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A restated description of the risk factors associated with our business is set forth below.
−Removed: This description includes any and all changes (whether or not material) to, and supersedes, the description of the risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the SEC on June 10, 2020.
+Added: This description includes any and all changes (whether or not material) to, and supersedes, the description of the risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021, filed with the SEC on May 28, 2021.
Past financial performance is not necessarily a reliable indicator of future performance, and investors in our common stock should not use historical performance to anticipate results or future period trends.
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In addition, widespread unemployment has resulted in fewer doctor visits and fewer workers’ compensation and general liability claims.
−Removed: The majority of our workforce continues to work from home, which in the long run could have an impact on our level of service.
+Added: The majority of our workforce continues to work from home, which in the long run could have material adverse impact on our level of service.
This may result in, among other things, decreased demand for our services, terminations of customer contracts, delays in our ability to perform services, an altering of the mix of services requested by customers and claimants, and other losses of revenue.
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The ongoing impacts of the pandemic might cause a prolonged general economic slowdown or recession in one or more markets, disruptions and volatility in global capital markets and other broad and adverse effects on the economy, business conditions, commercial activity and the healthcare industry.
−Removed: The pandemic might impact our business operations, financial position and results of operations in unpredictable ways that depend on highly-uncertain future developments, such as determining the effectiveness of current or future government actions to address the public health or economic impacts of the pandemic.
+Added: If the pandemic does not subside, or if there is a resurgence, it could materially adversely impact our business operations, financial position and results of operations in unpredictable ways that depend on highly-uncertain future developments, such as determining the effectiveness of current or future government actions to address the public health or economic impacts of the pandemic.
Any of these risks might have a materially adverse effect on our business operations and our financial position or results of operations.
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Continued reductions in our customers’ exposure units (such as headcount, payroll, properties, the market values of their assets, plant and equipment, and other asset utilization levels, among other factors) will reduce the amount of claims administration services they need.
−Removed: In addition, with unprecedented levels of unemployment and business closures, the number of newly arising workers’ compensation and general liability claims, which directly
−Removed: impact our fee revenues in our risk management operation, have declined.
−Removed: The decline in economic activity due to COVID-19 has caused some of our customers to become financially less stable, and if this trend continues and customers enter bankruptcy, liquidate their operations or consolidate, our revenues and the collectability of our receivables will be adversely affected.
+Added: In addition, with unprecedented levels of unemployment and business closures, the number of newly arising workers’ compensation and general liability claims, which directly impact our fee revenues in our risk management operation, have declined.
+Added: The decline in economic activity due to COVID-19 has
+Added: caused some of our customers to become financially less stable, and if this trend continues and customers enter bankruptcy, liquidate their operations or consolidate, our revenues and the collectability of our receivables will be adversely affected.
Healthcare providers are becoming increasingly resistant to the application of certain healthcare cost containment techniques;
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The cost of developing new healthcare information services and technology solutions is inherently difficult to estimate.
−Removed: Our development and implementation of proposed software products and services may take longer than originally expected, require more testing than originally anticipated and require the acquisition of additional personnel and other resources.
+Added: Our development and implementation of proposed software products and services may take longer than originally expected, require more
+Added: testing than originally anticipated and require the acquisition of additional personnel and other resources.
If we are unable to develop new or updated software products and services cost-effectively on a timely basis and implement them without significant disruptions to the existing systems and processes of our customers, we may lose potential sales and harm our relationships with current or potential customers.
+Added: We may not be able to develop or acquire necessary IT resources to support and grow our business, and disruptive technologies could impact the volume and pricing of our products, which could materially adversely affect our business, results of operations, and financial condition.
+Added: We have made substantial investments in software and related technologies that are critical to the core operations of our business.
+Added: These IT resources will require future maintenance and enhancements, potentially at substantial costs.
+Added: Additionally, these IT resources may become obsolete in the future and require replacement, potentially at substantial costs.
+Added: We may not be able to develop, acquire replacement resources or identify new technology resources necessary to support and grow our business.
+Added: In addition, we could face changes in our markets due to disruptive technologies that could impact the volume and pricing of our products, or introduce changes to the claims management processes which could negatively impact our volume of case referrals.
+Added: Our failure to address these risks, or to do so in a timely manner, or at a cost considered reasonable by us, could materially adversely affect our business, results of operations, and financial condition.
The failure to attract and retain qualified or key personnel may prevent us from effectively developing, marketing, selling, integrating, and supporting our services.
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We cannot currently estimate the timing and amount of any such charges.
−Removed: We are sensitive to regional weather conditions and natural disasters that may adversely affect our operations.
−Removed: Our operations are directly affected in the short term by the weather conditions and natural disasters in certain regions of operation.
−Removed: Therefore our business is sensitive to the weather conditions and natural disasters of these regions.
−Removed: Unusually inclement weather, including significant rain, hurricanes, tropical storms, snow, sleet, freezing rain, or ice, and natural disasters, including fires, can temporarily affect our operations if customers are forced to close operational centers.
−Removed: Accordingly, our operating results may vary from quarter to quarter, depending on the impact of these weather conditions and natural disasters.
Risks Related to Cybersecurity and Our Information Systems
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Delays or other problems we might encounter in implementing these projects could adversely affect our ability to deliver streamlined patient care and outcome reporting to our customers.
−Removed: Our Internet-based services are dependent on the development and maintenance of the Internet infrastructure.
−Removed: The Internet has experienced a variety of outages and other delays as a result of damages to portions of its infrastructure, and it could face outages and delays in the future.
−Removed: These outages and delays could reduce the level of Internet usage, as well as the availability of the Internet to us for delivery of our Internet-based services.
−Removed: In addition, our customers who use our Web-based services depend on Internet service providers, online service providers, and other website operators for access to our website.
−Removed: All of these providers have experienced significant outages in the past and could experience outages, delays, and other difficulties in the future due to system failures unrelated to our systems.
−Removed: Any significant interruptions in our services or increases in response time could result in a loss of potential or existing users, and, if sustained or repeated, could reduce the attractiveness of our services.
Risks Related to Potential Litigation
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As a result, we could be subject to claims arising from any adverse medical consequences.
−Removed: Although plaintiffs have not, to date, subjected us to any claims or litigation relating to the granting or denial of claims for payment of benefits or allegations that we engage in the practice of medicine or the delivery of medical services, we cannot assure you that plaintiffs will not make such
−Removed: claims in future litigation.
+Added: Although plaintiffs have not, to date, subjected us to any claims or litigation relating to the granting or denial of claims for payment of benefits or allegations that we engage in the practice of medicine or the delivery of medical services, we cannot assure you that plaintiffs will not make such claims in future litigation.
We also cannot assure you that our insurance will provide sufficient coverage or that insurance companies will make insurance available at a reasonable cost to protect us from significant future liability.
The increased costs of professional and general liability insurance may have an adverse effect on our profitability.
−Removed: The cost of commercial professional and general liability insurance coverage has risen significantly in the past several years, and this trend may continue.
+Added: The cost of commercial professional and general liability insurance coverage has risen significantly for us in the past several years, and this trend may continue.
In addition, if we were to suffer a material loss, our costs may increase over and above the general increases in the industry.
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To the extent that such proposals affect workers’ compensation, such proposals may adversely affect our business, financial condition, and results of operations.
−Removed: In addition, changes in workers’ compensation, automobile insurance, and group healthcare laws or regulations may reduce demand for our services, require us to develop new or modified services to meet the demands of the marketplace, or reduce the fees that we may charge for our services.
−Removed: Increasing regulatory focus on privacy issues and expanding laws could impact our business models and expose us to increased liability.
+Added: In addition, changes in workers’ compensation, automobile insurance, and group healthcare laws or regulations may reduce demand for our services, which would require us to develop new or modified services to meet the demands of the marketplace, or reduce the fees that we may charge for our services.
+Added: Increasing regulatory focus on privacy issues and expanding privacy laws could impact our business models and expose us to increased liability.
privacy and data security laws apply to our various businesses.
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In 1996, our Board of Directors authorized a stock repurchase program and, since then, has periodically increased the number of shares authorized for repurchase under the repurchase program.
−Removed: The most recent increase occurred in February 2019 and brought the number of shares authorized for repurchase over the life of the program to 37,000,000 shares.
+Added: The most recent increase occurred in May 2021 and brought the number of shares authorized for repurchase over the life of the program to 38,000,000 shares.
There is no expiration date for the repurchase program.
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The existence of a stock repurchase program could also cause our stock price to be higher than it would be in the absence of such a program and could potentially reduce the market liquidity for our stock.
−Removed: Additionally, repurchases under our stock repurchase program will diminish our cash reserves, which could strain our liquidity, could impact our ability to pursue possible future strategic opportunities and acquisitions and could result in lower overall returns on our cash balances.
+Added: Additionally, repurchases under our stock repurchase program will diminish our cash reserves, which could strain our liquidity, could impact our ability to pursue possible
+Added: future strategic opportunities and acquisitions and could result in lower overall returns on our cash balances.
There can be no assurance that any further stock repurchases will enhance stockholder value because the market price of our common stock may decline below the levels at which we repurchased shares of stock.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.