SEATTLE, March 15, 2021, (MEDGADGET) — Global Medical Claims Processing Services Market – Insights
Rapid growth in the healthcare sector has also led to increasing number of medical insurances. In-house processing of insurance claims may lead to high operational costs, need for trained personnel, and the risk of delayed payment, error in amounting, and customer dissatisfaction. This has led to outsourcing of medical claims in order to ensure minimal error and faster turnover, which also reduces the risk of delayed payment. According to the American Medical Association (AMA), 20% error rate among health insurers represents an intolerable level of inefficiency that causes a loss of around US$ 17 billion each year. Such scenario is expected to boost demand for medical claims processing services.
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Global Medical Claims Processing Services Market: Drivers
Increasing use of digital services instead of paper-based forms and integration of healthcare with IT is expected to propel growth of the global medical claims processing services market over the forecast period. Increasing adoption of EMR/EHR has also aided in simplifying claim processing. EMR/HER can be used to electronically transmit patient records to billing service providers, which eliminates the process of recording and sending paper-based records.
The medical claims processing services market can be analyzed for:
- Claim indexing
- Claim investigation
- Claim adjudication
- Claim repricing
- Claim settlement
- Litigation management and
- Information management services
Moreover, increasing outsourcing of medical claims processing services is also expected to boost growth of the market. Outsourcing helps to reduce the cost associated with medical claims processing as the billing services are charged a percentage of the collected claim amount.
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Global Medical Claims Processing Services Market: Regional Analysis
The market in Asia Pacific is expected to witness slow growth rate due to low insurance penetration in the region. For instance, according to Swiss Re, the global insurance penetration rate was a mere 6.2% in 2014, with India having insurance penetration rate on the lower side, at just 3.9% in the same year. Moreover, the study found that the insurance penetration rate fell to 3.2% in 2015 in India. High population base and increasing awareness for insurance in the middle income group is expected to boost demand for medical claim processing services in Asia Pacific and Rest of the World in the near future.
However, the U.S., Japan, U.K., Australia, Italy, and France are witnessing higher insurance penetration rate and increasing number of claims, which is expected to positively impact growth of the global medical claims processing services market. Moreover, favorable healthcare policies and government initiatives such as Affordable Care Act are also expected to propel growth of the market in the U.S.
Although Europe is witnessing rapid growth in the market, the introduction of Solvency II in the region is expected to restrict the growth to some extent.
Global Medical Claims Processing Services Market: Competitive Landscape
Major players operating in the global medical claims processing services market include Aetna Inc., Infinit Healthcare, Invensis Technologies Pvt. Ltd, Humana Inc., UnitedHealth Group, Telegenisys Inc., and Health Care Service Corp.
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Table of Content
Global Medical Claims Processing Services Market Research Report
Section 1: Global Medical Claims Processing Services Industry Overview
Section 2: Global Economic Impact on Medical Claims Processing Services Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Medical Claims Processing Services Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Medical Claims Processing Services Market Forecast
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