Medical Claims Processing Services Market

SEATTLE, UNITED STATES, UNITED STATES, December 30, 2021 /EINPresswire.com/ -- Overview

Medical claims outsourcing has become a popular choice among healthcare providers due to the potential it has to reduce operational costs. By outsourcing administrative tasks such as claim filing, record keeping, and auditing to qualified third-party companies, healthcare providers can focus their attention on providing quality care. However, as with any business venture, healthcare providers should consider all the pros and cons of outsourcing. One of the benefits of outsourcing is that it may reduce the overall operational costs. Outsourcing to the medical claims processing services industry in the Philippines allows health organizations to reduce the burden of running their own claims process. This results in fewer patient claims and reduced health expenditure for health care providers.

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

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Market Outlook

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. The U.S., Japan, U.K., Australia, Italy, and France are some of the leading countries in the global medical claims processing services market, owing to higher insurance penetration rate, increasing number of claims, and growing demand from healthcare providers. Furthermore, favorable healthcare policy and government initiatives such as Affordable Care Act have also boosted demand for medical claim processing services in the U.S. Europe is quickly emerging as another important medical claims processing services market. However, introduction of Solvency II in Europe may have an adverse impact on the insurance operators in Europe.
Although the medical claims processing services market in Asia Pacific and Rest of the World are still at a very nascent stage, high population base and increasing awareness for insurance in the middle income group is expected to boost demand for medical claim processing services in the near future.

Competitive Section

Key companies involved in the global medical claims processing services market are Aetna Inc., Infinit Healthcare, Invensis Technologies Pvt. Ltd, Humana Inc., UnitedHealth Group, Telegenisys Inc., and Health Care Service Corp.

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