Medical Claims Processing Services in the US - Industry Market Research Report

Medical Claims Processing Services in the US - Industry Market Research Report

Medical Claims Processing Services in the US

Demographic and economic factors are the driving forces behind the rising number of medical claims submitted annually. An aging population's expanding medical needs are increasing the cost and complexity of claims while rising incomes and broader insurance coverage facilitate more visits to healthcare providers. Medical claims processing companies had to adapt quickly to the changes brought on by the COVID-19 pandemic. Swift regulatory changes created challenges for claims processing. Yet, other pandemic effects, like labor shortages, have benefited companies as healthcare providers outsource to alleviate burdens on their workforce. Steadying patient volumes, recession concerns and inflation pressures will lower healthcare expenditure in 2023, reducing the volume of claims. In all, industry-wide revenue has been growing at a CAGR of 2.1% over the past five years – totaling an estimated $4.9 billion in 2023 – when revenue will drop an expected 0.5%.

The Medical Claims Processing Services industry processes and administers medical insurance policies and claims. Businesses help doctors and other healthcare providers collect payments from insurance companies and Medicare.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.