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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Key Takeaways Of The Report :
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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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 provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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