 ) ( 1,321,000 ) 1,784,000 Deferred — State ( 493,000 ) ( 592,000 ) 518,000 Subtotal ( 3,321,000 ) ( 1,913,000 ) 2,302,000 $ 18,849,000 $ 18,189,000 $ 18,102,000 The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Income taxes at federal statutory rate $ 19,971,000 $ 17,757,000 $ 17,748,000 State income taxes, net of federal benefit 3,369,000 3,890,000 3,658,000 Uncertain tax positions ( 22,000 ) ( 77,000 ) ( 222,000 ) Stock-based compensation and §162(m) limitation ( 3,961,000 ) ( 3,098,000 ) ( 2,697,000 ) Permanent items and tax credits ( 480,000 ) ( 384,000 ) ( 465,000 ) Adjustments to returns as filed 67,000 163,000 176,000 Valuation allowance ( 95,000 ) ( 62,000 ) ( 96,000 ) $ 18,849,000 $ 18,189,000 $ 18,102,000 Deferred tax assets and liabilities at March 31, 2024 and 2023 are, as follows: 2024 2023 Deferred tax assets: Accrued liabilities not currently deductible $ 7,181,000 $ 6,885,000 Allowance for expected credit losses 1,076,000 736,000 Stock-based compensation 2,489,000 2,423,000 Deferred lease liability 7,917,000 8,740,000 Capitalized research and development expenditures 4,124,000 2,495,000 Other 497,000 536,000 Deferred tax assets 23,284,000 21,815,000 Deferred tax liabilities: Excess of book over tax basis of fixed assets ( 5,758,000 ) ( 6,654,000 ) Intangible assets ( 4,922,000 ) ( 5,057,000 ) Right-of-use asset ( 6,075,000 ) ( 7,190,000 ) Accrued revenue ( 2,284,000 ) ( 1,851,000 ) Other ( 464,000 ) ( 508,000 ) Total deferred tax liabilities ( 19,503,000 ) ( 21,260,000 ) Valuation allowance ( 236,000 ) ( 331,000 ) Deferred tax liabilities ( 19,739,000 ) ( 21,591,000 ) Net deferred tax assets (liabilities) $ 3,545,000 $ 224,000 Prepaid income taxes are $ 2,169,000 at March 31, 2024, and $ 1,816,000 at March 31, 2023. A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows: Balance as of March 31, 2023 $ 153,000 Additions based on tax positions related to the current year — Additions for tax positions of prior years 48,000 Reductions for tax positions related to the current year — Reductions for tax positions of prior years ( 56,000 ) Balance as of March 31, 2024 $ 145,000 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. During the fiscal years ended March 31, 2024, 2023 and 2022 , the Company recognized approximately $( 14,000 ), $( 13,000 ) and $( 40,000 ) in interest and penalties, respectively. As of March 31, 2024, 2023 and 2022 , accrued interest and penalties related to uncertain tax positions were $ 40,000 , $ 54,000 and $ 67,000 , respectively. The tax fiscal years from 2018-2023 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Employee Stock Purchase Plan

Employee Stock Purchase Plan	12 Months Ended
	Mar. 31, 2024
Text Block [Abstract]
Employee Stock Purchase Plan	Note 7 — Employee Stock Purchase Plan The Company maintains an Employee Stock Purchase Plan (as amended, “ESPP”) which allows employees of the Company and its subsidiaries to purchase shares of common stock on the last day of two six-month purchase periods (i.e. March 31 and September 30) at a purchase price which is 95 % of the closing sale price of shares as quoted on NASDAQ on the last day of such purchase period. Employees are allowed to contribute up to 20 % of their gross pay. A maximum of 2,850,000 shares have been authorized for issuance under the ESPP. As of March 31, 2024 , 2,503,570 shares had been issued pursuant to the ESPP. Summarized ESPP information is as follows: 2024 2023 2022 Employee contributions $ 681,000 $ 676,000 $ 564,000 Shares acquired 3,178 4,457 3,363 Average purchase price $ 214.19 $ 151.63 $ 167.71

Treasury Stock

Treasury Stock	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Treasury Stock	Note 8 — Treasury Stock During each of the three fiscal years ended March 31, 2024 , the Company continued to repurchase shares of its common stock under a program originally approved by the Company’s Board of Directors in 1996. Including a 1,000,000 share expansion authorized in November 2022 by the Company’s Board of Directors, the total number of shares of common stock authorized to be repurchased over the life of the program is 39,000,000 shares of common stock. Purchases may be made from time to time depending on market conditions and other relevant factors. The share repurchases for the fiscal years ended March 31, 2024, 2023 and 2022 and cumulatively since inception of the authorization, are as follows: 2024 2023 2022 Cumulative Shares repurchased 215,313 598,241 566,073 38,033,179 Cost $ 45,710,000 $ 93,675,000 $ 90,085,000 $ 793,905,000 Average price $ 212.29 $ 156.58 $ 159.14 $ 20.87 During the period subsequent to March 31, 2024, through the date of filing this annual report, the Company repurchased 22,461 shares for $5.5 million, or an average of $ 246.83 per share. The repurchased shares were recorded as treasury stock, at cost, and are available for general corporate purposes. The repurchases were primarily financed from cash generated from operations and from cash proceeds from the exercise of stock options.

Leases

Leases	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 9 – Leases The Company determines if an arrangement is or contains a lease at contract inception. These lease agreements have remaining lease terms of 1 to 5 years . The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments as of the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) lease payments. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor's estimated residual value or the amount of the lessor's deferred initial direct costs. Therefore, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses quoted interest rates obtained from financial institutions as an input to derive an appropriate incremental borrowing rate, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease. The Company’s lease agreements may include options to extend the lease following the initial term. At the time of adopting ASC 842, the Company determined that it was reasonably certain it would exercise the option to renew; accordingly, these options were considered in determining the initial lease term. The Company elected the practical expedient of hindsight in determining the option to renew. The Company has since reassessed the assumption of the renewal term and determined that due to the COVID-19 pandemic, the Company is now expecting more of its workforce to be working from home permanently. Therefore, expecting a reduction in overall square footage of office space needs, the Company no longer believes it is reasonably certain it will exercise most of its options to renew, and therefore, has removed the renewal term of several lease obligations. The subsequent re-measurement reduced the right-of-use asset and related lease liability on the consolidated balance sheet, but had an immaterial impact on the income statement. For lease agreements entered into or reassessed after the adoption of ASC 842, the Company has elected the practical expedient to account for the lease and non-lease components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. Variable lease payments associated with the Company’s leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The components of lease expenses are as follows: March 31, 2024 March 31, 2023 March 31, 2022 Operating lease expense $ 9,989,000 $ 12,259,000 $ 13,768,000 Finance lease expense 86,000 92,000 98,000 Short-term lease expense 114,000 16,000 13,000 Variable lease expense 559,000 555,000 495,000 Total lease expenses $ 10,748,000 $ 12,922,000 $ 14,374,000 The following table presents assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases: March 31, 2024 March 31, 2023 Right-of-use asset, net $ 24,058,000 $ 27,721,000 Short-term lease liability $ 8,864,000 $ 9,900,000 Long-term lease liability 22,533,000 23,860,000 Total lease liabilities $ 31,397,000 $ 33,760,000 Weighted average remaining lease term 4.11 years 4.07 years Weighted average finance lease term 1.25 years 2.25 years Weighted average discount rate 3.7 % 2.8 % Supplemental cash flow information related to operating leases for fiscal years ended March 31, 2024 and 2023 were as follows: March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement $ 8,692,000 $ 14,348,000 Operating lease liabilities arising from obtaining ROU assets $ 53,617,000 $ 55,269,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Additions to ROU assets resulting from additions to $ 6,247,000 $ 4,912,000 As of March 31, 2024, maturities of operating and financing lease liabilities for each of the next five years and thereafter are as follows: 2025 $ 9,779,000 2026 7,825,000 2027 6,164,000 2028 5,256,000 2029 3,135,000 Thereafter 1,994,000 Total lease payments 34,153,000 Less interest ( 2,756,000 ) Total lease liabilities $ 31,397,000 As of March 31, 2024 , the Company has approximately $ 4.9 million of additional operating lease commitments that have not yet commenced. These leases commence in 2025 and have lease terms between 4 years and 5 years.

Contingencies and Legal Proceed

Contingencies and Legal Proceedings	12 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Legal Proceedings	Note 10 — Contingencies and Legal Proceedings The Company is involved in litigation arising in the ordinary course of business. Management believes that resolution of these matters will not result in any payment that, in the aggregate, would be material to the consolidated financial position or results of operations of the Company.

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Savings Plan	Note 11 — Retirement Savings Plan The Company maintains a retirement savings plan for its employees, which is a qualified plan under Section 401(k) of the Internal Revenue Code. Full-time employees that meet certain requirements are eligible to participate in the plan. Employer contributions are made annually, primarily at the discretion of the Company’s Board of Directors. Contributions of $ 1,505,000 , $ 1,315,000 and $ 1,088,000 were charged to operations for the fiscal years ended March 31, 2024, 2023 and 2022 , respectively.

Segment Reporting

Segment Reporting	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Note 12 — Segment Reporting The Company derives the majority of its revenues from providing patient management and network solutions services to payors of workers’ compensation benefits, automobile insurance claims and group health insurance benefits. Patient management services include claims administration, utilization review, medical case management, and vocational rehabilitation. Network solutions services include fee schedule auditing, hospital bill auditing, coordination of independent medical examinations, diagnostic imaging review services and preferred provider referral services. The percentages of revenues attributable to patient management and network solutions services for the fiscal years ended March 31, 2024, 2023 and 2022 are listed below. 2024 2023 2022 Patient management services 66.6 % 66.6 % 65.6 % Network solutions services 33.4 % 33.4 % 34.4 % 100.0 % 100.0 % 100.0 % The Company’s management is structured geographically with regional vice presidents who are responsible for all services provided by the Company in his or her particular region and responsible for the operating results of the Company in multiple states. These regional vice presidents have area and district managers who are also responsible for all services provided by the Company in their given area and district. Under ASC 280-10, two or more operating segments may be aggregated into a single operating segment for financial reporting purposes if aggregation is consistent with the objective and basic principles, if the segments have similar economic characteristics, and if the segments are similar in each of the following areas: (i) the nature of products and services, (ii) the nature of the production processes, (iii) the type or class of customer for their products and services, and (iv) the methods used to distribute their products or provide their services. The Company believes each of the Company’s regions meet these criteria as they provide similar managed care services to similar customers using similar methods of production and distribution. All of the Company’s regions perform both patient management and network solutions services. Because the Company believes it meets each of the criteria set forth above and each of the Company’s regions has similar economic characteristics, the Company aggregates its results of operations in one reportable operating segment.

Other Intangible Assets

Other Intangible Assets	12 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Note 13 — Other Intangible Assets Other intangible assets consisted of the following at March 31, 2024: Item Life Cost Fiscal 2024 Amortization Accumulated Cost, Net of Covenant Not to Compete 5 years $ 775,000 $ — $ 775,000 $ — Customer Relationships 18 - 20 years 7,922,000 421,000 7,101,000 821,000 Third Party Administrator Licenses 15 years 204,000 2,000 204,000 — Total $ 8,901,000 $ 423,000 $ 8,080,000 $ 821,000 Other intangible assets consisted of the following at March 31, 2023: Item Life Cost Fiscal 2023 Amortization Accumulated Cost, Net of Covenant Not to Compete 5 years $ 775,000 $ — $ 775,000 $ — Customer Relationships 18 - 20 years 7,922,000 421,000 6,678,000 1,244,000 Third Party Administrator Licenses 15 years 204,000 4,000 204,000 — Total $ 8,901,000 $ 425,000 $ 7,657,000 $ 1,244,000 Amortization expense is expected to be $ 384,000 in fiscal 2025, $ 175,000 in fiscal 2026, $ 174,000 in fiscal 2027, $ 42,000 in fiscal 2028, $ 18,000 in fiscal 2029, and $ 28,000 thereafter.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Mar. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	Note 14 — Quarterly Results (Unaudited) The following is a summary of unaudited quarterly results of operations for each of the quarters in the fiscal years ended March 31, 2024 and 2023: Revenues Gross Profit Net Income Net Income Net Income Fiscal Year Ended March 31, 2024: First Quarter $ 190,253,000 $ 41,878,000 $ 19,805,000 $ 1.16 $ 1.14 Second Quarter 195,522,000 44,252,000 19,898,000 1.16 1.15 Third Quarter 202,303,000 42,160,000 17,095,000 1.00 0.99 Fourth Quarter 207,233,000 43,403,000 19,454,000 1.13 1.12 Fiscal Year Ended March 31, 2023: First Quarter $ 176,307,000 $ 39,869,000 $ 16,691,000 $ 0.95 $ 0.94 Second Quarter 177,426,000 36,094,000 14,656,000 0.84 0.83 Third Quarter 179,386,000 40,345,000 16,849,000 0.98 0.96 Fourth Quarter 185,443,000 41,951,000 18,169,000 1.06 1.04

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II — Valuation and Qualifying Accounts Balance at Additions Deductions Balance at Allowance for expected credit losses: Fiscal Year Ended March 31, 2024: $ 2,823,000 $ 1,828,000 $ ( 406,000 ) $ 4,245,000 Fiscal Year Ended March 31, 2023: 2,562,000 1,216,000 ( 955,000 ) 2,823,000 Fiscal Year Ended March 31, 2022: 3,274,000 158,000 ( 870,000 ) 2,562,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization	Organization: CorVel Corporation (“CorVel” or “the Company”), incorporated in Delaware in 1987, is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers’ compensation benefits, automobile insurance claims, and group health insurance benefits. The Company’s services are provided to insurance companies, TPAs, governmental entities, and self-administered employers to assist them in managing the medical costs and monitoring the quality of care associated with healthcare claims.
Basis of Presentation	Basis of Presentation: The consolidated financial statements include the accounts of CorVel and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. These changes had no impact on previously-reported results of operations or shareholders’ equity. The Company evaluated all subsequent events and transactions through the date of this filing.
Use of Estimates	Use of Estimates: The preparation of financial statements in compliance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements. Actual results could differ from those estimates. Significant estimates include the values assigned to intangible assets, capitalized software development, the allowance for expected credit losses, work in process, accrual for income taxes, share-based payments related to performance-based awards, loss contingencies, estimated lives of claims for claims administration revenue recognition, estimates used in stock options valuations, and accrual for self-insurance reserves.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents consist of short-term, interest-bearing highly-liquid investment-grade securities with maturities of 90 days or less when purchased. The carrying amounts of the Company’s financial instruments approximate their fair values at March 31, 2024 and 2023 due to the short-term nature of those instruments. Customer deposits represent cash that is expected to be returned or applied towards payment within one year through the Company’s provider reimbursement services.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The Company applies ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value, establishes a framework for measuring fair value, and provides for disclosures about fair value measurements, with respect to fair value measurements of (i) nonfinancial assets and liabilities that are recognized or disclosed at fair value in the Company’s consolidated financial statements on a recurring basis (at least annually) and (ii) all financial assets and liabilities. ASC 820 prioritizes the inputs used in measuring fair value into the following hierarchy: Level 1 Quoted market prices in active markets for identical assets or liabilities; Level 2 Observable inputs other than those included in Level 1 (for example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets); and Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in estimating the value of the asset. The carrying amount of the Company’s financial instruments (i.e. cash and cash equivalents, accounts receivable, accounts payable, etc.) approximates their fair values at March 31, 2024 and 2023 due to the short-term nature of those instruments. The Company has no financial instruments that are measured at fair value on a recurring basis.
Revenue Recognition	Revenue Recognition: Revenue is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified in Note 2, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s billed accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company offers multiple services under its patient management and network solutions service lines. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer. In transactions related to third-party service revenue, which includes pharmacy, directed care services and other services provided by the Company’s integrated network solutions services, the Company is considered the principal, as it directs the third party, controls the specified service, performs program utilization review, directs payment to the provider, accepts the financial risk of loss associated with services rendered and combines the services provided into an integrated solution, as specified within the Company’s customer contracts. The Company has the ability to influence contractual fees with customers and possesses the financial risk of loss in certain contractual obligations. These factors indicate the Company is the principal and, as such, it is required to recognize revenue gross and service partner vendor fees in the cost of revenue in the Company’s consolidated income statements.
Accounts Receivable	Accounts Receivable: The majority of the Company’s accounts receivable are due from companies in the property and casualty insurance industries, self-insured employers and governmental entities. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are generally due within 30 days and are stated at amounts due from customers net of an allowance for expected credit losses. Those accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable against the reserve when they become uncollectible. Accounts receivable includes $ 42,417,000 and $ 26,639,000 of unbilled receivables at March 31, 2024 and 2023 , respectively. Unbilled receivables represent the amounts expected to be collected for work performed which has not yet been invoiced to the customer. Unbilled receivables are generally invoiced within one year.
Concentrations of Credit Risk	Concentrations of Credit Risk: Substantially all of the Company’s customers are payors of workers’ compensation benefits and property and casualty insurance, which include insurance companies, third party administrators, self-insured employers and government entities. Credit losses consistently have been within management’s expectations. Virtually all of the Company’s cash is invested at financial institutions in amounts which exceed the FDIC insurance levels. No customer accounte d for 10 % or more of revenue for fiscal 2024, 2023 or 2022. One customer accounted for 10 % or more of accounts receivable at March 31, 2024 and 2023 .
Property and Equipment	Property and Equipment: Additions to property and equipment are recorded at cost. The Company provides for depreciation on property and equipment using the straight-line method by charges to operations in amounts that allocate the cost of depreciable assets over their estimated lives as follows: Asset Classification Building Building Improvements Land Improvements Estimated Useful Life 40 years 20 years 20 years Leasehold Improvements Shorter of 5 years or the life of lease Furniture and Equipment 5 to 7 years Computer Hardware 2 to 5 years Computer Software 3 to 5 years The Company accounts for internally-developed software costs in accordance with ASC 350-40, “Internal Use Software”. Capitalized software development costs, intended for internal use, totaled $ 37,166,000 (net of $ 155,998,000 in accumulated amortization) and $ 33,695,000 (net of $ 143,329,000 in accumulated amortization), as of March 31, 2024 and 2023 , respectively. These costs are included in computer software in property and equipment and are amortized over a period of five years .
Long-Lived Assets	Long-Lived Assets: The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or to the unamortized balance is warranted. Such evaluation is based principally on the expected utilization of the long-lived assets and the projected, undiscounted cash flows of the operations in which the long-lived assets are deployed.
Leases	Leases: The Company determines if an arrangement includes a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term; and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease, renewal date of the lease or significant remodeling of the lease space based on the present value of the remaining future minimum lease payments. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. Operating and financing lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, we utilize our incremental borrowing rate to discount lease payments, which reflects the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Company’s leases may include options to extend or terminate the lease which are included in the lease term when it is reasonably certain that we will exercise any such options. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term.
Goodwill and Indefinite Lived Long-Lived Assets	Goodwill and Indefinite Lived Long-Lived Assets: The Company accounts for its business combinations in accordance with the ASC 805-10 through ASC 805-50, “Business Combinations,” which (i) requires that the purchase method of accounting be applied to all business combinations and (ii) addresses the criteria for initial recognition of intangible assets and goodwill. In accordance with ASC 350-10 through ASC 350-30, goodwill and other intangible assets with indefinite lives are not amortized but are tested for impairment annually, or more frequently if circumstances indicate the possibility of impairment. If the carrying value of goodwill or an intangible asset exceeds its fair value, an impairment loss will be recognized. Based on the Company’s tests and reviews, no impairment of its goodwill, intangible assets or other long-lived assets existed at March 31, 2024 and 2023 . However, future events or changes in current circumstances could affect the recoverability of the carrying value of goodwill and long-lived assets. Goodwill amounted to $ 36,814,000 (net of accumulated amortization of $ 2,069,000 ) at March 31, 2024 and at March 31, 2023 .
Cost of Revenues	Cost of Revenues: Cost of services consists primarily of the compensation and fringe benefits of field personnel, including managers, medical bill analysts, field case managers, telephonic case managers, systems support, administrative support, account managers and account executives, and related facility costs including rent, telephone and office supplies. Historically, the costs associated with these additional personnel and facilities have been the most significant factor driving increases in the Company’s cost of services.
Income Taxes	Income Taxes: The Company provides for income taxes in accordance with provisions specified in ASC 740, “Accounting for Income Taxes”. Accordingly, deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities. These differences will result in taxable or deductible amounts in the future, based on tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. In making an assessment regarding the probability of realizing a benefit from these deductible differences, management considers the Company’s current and past performance, the market environment in which the Company operates, tax-planning strategies and the length of carry-forward periods for loss carry-forwards, if any. Valuation allowances are established when necessary to reduce deferred tax assets to amounts that are more likely than not to be realized. Further, the Company accrues for income tax issues not yet resolved with federal, state and local tax authorities, when it appears more likely than not that a tax liability has been incurred.
Share-Based Compensation	Share-Based Compensation: The Company accounts for share-based compensation in accordance with the provisions of ASC Topic 718 “Compensation – Stock Compensation.” Under ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues performance-based stock options which vest only upon the Company’s achievement of certain earnings per share targets on a calendar year basis, as determined by the Company’s Board of Directors. These options were valued in the same manner as the time-based options. However, the Company only recognizes stock compensation expense to the extent that the targets are determined to be probable of being achieved, which triggers the vesting of the performance options.
Accrual for Self-insurance Costs	Accrual for Self-insurance Costs: The Company self-insures for the group medical costs and workers’ compensation costs of its employees. Management believes that the self-insurance reserves are appropriate; however, actual claims costs may differ from the original estimates requiring adjustments to the reserves. The Company determines its estimated self-insurance reserves based upon historical trends along with outstanding claims information provided by its claims paying agents.
Earnings per Share	Earnings per Share: Earnings per common share-basic is based on the weighted average number of common shares outstanding during the period. Earnings per common shares-diluted is based on the weighted average number of common shares and common share equivalents outstanding during the period. In calculating earnings per share, earnings are the same for the basic and diluted calculations. Weighted average shares outstanding is greater for diluted earnings per share due to the effect of stock options. The difference between the basic weighted average shares and the diluted weighted average shares for each of the fiscal years ended March 31, 2024, 2023 and 2022 is as follows: Fiscal 2024 Fiscal 2023 Fiscal 2022 Basic weighted average shares 17,122,000 17,328,000 17,753,000 Treasury stock impact of stock options 225,000 264,000 374,000 Diluted weighted average shares 17,347,000 17,592,000 18,127,000
Recently Issued Accounting Standards	Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Estimated Economic Useful Lives of Property and Equipment	Asset Classification Building Building Improvements Land Improvements Estimated Useful Life 40 years 20 years 20 years Leasehold Improvements Shorter of 5 years or the life of lease Furniture and Equipment 5 to 7 years Computer Hardware 2 to 5 years Computer Software 3 to 5 years
Schedule of Earnings Per Share Basic and Diluted	The difference between the basic weighted average shares and the diluted weighted average shares for each of the fiscal years ended March 31, 2024, 2023 and 2022 is as follows: Fiscal 2024 Fiscal 2023 Fiscal 2022 Basic weighted average shares 17,122,000 17,328,000 17,753,000 Treasury stock impact of stock options 225,000 264,000 374,000 Diluted weighted average shares 17,347,000 17,592,000 18,127,000

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Mar. 31, 2024
Revenue Recognition [Abstract]
Schedule of Disaggregated Revenue by Service Line	The following table presents revenues disaggregated by service line for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Patient management services $ 529,995,000 $ 478,751,000 $ 424,050,000 Network solutions services 265,316,000 239,811,000 222,180,000 Total services $ 795,311,000 $ 718,562,000 $ 646,230,000
Schedule of Accounts Receivable, Net	March 31, 2024 March 31, 2023 Billed receivables $ 58,936,000 $ 57,218,000 Allowance for expected credit losses ( 4,245,000 ) ( 2,823,000 ) Unbilled receivables 42,417,000 26,639,000 Accounts receivable, net $ 97,108,000 $ 81,034,000
Schedule of Deferred Revenues Balance as of Transition Date and Significant Activity Affecting Deferred Revenues	The table below presents the deferred revenues balance and the significant activity affecting deferred revenues during the fiscal year ended March 31, 2024: March 31, 2024 Beginning balance at April 1, 2023 $ 26,978,000 Additions 52,433,000 Revenue recognized from beginning of period ( 17,685,000 ) Revenue recognized from additions ( 31,765,000 ) Ending balance at March 31, 2024 $ 29,961,000

Stock Options and Stock-Based_2

Stock Options and Stock-Based Compensation (Tables)	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Weighted Average Assumptions	The following weighted average assumptions were used for the fiscal years ended March 31, 2024, 2023 and 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Expected volatility 34 % 36 % 36 % Risk free interest rate 3.91 % to 4.65 % 2.73 % to 4.36 % 0.71 % to 1.66 % Dividend yield 0.0 % 0.0 % 0.0 % Weighted average option life 4.0 to 4.1 years 4.2 to 4.3 years 4.3 to 4.4 years
Stock Compensation Expense for Time Based Options and Performance Based Options	The table below shows the amounts recognized in the financial statements for the fiscal years ended March 31, 2024, 2023 and 2022. Fiscal 2024 Fiscal 2023 Fiscal 2022 Cost of revenue $ 2,797,000 $ 2,566,000 $ 2,063,000 General and administrative 2,185,000 2,993,000 3,135,000 Total cost of stock-based compensation 4,982,000 5,559,000 5,198,000 Amount of income tax benefit recognized ( 987,000 ) ( 1,210,000 ) ( 1,119,000 ) Amount charged to net income $ 3,995,000 $ 4,349,000 $ 4,079,000 Effect on basic earnings per share $ 0.23 $ 0.25 $ 0.23 Effect on diluted earnings per share $ 0.23 $ 0.25 $ 0.23
Stock Options	The following table summarizes information for all stock options for the fiscal years March 31, 2024, 2023 and 2022: Fiscal 2024 Fiscal 2023 Fiscal 2022 Options outstanding – beginning of fiscal year 651,857 723,876 937,158 Options granted 59,900 168,300 130,200 Options exercised ( 201,293 ) ( 209,301 ) ( 298,570 ) Options cancelled/forfeited ( 20,737 ) ( 31,018 ) ( 44,912 ) Options outstanding – end of fiscal year 489,727 651,857 723,876 During the fiscal year, weighted average exercise Options granted $ 206.76 $ 159.43 $ 161.95 Options exercised $ 80.30 $ 63.21 $ 55.44 Options cancelled/forfeited $ 157.84 $ 140.38 $ 79.30 At the end of fiscal year: Price range of outstanding options $ 33.16 -$ 235.34 $ 33.16 -$ 197.16 $ 22.07 -$ 197.16 Weighted average exercise price per share $ 129.39 $ 108.10 $ 84.55 Options available for future grants 618,809 657,972 805,097 Exercisable options 269,253 319,703 354,460
Stock Options Outstanding and Exercisable	The following table summarizes the status of stock options outstanding and exercisable at March 31, 2024: Range of Exercise Prices Number of Weighted Outstanding Exercisable Exercisable $ 33.16 to $ 87.49 133,743 2.55 $ 62.80 127,559 $ 62.15 $ 87.50 to $ 148.89 127,254 2.04 111.95 89,078 103.10 $ 148.90 to $ 189.02 137,885 4.23 161.24 37,873 160.12 $ 189.03 to $ 235.34 90,845 4.02 203.48 14,743 197.16 Total 489,727 3.16 $ 129.39 269,253 $ 96.87
Outstanding Options	The following table summarizes the status of all outstanding options at March 31, 2024, and changes during the fiscal year then ended: Number of Weighted Weighted Average Aggregate Options outstanding, March 31, 2023 651,857 $ 108.10 Granted 59,900 206.76 Exercised ( 201,293 ) 80.30 Cancelled – forfeited ( 20,538 ) 158.25 Cancelled – expired ( 199 ) 110.66 Options outstanding, March 31, 2024 489,727 $ 129.39 3.16 $ 65,414,479 Options vested and expected to vest 430,808 $ 122.90 3.10 $ 60,445,126 Ending exercisable 269,253 $ 96.87 2.51 $ 44,719,800

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following at March 31, 2024 and 2023: 2024 2023 Computer software $ 213,145,000 $ 202,095,000 Office equipment and computers 66,608,000 68,253,000 Land, building and improvements 11,123,000 11,081,000 Leasehold improvements 18,010,000 18,295,000 308,886,000 299,724,000 Less: accumulated depreciation and amortization ( 222,994,000 ) ( 216,954,000 ) $ 85,892,000 $ 82,770,000

Accounts and Income Taxes Pay_2

Accounts and Income Taxes Payable and Accrued Liabilities (Tables)	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts and Income Taxes Payable, Accrued Liabilities	Accounts and income taxes payable consisted of the following at March 31, 2024 and 2023: 2024 2023 Accounts payable $ 16,410,000 $ 15,058,000 Income taxes payable 221,000 251,000 $ 16,631,000 $ 15,309,000 Accrued liabilities consisted of the following at March 31, 2024 and 2023: 2024 2023 Payroll, payroll taxes and employee benefits $ 26,291,000 $ 22,170,000 Customer deposits 88,142,000 80,022,000 Accrued professional service fees 9,838,000 8,601,000 Self-insurance accruals 3,818,000 3,563,000 Deferred revenue 29,961,000 26,978,000 Operating lease liabilities 8,864,000 9,900,000 Other 954,000 1,344,000 $ 167,868,000 $ 152,578,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The income tax provision consisted of the following for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Current — Federal $ 17,463,000 $ 14,745,000 $ 11,977,000 Current — State 4,707,000 5,357,000 3,823,000 Subtotal 22,170,000 20,102,000 15,800,000 Deferred — Federal ( 2,828,000 ) ( 1,321,000 ) 1,784,000 Deferred — State ( 493,000 ) ( 592,000 ) 518,000 Subtotal ( 3,321,000 ) ( 1,913,000 ) 2,302,000 $ 18,849,000 $ 18,189,000 $ 18,102,000
Summary of Reconciliation Income Tax Provision from the Statutory Federal Income Tax Rate	The following is a reconciliation of the income tax provision from the statutory federal income tax rate to the effective rate for the fiscal years ended March 31, 2024, 2023 and 2022: 2024 2023 2022 Income taxes at federal statutory rate $ 19,971,000 $ 17,757,000 $ 17,748,000 State income taxes, net of federal benefit 3,369,000 3,890,000 3,658,000 Uncertain tax positions ( 22,000 ) ( 77,000 ) ( 222,000 ) Stock-based compensation and §162(m) limitation ( 3,961,000 ) ( 3,098,000 ) ( 2,697,000 ) Permanent items and tax credits ( 480,000 ) ( 384,000 ) ( 465,000 ) Adjustments to returns as filed 67,000 163,000 176,000 Valuation allowance ( 95,000 ) ( 62,000 ) ( 96,000 ) $ 18,849,000 $ 18,189,000 $ 18,102,000
Summary of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities at March 31, 2024 and 2023 are, as follows: 2024 2023 Deferred tax assets: Accrued liabilities not currently deductible $ 7,181,000 $ 6,885,000 Allowance for expected credit losses 1,076,000 736,000 Stock-based compensation 2,489,000 2,423,000 Deferred lease liability 7,917,000 8,740,000 Capitalized research and development expenditures 4,124,000 2,495,000 Other 497,000 536,000 Deferred tax assets 23,284,000 21,815,000 Deferred tax liabilities: Excess of book over tax basis of fixed assets ( 5,758,000 ) ( 6,654,000 ) Intangible assets ( 4,922,000 ) ( 5,057,000 ) Right-of-use asset ( 6,075,000 ) ( 7,190,000 ) Accrued revenue ( 2,284,000 ) ( 1,851,000 ) Other ( 464,000 ) ( 508,000 ) Total deferred tax liabilities ( 19,503,000 ) ( 21,260,000 ) Valuation allowance ( 236,000 ) ( 331,000 ) Deferred tax liabilities ( 19,739,000 ) ( 21,591,000 ) Net deferred tax assets (liabilities) $ 3,545,000 $ 224,000
Reconciliation of the Financial Statement Recognition and Measurement of Uncertain Tax Positions During the Current Fiscal Year	A reconciliation of the financial statement recognition and measurement of uncertain tax positions during the current fiscal year is as follows: Balance as of March 31, 2023 $ 153,000 Additions based on tax positions related to the current year — Additions for tax positions of prior years 48,000 Reductions for tax positions related to the current year — Reductions for tax positions of prior years ( 56,000 ) Balance as of March 31, 2024 $ 145,000

Employee Stock Purchase Plan (T

Employee Stock Purchase Plan (Tables)	12 Months Ended
	Mar. 31, 2024
Text Block [Abstract]
Summary of Employee Stock Purchase Plan	Summarized ESPP information is as follows: 2024 2023 2022 Employee contributions $ 681,000 $ 676,000 $ 564,000 Shares acquired 3,178 4,457 3,363 Average purchase price $ 214.19 $ 151.63 $ 167.71

Treasury Stock (Tables)

Treasury Stock (Tables)	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Share Repurchases and Cumulatively Since Inception of Authorization	The share repurchases for the fiscal years ended March 31, 2024, 2023 and 2022 and cumulatively since inception of the authorization, are as follows: 2024 2023 2022 Cumulative Shares repurchased 215,313 598,241 566,073 38,033,179 Cost $ 45,710,000 $ 93,675,000 $ 90,085,000 $ 793,905,000 Average price $ 212.29 $ 156.58 $ 159.14 $ 20.87

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of Components of Lease Expenses	The components of lease expenses are as follows: March 31, 2024 March 31, 2023 March 31, 2022 Operating lease expense $ 9,989,000 $ 12,259,000 $ 13,768,000 Finance lease expense 86,000 92,000 98,000 Short-term lease expense 114,000 16,000 13,000 Variable lease expense 559,000 555,000 495,000 Total lease expenses $ 10,748,000 $ 12,922,000 $ 14,374,000
Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases	The following table presents assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases: March 31, 2024 March 31, 2023 Right-of-use asset, net $ 24,058,000 $ 27,721,000 Short-term lease liability $ 8,864,000 $ 9,900,000 Long-term lease liability 22,533,000 23,860,000 Total lease liabilities $ 31,397,000 $ 33,760,000 Weighted average remaining lease term 4.11 years 4.07 years Weighted average finance lease term 1.25 years 2.25 years Weighted average discount rate 3.7 % 2.8 %
Schedule of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases for fiscal years ended March 31, 2024 and 2023 were as follows: March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement $ 8,692,000 $ 14,348,000 Operating lease liabilities arising from obtaining ROU assets $ 53,617,000 $ 55,269,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Additions to ROU assets resulting from additions to $ 6,247,000 $ 4,912,000
Summary of Maturities of Operating and Financing Lease Liabilities	As of March 31, 2024, maturities of operating and financing lease liabilities for each of the next five years and thereafter are as follows: 2025 $ 9,779,000 2026 7,825,000 2027 6,164,000 2028 5,256,000 2029 3,135,000 Thereafter 1,994,000 Total lease payments 34,153,000 Less interest ( 2,756,000 ) Total lease liabilities $ 31,397,000

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Percentages of Revenues Attributable to Patient Management and Network Solutions Services	The percentages of revenues attributable to patient management and network solutions services for the fiscal years ended March 31, 2024, 2023 and 2022 are listed below. 2024 2023 2022 Patient management services 66.6 % 66.6 % 65.6 % Network solutions services 33.4 % 33.4 % 34.4 % 100.0 % 100.0 % 100.0 %

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	12 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Other intangible assets consisted of the following at March 31, 2024: Item Life Cost Fiscal 2024 Amortization Accumulated Cost, Net of Covenant Not to Compete 5 years $ 775,000 $ — $ 775,000 $ — Customer Relationships 18 - 20 years 7,922,000 421,000 7,101,000 821,000 Third Party Administrator Licenses 15 years 204,000 2,000 204,000 — Total $ 8,901,000 $ 423,000 $ 8,080,000 $ 821,000 Other intangible assets consisted of the following at March 31, 2023: Item Life Cost Fiscal 2023 Amortization Accumulated Cost, Net of Covenant Not to Compete 5 years $ 775,000 $ — $ 775,000 $ — Customer Relationships 18 - 20 years 7,922,000 421,000 6,678,000 1,244,000 Third Party Administrator Licenses 15 years 204,000 4,000 204,000 — Total $ 8,901,000 $ 425,000 $ 7,657,000 $ 1,244,000

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations	The following is a summary of unaudited quarterly results of operations for each of the quarters in the fiscal years ended March 31, 2024 and 2023: Revenues Gross Profit Net Income Net Income Net Income Fiscal Year Ended March 31, 2024: First Quarter $ 190,253,000 $ 41,878,000 $ 19,805,000 $ 1.16 $ 1.14 Second Quarter 195,522,000 44,252,000 19,898,000 1.16 1.15 Third Quarter 202,303,000 42,160,000 17,095,000 1.00 0.99 Fourth Quarter 207,233,000 43,403,000 19,454,000 1.13 1.12 Fiscal Year Ended March 31, 2023: First Quarter $ 176,307,000 $ 39,869,000 $ 16,691,000 $ 0.95 $ 0.94 Second Quarter 177,426,000 36,094,000 14,656,000 0.84 0.83 Third Quarter 179,386,000 40,345,000 16,849,000 0.98 0.96 Fourth Quarter 185,443,000 41,951,000 18,169,000 1.06 1.04

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Mar. 31, 2024 USD ($) Customer PerformanceObligation	Mar. 31, 2023 USD ($) Customer	Mar. 31, 2022 Customer
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Maturities of short term investment interest-bearing securities	90 days
Accounts receivable due period	30 days
Revenue recognition, number of performance obligation | PerformanceObligation	1
Unbilled account receivables	$ 42,417,000	$ 26,639,000
Capitalized software development costs	37,166,000	33,695,000
Accumulated amortization of software development costs	155,998,000	143,329,000
Impairment of goodwill, intangible assets or other long-lived assets	0	0
Goodwill	36,814,000	36,814,000
Accumulated amortization of goodwill	$ 2,069,000	$ 2,069,000
Computer Software Property and Equipment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Amortization period of computer software	5 years
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of customer | Customer	0	0	0
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | No Customer [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Maximum customer risk percentage	10%	10%	10%
Credit Concentration Risk [Member] | Accounts Receivable [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of customer | Customer	1	1
Credit Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Maximum customer risk percentage	10%	10%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Estimated Economic Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Mar. 31, 2024
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	40 years
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	20 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	20 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Estimated Useful Live	Shorter of 5 years or the life of lease
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	7 years
Computer Hardware [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	2 years
Computer Hardware [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Computer Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Computer Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Earnings Per Share Basic and Diluted (Detail) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic weighted average shares	17,122,000	17,328,000	17,753,000
Treasury stock impact of stock options	225,000	264,000	374,000
Diluted weighted average shares	17,347,000	17,592,000	18,127,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Millions	12 Months Ended
	Mar. 31, 2024 USD ($) Segment PerformanceObligation
Disaggregation Of Revenue [Line Items]
Accounts receivable due period	30 days
Number of reportable segments | Segment	1
Revenue recognition, number of performance obligation | PerformanceObligation	1
Latest duration of unbilled revenue, billing	1 year
Revenue, remaining performance obligation, amount | $	$ 30
Revenue, remaining performance obligation, percentage	98%
Revenue, remaining performance obligation, expected timing of satisfaction, explanation	The Company expects to recognize approximately 98% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.
Capitalized contract cost, judgment	The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented on the Company’s consolidated balance sheets
Period between consideration received and service rendered	one year or less
Patient Management Services [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, performance obligation, description	The Company’s obligation to manage claims and cases under the patient management service line can range from less than one year to multi-year contracts. They are generally one year under the terms of the contract; however, many of these contracts contain auto-renewal provisions and the Company’s customer relationships can span multiple years. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, the Company would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services is generally less than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing the Company’s services.
Patient Management Services [Member] | Minimum [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognition, time elapsed for claims	3 months
Patient Management Services [Member] | Maximum [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognition, time elapsed for claims	15 months

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenues Disaggregated by Service Line (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total services	$ 207,233,000	$ 202,303,000	$ 195,522,000	$ 190,253,000	$ 185,443,000	$ 179,386,000	$ 177,426,000	$ 176,307,000	$ 795,311,000	$ 718,562,000	$ 646,230,000
Patient Management Services [Member]
Disaggregation Of Revenue [Line Items]
Total services									529,995,000	478,751,000	424,050,000
Network Solutions Services [Member]
Disaggregation Of Revenue [Line Items]
Total services									$ 265,316,000	$ 239,811,000	$ 222,180,000

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Accounts Receivable, Net (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Billed receivables	$ 58,936,000	$ 57,218,000
Allowance for expected credit losses	(4,245,000)	(2,823,000)
Unbilled receivables	42,417,000	26,639,000
Accounts receivable, net	$ 97,108,000	$ 81,034,000

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Deferred Revenues Balance as of Transition Date and Significant Activity Affecting Deferred Revenues (Detail)	12 Months Ended
	Mar. 31, 2024 USD ($)
Change in Contract with Customer, Liability [Abstract]
Beginning balance at April 1, 2023	$ 26,978,000
Additions	52,433,000
Revenue recognized from beginning of period	(17,685,000)
Revenue recognized from additions	(31,765,000)
Ending balance at March 31, 2024	$ 29,961,000

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Detail1)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, expected recognition as revenue, period	1 year

Stock Options and Stock-Based_3

Stock Options and Stock-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options expiration period	5 years
Weighted-average grant-date fair value of options granted	$ 75.49	$ 56.34	$ 50.29
Total intrinsic value of options exercised	$ 29,230,000	$ 21,094,000	$ 27,615,000
Weighted average period to recognized compensation cost	3 years
Time Based Options and Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,982,000	5,559,000	5,198,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,199,000	1,961,000	2,280,000
Cash received from excercise of stock options	9,266,000	$ 10,856,000	$ 9,906,000
Unrecognized compensation costs related to stock options	$ 8,178,000
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options expiration period	10 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock grants	20,615,000
Non-statutory stock options vesting period	36 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options vesting period	1 year
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	25%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	75%

Stock Options and Stock-Based_4

Stock Options and Stock-Based Compensation - Weighted Average Assumptions (Detail)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34%	36%	36%
Risk free interest rate, Minimum	3.91%	2.73%	0.71%
Risk free interest rate, Maximum	4.65%	4.36%	1.66%
Dividend yield	0%	0%	0%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average option life	4 years	4 years 2 months 12 days	4 years 3 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average option life	4 years 1 month 6 days	4 years 3 months 18 days	4 years 4 months 24 days

Stock Options and Stock-Based_5

Stock Options and Stock-Based Compensation - Stock Compensation Expense for Time Based Options and Performance Based Options (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Basic	$ 1.13	$ 1	$ 1.16	$ 1.16	$ 1.06	$ 0.98	$ 0.84	$ 0.95	$ 4.45	$ 3.83	$ 3.74
Diluted	$ 1.12	$ 0.99	$ 1.15	$ 1.14	$ 1.04	$ 0.96	$ 0.83	$ 0.94	$ 4.4	$ 3.77	$ 3.66
Time Based Options and Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income taxes									$ 4,982,000	$ 5,559,000	$ 5,198,000
Amount of income tax benefit recognized									(987,000)	(1,210,000)	(1,119,000)
Amount charged to net income									$ 3,995,000	$ 4,349,000	$ 4,079,000
Basic									$ 0.23	$ 0.25	$ 0.23
Diluted									$ 0.23	$ 0.25	$ 0.23
Time Based Options and Performance Based Options [Member] | Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income taxes									$ 2,797,000	$ 2,566,000	$ 2,063,000
Time Based Options and Performance Based Options [Member] | General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income taxes									$ 2,185,000	$ 2,993,000	$ 3,135,000

Stock Options and Stock-Based_6

Stock Options and Stock-Based Compensation - Stock Options (Detail) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, beginning balance, Shares	651,857	723,876	937,158
Options granted, Shares	59,900	168,300	130,200
Options exercised, Shares	(201,293)	(209,301)	(298,570)
Options cancelled/forfeited, Shares	(20,737)	(31,018)	(44,912)
Options outstanding, ending balance, Shares	489,727	651,857	723,876
Options granted, weighted average exercise price	$ 206.76	$ 159.43	$ 161.95
Options exercised, weighted average exercise price	80.3	63.21	55.44
Options cancelled/forfeited, weighted average exercise price	157.84	140.38	79.3
Weighted average exercise price per share	$ 129.39	$ 108.1	$ 84.55
Options available for future grants	618,809	657,972	805,097
Exercisable options	269,253	319,703	354,460
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price range of outstanding options	$ 33.16	$ 33.16	$ 22.07
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price range of outstanding options	$ 235.34	$ 197.16	$ 197.16

Stock Options and Stock-Based_7

Stock Options and Stock-Based Compensation - Stock Options Outstanding and Exercisable (Detail) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Outstanding Options	489,727	651,857	723,876	937,158
Weighted Average Remaining Contractual Life	3 years 1 month 28 days
Outstanding Options – Weighted Average Exercise Price	$ 129.39	$ 108.1	$ 84.55
Exercisable Options – Number of Exercisable Options	269,253
Exercisable Options – Weighted Average Exercise Price	$ 96.87
Range of Exercise Price, $33.16 to $77.93 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	33.16
Range of Exercise Price, upper limit	$ 87.49
Number of Outstanding Options	133,743
Weighted Average Remaining Contractual Life	2 years 6 months 18 days
Outstanding Options – Weighted Average Exercise Price	$ 62.8
Exercisable Options – Number of Exercisable Options	127,559
Exercisable Options – Weighted Average Exercise Price	$ 62.15
Range of Exercise Price, $77.94 to $103.31 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	87.5
Range of Exercise Price, upper limit	$ 148.89
Number of Outstanding Options	127,254
Weighted Average Remaining Contractual Life	2 years 14 days
Outstanding Options – Weighted Average Exercise Price	$ 111.95
Exercisable Options – Number of Exercisable Options	89,078
Exercisable Options – Weighted Average Exercise Price	$ 103.1
Range of Exercise Price, $103.32 to $155.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	189.03
Range of Exercise Price, upper limit	$ 235.34
Number of Outstanding Options	90,845
Weighted Average Remaining Contractual Life	4 years 7 days
Outstanding Options – Weighted Average Exercise Price	$ 203.48
Exercisable Options – Number of Exercisable Options	14,743
Exercisable Options – Weighted Average Exercise Price	$ 197.16
Range of Exercise Price, $156.00 to $197.16 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	148.9
Range of Exercise Price, upper limit	$ 189.02
Number of Outstanding Options	137,885
Weighted Average Remaining Contractual Life	4 years 2 months 23 days
Outstanding Options – Weighted Average Exercise Price	$ 161.24
Exercisable Options – Number of Exercisable Options	37,873
Exercisable Options – Weighted Average Exercise Price	$ 160.12

Stock Options and Stock-Based_8

Stock Options and Stock-Based Compensation - Outstanding Options (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance, Shares	651,857	723,876	937,158
Granted, Number of Options	59,900	168,300	130,200
Exercised, Number of Options	(201,293)	(209,301)	(298,570)
Cancelled - forfeited, Number of Options	(20,538)
Cancelled - expired, Number of Options	(199)
Options outstanding, ending balance, Shares	489,727	651,857	723,876
Options vested and expected to vest, Number of Options	430,808
Ending exercisable, Number of Options	269,253
Options outstanding, beginning balance, Weighted Average Exercise Price	$ 108.1	$ 84.55
Granted, Weighted Average Exercise Price per Share	206.76	159.43	$ 161.95
Exercised, Weighted Average Exercise Price per Share	80.3	63.21	55.44
Cancelled - forfeited, Weighted Average Exercise Price per Share	158.25
Cancelled - expired, Weighted Average Exercise Price per Share	110.66
Options outstanding, ending balance, Weighted Average Exercise Price	129.39	$ 108.1	$ 84.55
Options vested and expected to vest, Weighted Average Exercise Price per Share	122.9
Ending exercisable, Weighted Average Exercise Price per Share	$ 96.87
Option outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 1 month 28 days
Options vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	3 years 1 month 6 days
Ending exercisable, Weighted Average Remaining Contractual Life (Years)	2 years 6 months 3 days
Option outstanding, Aggregate Intrinsic Value	$ 65,414,479
Options vested and expected to vest, Aggregate Intrinsic Value	60,445,126
Ending exercisable, Aggregate Intrinsic Value	$ 44,719,800

Property and Equipment - Proper

Property and Equipment - Property and Equipment, Net (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 308,886,000	$ 299,724,000
Less: accumulated depreciation and amortization	(222,994,000)	(216,954,000)
Property and equipment, net	85,892,000	82,770,000
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	213,145,000	202,095,000
Office Equipment And Computers [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	66,608,000	68,253,000
Land, Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,123,000	11,081,000
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,010,000	$ 18,295,000

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 25,829,000	$ 24,696,000	$ 23,481,000

Accounts and Income Taxes Pay_3

Accounts and Income Taxes Payable and Accrued Liabilities - Accounts and Income Taxes Payable (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 16,410,000	$ 15,058,000
Income taxes payable	221,000	251,000
Total accounts and taxes payable	$ 16,631,000	$ 15,309,000

Accounts and Income Taxes Pay_4

Accounts and Income Taxes Payable and Accrued Liabilities - Accrued Liabilities (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Payroll, payroll taxes and employee benefits	$ 26,291,000	$ 22,170,000
Customer deposits	88,142,000	80,022,000
Accrued professional service fees	9,838,000	8,601,000
Self-insurance accruals	3,818,000	3,563,000
Deferred revenue	29,961,000	26,978,000
Operating lease liabilities	8,864,000	9,900,000
Other	954,000	1,344,000
Total accrued liabilities	$ 167,868,000	$ 152,578,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Provision (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Current — Federal	$ 17,463,000	$ 14,745,000	$ 11,977,000
Current — State	4,707,000	5,357,000	3,823,000
Subtotal	22,170,000	20,102,000	15,800,000
Deferred — Federal	(2,828,000)	(1,321,000)	1,784,000
Deferred — State	(493,000)	(592,000)	518,000
Subtotal	(3,321,000)	(1,913,000)	2,302,000
Total	$ 18,849,000	$ 18,189,000	$ 18,102,000

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation Income Tax Provision from the Statutory Federal Income Tax Rate (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes at federal statutory rate	$ 19,971,000	$ 17,757,000	$ 17,748,000
State income taxes, net of federal benefit	3,369,000	3,890,000	3,658,000
Uncertain tax positions	(22,000)	(77,000)	(222,000)
Stock-based compensation and 162(m) limitation	(3,961,000)	(3,098,000)	(2,697,000)
Permanent items and tax credits	(480,000)	(384,000)	(465,000)
Adjustments to returns as filed	67,000	163,000	176,000
Valuation allowance	(95,000)	(62,000)	(96,000)
Total	$ 18,849,000	$ 18,189,000	$ 18,102,000

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Accrued liabilities not currently deductible	$ 7,181,000	$ 6,885,000
Allowance for doubtful accounts	1,076,000	736,000
Stock-based compensation	2,489,000	2,423,000
Deferred lease liability	7,917,000	8,740,000
Capitalized research and development expenditures	4,124,000	2,495,000
Other	497,000	536,000
Deferred tax assets	23,284,000	21,815,000
Deferred tax liabilities:
Excess of book over tax basis of fixed assets	(5,758,000)	(6,654,000)
Intangible assets	(4,922,000)	(5,057,000)
Right-of-use asset	(6,075,000)	(7,190,000)
Accrued revenue	(2,284,000)	(1,851,000)
Other	(464,000)	(508,000)
Total deferred tax liabilities	(19,503,000)	(21,260,000)
Valuation allowance	(236,000)	(331,000)
Deferred tax liabilities	(19,739,000)	(21,591,000)
Net deferred tax assets (liabilities)	$ 3,545,000	$ 224,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Line Items]
Prepaid expenses and income taxes	$ 2,169,000	$ 1,816,000
Recognizes interest and penalties related to uncertain tax positions	(14,000)	(13,000)	$ (40,000)
Accrued interest and penalties related to uncertain tax positions	$ 40,000	$ 54,000	$ 67,000
Tax fiscal years open to examination	2018 2019 2020 2021 2022 2023

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Financial Statement Recognition and Measurement of Uncertain Tax Positions During the Current Fiscal Year (Detail)	12 Months Ended
	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Balance as of March 31, 2023	$ 153,000
Additions based on tax positions related to the current year	0
Additions for tax positions of prior years	48,000
Reductions for tax positions related to the current year	0
Reductions for tax positions of prior years	(56,000)
Balance as of March 31, 2024	$ 145,000

Employee Stock Purchase Plan -

Employee Stock Purchase Plan - Additional Information (Detail) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Purchase Plan [Line Items]
Percentage of employees contribution of their gross pay	20%
Stock issued under employee stock purchase plan, shares	2,503,570
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Line Items]
Percentage as purchase price of closing sale price of shares	95%
Maximum shares authorized for issuance under the ESPP	2,850,000
Stock issued under employee stock purchase plan, shares	3,178	4,457	3,363

Employee Stock Purchase Plan _2

Employee Stock Purchase Plan - Summary of Employee Stock Purchase Plan (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Purchase Plan [Line Items]
Employee contributions	$ 681,000	$ 676,000	$ 564,000
Shares acquired	2,503,570
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Line Items]
Shares acquired	3,178	4,457	3,363
Average purchase price	$ 214.19	$ 151.63	$ 167.71

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Nov. 30, 2022
Number of shares of common stock authorized to repurchase	39,000,000			1,000,000
Number of shares of common stock repurchased	215,313	598,241	566,073
Treasury stock, value, acquired, cost method	$ 45,710,000	$ 93,675,000	$ 90,085,000
Average price per share of common stock	$ 212.29	$ 156.58	$ 159.14
Director [Member]
Average price per share of common stock	$ 246.83

Treasury Stock - Summary of Sha

Treasury Stock - Summary of Share Repurchases and Cumulatively Since Inception of Authorization (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Shares repurchased	215,313	598,241	566,073
Cost	$ 45,710,000	$ 93,675,000	$ 90,085,000
Average price	$ 212.29	$ 156.58	$ 159.14
Shares repurchased, Cumulative	38,033,179	37,817,866
Cost, Cumulative	$ 793,905,000
Average price, Cumulative	$ 20.87

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
	Mar. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Remaining lease term	12 months
Additional operating lease commitments not yet commenced	$ 4.9
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Operating lease commitments not yet commenced, lease term	4 years
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	5 years
Operating lease commitments not yet commenced, lease term	5 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expenses (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 9,989,000	$ 12,259,000	$ 13,768,000
Finance lease expense	86,000	92,000	98,000
Short-term lease expense	114,000	16,000	13,000
Variable lease expense	559,000	555,000	495,000
Total lease expenses	$ 10,748,000	$ 12,922,000	$ 14,374,000

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Lessee Lease Description [Line Items]
Right-of-use asset, net	$ 24,058,000	$ 27,721,000
Short-term lease liability	$ 8,864,000	$ 9,900,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Long-term lease liability	$ 22,533,000	$ 23,860,000
Total lease liabilities	$ 31,397,000	$ 33,760,000
Weighted average remaining lease term	4 years 1 month 9 days	4 years 25 days
Weighted average finance lease term	1 year 3 months	2 years 3 months
Weighted average discount rate	3.70%	2.80%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8,692,000	$ 14,348,000
Operating lease liabilities arising from obtaining ROU assets	53,617,000	55,269,000
Finance lease liabilities arising from obtaining ROU assets	358,000	358,000
Additions to ROU assets resulting from additions to operating lease liabilities	$ 6,247,000	$ 4,912,000

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating and Financing Lease Liabilities (Details)	Mar. 31, 2024 USD ($)
Lease Liabilities Payments Due [Abstract]
2025	$ 9,779,000
2026	7,825,000
2027	6,164,000
2028	5,256,000
2029	3,135,000
Thereafter	1,994,000
Total lease payments	34,153,000
Less interest	(2,756,000)
Total lease liabilities	$ 31,397,000

Retirement Savings Plan - Addit

Retirement Savings Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer contribution	$ 1,505,000	$ 1,315,000	$ 1,088,000

Segment Reporting - Schedule of

Segment Reporting - Schedule of Percentages of Revenues Attributable to Patient Management and Network Solutions Services (Detail) - Product Concentration Risk [Member] - Sales Revenue, Services, Net [Member]	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenue, Major Customer [Line Items]
Percentage of revenues	100%	100%	100%
Patient Management Services [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues	66.60%	66.60%	65.60%
Network Solutions Services [Member]
Revenue, Major Customer [Line Items]
Percentage of revenues	33.40%	33.40%	34.40%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

Other Intangible Assets - Other

Other Intangible Assets - Other Intangible Assets (Detail) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Cost	$ 8,901,000	$ 8,901,000
Amortization Expense	423,000	425,000
Accumulated Amortization	8,080,000	7,657,000
Cost, Net of Accumulated Amortization	$ 821,000	$ 1,244,000
Covenant Not to Compete [Member]
Finite Lived Intangible Assets [Line Items]
Life	5 years	5 years
Cost	$ 775,000	$ 775,000
Amortization Expense	0	0
Accumulated Amortization	775,000	775,000
Cost, Net of Accumulated Amortization	0	0
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Cost	7,922,000	7,922,000
Amortization Expense	421,000	421,000
Accumulated Amortization	7,101,000	6,678,000
Cost, Net of Accumulated Amortization	$ 821,000	$ 1,244,000
Customer Relationships [Member] | Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Life	20 years	20 years
Customer Relationships [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Life	18 years	18 years
Third Party Administrator Licenses [Member]
Finite Lived Intangible Assets [Line Items]
Life	15 years	15 years
Cost	$ 204,000	$ 204,000
Amortization Expense	2,000	4,000
Accumulated Amortization	204,000	204,000
Cost, Net of Accumulated Amortization	$ 0	$ 0

Other Intangible Assets - Addit

Other Intangible Assets - Additional Information (Detail)	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 384,000
2026	175,000
2027	174,000
2028	42,000
2029	18,000
Thereafter	$ 28,000

Quarterly Results (Unaudited) -

Quarterly Results (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 207,233,000	$ 202,303,000	$ 195,522,000	$ 190,253,000	$ 185,443,000	$ 179,386,000	$ 177,426,000	$ 176,307,000	$ 795,311,000	$ 718,562,000	$ 646,230,000
Gross Profit	43,403,000	42,160,000	44,252,000	41,878,000	41,951,000	40,345,000	36,094,000	39,869,000	171,693,000	158,259,000	152,114,000
Net Income (Loss)	$ 19,454,000	$ 17,095,000	$ 19,898,000	$ 19,805,000	$ 18,169,000	$ 16,849,000	$ 14,656,000	$ 16,691,000	$ 76,252,000	$ 66,365,000	$ 66,410,000
Net Income per Basic Common Share	$ 1.13	$ 1	$ 1.16	$ 1.16	$ 1.06	$ 0.98	$ 0.84	$ 0.95	$ 4.45	$ 3.83	$ 3.74
Net Income per Diluted Common Share	$ 1.12	$ 0.99	$ 1.15	$ 1.14	$ 1.04	$ 0.96	$ 0.83	$ 0.94	$ 4.4	$ 3.77	$ 3.66

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Detail) - Allowance for expected credit losses [Member] - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 2,823,000	$ 2,562,000	$ 3,274,000
Additions Charged to Cost and Expenses	1,828,000	1,216,000	158,000
Deductions	(406,000)	(955,000)	(870,000)
Balance at End of Year	$ 4,245,000	$ 2,823,000	$ 2,562,000