The report praises Invensis for its efforts to comply with regulatory standards and efficiency in managing high claim volume with accuracy and low administration costs. The report also leads to the suggestion of leveraging the services of Invensis citing the low global insurance penetration and claims processing error of around 20%.
Bangaluru: Leading healthcare BPO provider- Invensis Technologies has been named as one of the prominent players in the Global Medical Claims Processing Service Market in Coherent Market Insights report, 2016-2024. The company is recognized for its superior delivery excellence and maximum efficiency rate. With the proficiency in different subgroups of medical billing services, Invensis has efficiently rendered its services to various global organizations.
Focal points of Invensis in the report:-
Current challenges: According to the report, the healthcare industry is entrenched with uncertainties of uncollectible, health information exchange and financial performance. Invensis is trusted with managing high claim volume, delivers optimum claim processing speed with accuracy. Invensis adheres to mandatory regulatory compliance standards and sets low administrative costs.
Leading trends: The report states that 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. 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.
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 of insurance in the middle-income group is expected to boost demand for medical claims processing services in the near future.
The report leads to the suggestion of leveraging the services of a leading medical billing service provider like Invensis who has a reputation for its all-inclusive medical claims processing services that help in reducing the marked difference in the treatment plans on the availability of resources and the realities of local conditions.
Unprecedented delivery model: The report puts on gloomy fact, citing the American Medical Association (AMA) that says there is an error rate of 20% among health insurers that results in a loss of around US$ 17 billion each year. Invensis has been acclaimed in the report for its adequacy and technically advanced claims processing services. With its effective engagement model, Invensis has reduced the burden as well as the cost for insurance companies.