PUBLISHER: Grand View Research | PRODUCT CODE: 1321409
PUBLISHER: Grand View Research | PRODUCT CODE: 1321409
The U.S. EMS billing services market size is expected to reach USD 4.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 9.85% from 2023 to 2030. Technological advancements in billing software drive market growth by enhancing process transparency, speed, and efficiency, leading to increased revenue. Furthermore, the increasing number of ER visits and the rising number of independent ER facilities are boosting demand, highlighting the need for efficient handling of payment sources and accurate reimbursement.
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.