In this study, we investigate the transient dynamics of the dielectric function in photoexcited bismuth using a double-probe experiment. We demonstrate how the A1g coherent phonon mode influences both the real and imaginary components of the dielectric function, extending to a quasi-steady state. Additionally, we compare this transient behavior to ellipsometry measurements taken at varying crystal temperatures under equilibrium conditions. Our findings reveal that bismuth crystals, when excited by femtosecond laser pulses, enter a quasi-stationary state that follows the coherent phonon oscillations. This transient state is distinct from a liquid phase or a simple thermalized state. We interpret this quasi-steady state as a heated, excited state where electron-hole recombination has not yet occurred.