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.
Browse full research report on U.S.
EMS Billing Services Market: https://www.grandviewresearch.com/industry-analysis/us-ems-billing-services-market
Further key
findings from the study suggest:
- 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.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/us-ems-billing-services-market/request/rs1
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)
- In-house
- Outsourced
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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