In this Intelligence report, we analyse the current state of US claims providers—both legacy incumbents and emerging players—to assess who stands out in today’s fragmented ecosystem. We also explore whether any one provider can claim to be the new ‘gold standard’ for investors.

2024 was a turbulent year for the US healthcare claims landscape. A major cyberattack brought down the largest clearinghouse in the US, exposing critical vulnerabilities and triggering a wave of activity across the sector, from acquisitions and vendor shakeups to the emergence of new challengers. While many hoped 2025 would bring a return to stability, the market remains in flux, shaped by regulatory shifts, evolving payer needs, and the push toward digital transformation.