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Jan. 17, 2020, 2:09 a.m. EST

Medical Claims Processing Services Market Overview 2020- Size, Share, Competitive, Analysis, Growth Insights Leading, Players, Upcoming Trends and Opportunity | Industry Demand by Type, Component, Delivery Model and Regional Forecast to 2026

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Jan 17, 2020 (Heraldkeepers) -- 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.

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.

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.

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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.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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