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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 Insurance Claims Processing Services?

According to ProcurementIQ estimates, there are 115,000 suppliers providing insurance claims processing solutions in the United States. The total number of vendors has been slowly trending upward in the past three years due to relatively low barriers to market entry. The large number of suppliers underpins a low level of... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Market Competition

How do you win and retain business?

How do your insurance claims processing services differ from those offered by your competitors?

How is your company responding to increased demand for insurance claims processing services?

How has the fragmentation of the market affected your business practices?

Communication Practices

How often do you prefer to communicate with your clients?

Through what mediums do you typically communicate with clients?

What types of notifications do you provide for issues that arise with claims?

When do you give your clients reports detailing records for the claims you have processed? Do you stick to a monthly system or a different kind of timeline?

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Key elements for every RFP

What should my Insurance Claims Processing Services 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 Insurance Claims Processing Services supply chain?

The supply chain risk for insurance claims processing services is low, thereby boosting buyer power. Providers of insurance claims processing services rely on upstream suppliers, such as commercial lessors, computer retailers, office supply retailers and wired telecommunication carriers. The majority of these first tier suppliers pose negligible risk to the... Subscribe to learn more.

HIGH

MEDIUM

LOW