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Procurement Market Intelligence Report

Insurance Claims Processing Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Insurance Claims Processing Services?

What is the average price of Insurance Claims Processing Services?

This procurement report includes pricing information to help you purchase Insurance Claims Processing Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Insurance Claims Processing Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Insurance Claims Processing Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Insurance Claims Processing Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Insurance Claims Processing Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

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Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should explain terms of payment and details for the desired contract, including length and exclusivity.

Buyers can consult the Benchmark Price and Total Cost of Ownership sections of this report to estimate what they should be willing to pay for services.

Selection Criteria

Buyers should evaluate the processing systems and software that a vendor uses to track claims.

Buyers should consider what the typical ratio of claims paid to claims denied is for each vendor.

Buyers should assess the level of customer service a vendor provides.

Buyers should put some consideration into a vendor's reputation, which they can assess through client referrals.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should explicitly state all important dates in the RFP timeline.

Buyers need to include when the RFP documents become available, the deadline for written questions, when proposals are due, when interviews will take place and when award information will be available.

Buyers should state when the expected start date will be.

Evaluate major factors to mitigate risk

How risky is the supply chain?

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HIGH

MEDIUM

LOW