Automated software enables billing companies to efficiently manage the information required for each claim. With features such as reporting, documentation, and analytics, these software applications enhance the transparency of the claims process, making it faster & more efficient. This improves the overall billing experience for clients and helps increase revenue by reducing delays and errors.
The rising number of Emergency Department (ED) visits and the emergence of independent freestanding ED facilities are expected to drive the growth of the emergency medical services (EMS) billing services market in the U.S.In addition, the survey reveals that patients with Medicaid had the highest rate of ED visits compared to other payment sources, while patients with private insurance had the lowest visit rate. This disparity highlights the need for efficient billing services to manage the complexities associated with different payment sources and ensure accurate service reimbursement.
Key players are implementing various strategies like mergers & acquisitions, partnerships, expansions, and launching new services to expand their market presence. These efforts are expected to contribute to the market's growth. For instance, in September 2020, Change Healthcare introduced MedRx, a solution enabling convenient COVID-19 testing at local pharmacies. MedRx allows pharmacies to efficiently process reimbursement for COVID-19 tests, streamlining the billing process such as prescription and flu shot claims.
U.S. EMS Billing Services Market Report Highlights
- Based on component, the outsourced segment held the largest market share of over 56.3% in 2022. By outsourcing, start-ups or companies undergoing transition can avoid the need for large initial investments in infrastructure, software, and staff training, which is expected to drive the segment growth
- The in-house component segment is expected to witness significant growth over the forecast period, as it enables healthcare providers to control and oversee their financial operations
- In March 2023, EMS Management & Consultants, Inc. and the PWW Advisory Group collaborated to invest in advanced solutions for EMS and mobile healthcare organizations across the U.S.
- In October 2022, Optum and Change Healthcare successfully merged. This partnership will integrate and streamline the essential clinical, administrative, and payment procedures relied upon by healthcare providers and payers to effectively serve patients
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Table of Contents
Companies Mentioned
- EMS Management & Consultants, Inc.
- Cvikota EMS
- Omni Medical Billing Service, Inc.
- Quick Med Claims, LLC.
- 911 Billing Services & Consultant, Inc.
- Change Healthcare
- PCC Ambulance Billing Service
- EMS Billing Management, LLC
- Pintler Billing Services
- AIM EMS Software & Services
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 59 |
Published | July 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 1.9 billion |
Forecasted Market Value ( USD | $ 4 billion |
Compound Annual Growth Rate | 9.8% |
Regions Covered | United States |
No. of Companies Mentioned | 10 |