Invoice volumes for insured healthcare fell for the second consecutive quarter in Q3 according to Healthcode, although some parts of the sector are still busier than ever.
The UK’s official clearing organisation processed and validated 2.89 million invoices on behalf of private healthcare providers in Q3. This was up 2% year-on-year but represented a quarterly fall of 1.6% on Q2 which was itself a fall of 0.7% on Q1. Insured healthcare activity generated £1.3 billion for the sector which was 4.9% higher year-on-year but down slightly on Q2.
Healthcode’s invoice data is an important indicator of the healthcare market because private hospitals and more than 70% of practitioners, practices and clinics use its secure Clearing Service to charge for insured patients. As well as measuring healthcare activity, the data can also be analysed for insights about episode settings, specialties and regions.
Healthcode’s Managing Director, Peter Connor said: “It was unrealistic to expect yet another year of double-digit growth in insured healthcare. So far, 2025 has marked a return to a more sustainable level with invoice volumes 3% higher than at this point last year, whereas the equivalent annual growth in 2024 was 12%. At the same time, our data reveals some interesting emerging patterns such as signs that activity is growing outside London and that hospital specialties like cardiology and oncology are getting busier. This kind of market intelligence from Healthcode should be invaluable to healthcare businesses as they plan for a new normal.”
Here are the headlines from Healthcode’s analysis of invoice activity in Q3 2025:
Treatment setting
Invoices submitted by hospitals were up by an average 1% compared with Q3 2024 while those from non-hospital sources increased by an average 3%.
The total number of outpatient invoices was 2.62million which was down on Q2 by 1.5% but up 2.5% year-on-year. Admitted care (268,078) was down 2% on Q2 but fractionally higher than 2024.
Hospital specialty
Orthopaedics saw most activity in Q3 with 189,000 invoices. This was down 2% on Q2 (193,000) but still represents year-on-year growth. Radiology remains second with 117,000, up fractionally compared with the previous Quarter (116,000) but less than 2024. Hospital Physiotherapy invoice volumes in Q3 (79,000) fell by 2.5% compared with Q2 and were also down year-on-year.
Along with Radiology and Pathology/Haematology, Oncology was one of three top ten hospital specialties to post a larger volume of invoices in Q3 compared with Q2 and was also up year-on-year. While the Q3 volume for Cardiology (38,000) was down on Q2, activity in this specialty has been trending higher than 2024 in every month this year.
Countries and regions
Of the UK countries, Scotland recorded the highest annual growth in volumes for the second quarter in a row, averaging 10% across Q3 compared with 2024. Wales (7%) followed with 7% and then England (just 1%). Northern Ireland was fractionally down.
All English regions were relatively quiet, picking up again towards the end of Q3. For the second Quarter in a row, the South West performed strongly with year-on-year growth in each month of Q3. By contrast, Q3 invoice volumes in London were on a par with 2024 although it remains the centre of private healthcare in the UK.
