Market Trends of Global Emergency Medical Services Billing Software Industry
This section covers the major market trends shaping the Emergency Medical Services Billing Software Market according to our research experts:
The Outsourced Component Segment is Projected to Grow Significantly During the Forecast Period
The outsourced component segment held the largest market share as companies find it more cost-effective than developing software in-house. Billing has become more efficient for service providers due to the availability of integrated and advanced billing software. Outsourcing EMS billing software helps to increase cash flow, save money on equipment and software, and reduce staff size and employee expenses. As a result of the growing benefits of outsourcing EMS billing software and revenue growth for EMS billing software providers, the segment is expected to grow over the forecast period.
In hospitals, it is easier to handle emergencies during critical care or post-treatment complications. As a result, most of the disease treatments and surgeries are carried out in hospitals. According to the American Hospital Association 2020, around 8 million surgeries were performed in registered hospitals in the United States for 500 beds. Likewise, as per the Canadian Institute of Health Information, NACRS Emergency Department Visits and Length of the Stay by Province, 2021-2022, there were about 1,075,3041 emergency department visits between April 2021 to December 2021. Thus, the growing number of hospital admissions will ultimately boost the adoption of emergency medical services, in turn propelling the demand for billing software to help manage patients' finances. As a result, these hospitals usually procure medical billing services from other companies engaged in providing billing software and services in order to reduce the burden on the facilities, this will in turn boost the segment's growth in the near future.
Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.
North America Dominates the Market and Expected To Do Same Over the Forecast Period.
Advancements and digitization in the healthcare industry, as well as the emergence of new technologies, are major market drivers in the North American region. The transformation of the healthcare sector in the United States, for example, into a data-intensive industry has prompted the adoption of innovative solutions to advance the development of advanced healthcare. Furthermore, the rising demand for software solutions is being driven by increased hospital admissions and healthcare spending in the North American region, as well as proactive government initiatives aimed at facilitating the efficient maintenance of digital health records. The past few years have witnessed errors in the medical bills across healthcare settings in the region. Thus, the need to reduce errors has fueled the growth of EMS billing software.
Moreover, strategic initiatives such as product innovations, developments, acquisitions, mergers, partnerships, joint ventures, and approvals undertaken by prominent players have resulted in market growth. For instance, in October 2021, R1 RCM Inc. extended the partnership agreement with American Physician Partners (APP) for revenue cycle management (RCM) with R1 until 2031. APP is a recognized leader in emergency medicine, hospital medicine, and intensive care management services, with more than 150 hospital and system partnerships. Additionally, in July 2021, Trapeze collaborated with the Council of Ambulance Authority (CAA). Trapeze Group and the Council of Ambulance Authorities (CAA) co-facilitated their annual knowledge collaboration initiative, an 'ideas board' where the industry came together to share their experience and expertise on a pressing topic within the ambulance sector at the Council of Ambulance Authorities (CAA) Virtual Expo.
Thus, all the aforementioned factors are expected to drive the demand for EMS billing software, thereby boosting the market's growth.
