The U.S. EMS billing services market size is anticipated to reach USD 2.6 billion by 2026, based on a new report by Grand View Research, Inc., registering a CAGR of 8.9% over the forecast period. Growing demand for error-free electronic accounting processes and faster claim processing is expected to fuel market growth. Outsourcing is a cost-efficient alternative to expensive in-house processes. For instance, in-house solutions need a high initial cost for setup, in addition to staff salaries, training and education, department costs, software and hardware costs, and direct claim processing costs. With the services being outsourced, the administrative cost of the EMS agency can be reduced to maximize the overall revenue.
The cost of administration of the U.S. healthcare system is significantly high, with Billing and Insurance-related (BIR) activities comprising a large share in the total cost. The cost of billing EMS is included under administrative cost, which includes billing of ambulance services provided to physicians and hospitals. Billing and reimbursement are important parts of any EMS operation. The process of verification, accounting, and reimbursement is complex and takes time and resources. EMS billing includes financial support operations that involve complete revenue cycle management of a company with the help of software and additional staffing.
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U.S. EMS Billing Services Market Report Highlights
• Outsourced solutions dominated the market by component in 2018. Outsourcing has become the method of choice for EMS agencies for streamlined workflow and maximized revenue availability of numerous third-parties in the country
• Growing demand for third-party service providers for maximized revenue and more efficient claim filing with a low rate of denial are other major factors fueling market growth. Availability of certified medical coders and skilled staff helps avoid unnecessary delay, thus helping patients to save costs and avail quality offerings
• Key industry participants providing in-house and outsourced EMS billing solutions include EMS Billing Management, LLC; Omni Medical Billing Service, Inc.; EMS Billing Services; Change Healthcare; 911 Billing Services & Consultant, Inc.; EMS Billing & Management Consultant (EMS|MC); The Billing Pros; PCC Ambulance Billing Services; and Pintler Billing Services
• Acquisitions and partnerships are the major strategies being followed by players in this market. For instance, in October 2016, EMS Management & Consultants, Inc. underwent a long-term partnership with regional healthcare system East Texas Medical Center EMS (ETMC EMS) and 911 ambulance transport service provider called Paramedics Plus to offer revenue cycle management services.
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U.S. EMS Billing Services Market Segmentation
Grand View Research has segmented the U.S. EMS billing services market based on component:
U.S. EMS Billing Services Component Outlook (Revenue, USD Million, 2015 – 2026)
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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