医疗保健马赛克：人工智能在收入周期管理市场中的重要性日益提升

November 12, 2025Industry Report Ryan S. Daniels, CFA+1 312 364 8418rdaniels@williamblair.com Healthcare MosaicThe Growing Importance of AI inthe Revenue Cycle ManagementMarketplace Jared Haase, CFA+1 312 364 5135jhaase@williamblair.com Matthew Mardula+1 312 364 5385mmardula@williamblair.com Contents Summary............................................................................................................................3Introduction.......................................................................................................................5Set the Stage: A Detailed Review of Key Steps in the RCM Lifecycle (the ProviderPerspective).................................................................................................................6How AI Can Improve RCM Capabilities for Providers.....................................................12Key Focus Areas of AI Innovation in the Provider RCM Process....................................14Challenges to AI Adoption in Providers’ RCM Processes...............................................26Recent Product Launches Indicate the Land Grab Is Afoot............................................27Will AI Advancements Shift RCM Market Share From Outsourced Vendors toSoftware Providers?..................................................................................................31M&A and Funding Activity Also Point to a Dynamic Marketplace..................................34Company Profiles.............................................................................................................39 Summary In our quarterlyHealthcare Mosaicreport, we select a far-reaching topic of interest in the health-care space and provide a variety of data points and analyses to offer a more complete picture ofwhat it means for the broader healthcare marketplace—and both public and private investors inthe space. In thisHealthcare Mosaicreport (now our 39th in the quarterly series), we take a deeper diveinto the growing importance of artificial intelligence (AI) in the healthcare provider revenue cyclemanagement (RCM) market. In our view, AI has the potential to revolutionize myriad RCM func-tions, which could reshape market dynamics between insourced and outsourced RCM providersand drive massive share shifts over the coming years. We also believe there is a growing number of use-cases for AI solutions that can help drive pro-vider efficiencies, reduce waste, and enhance providers’ overall RCM processes (and thus financialhealth). In turn, we expect AI-based innovations to accelerate RCM software sales over the comingyears, creating strong end-market demand for these mission-critical offerings. Accordingly, the purpose of this report is to help investors better understand this trend and thepotential market implications related to the growing use of AI in RCM activities over the comingyears (again, for this report we focus on provider RCM solutions, and will look to assess how pay-ers are also using AI in future reports). More specific, in this thematic report we analyze: •How AI-enabled RCM solutions can help improve productivity, reduce waste, and improve pro-viders’ overall financial health;•How RCM software providers are rapidly adding novel AI solutions to their existing productand service portfolios;•Key areas of focus for AI adoption in the RCM lifecycle and which providers are best positionedto thrive in this market;•Key risks considerations when adopting AI for RCM activities;•Key market trends around M&A activity, partnerships, and financing activity in the AI RCMmarket;•Why AI may begin to shift market share from outsourced RCM vendors to internal RCMteams; and•How this market shift could impact industry growth rates for RCM software providers overthe coming years. Regarding our covered healthcare companies that we believe will be most impacted by thesetrends, our work is most relevant toWaystar (WAY),Phreesia (PHR),and, to a lesser extent,Health Catalyst (HCAT). We also see a number of high-growth public and private entities in space that are set to benefitfrom these developments, including the operators we profile in detail at the conclusion of thisreport (and depicted in exhibit 1). In tandem with this quarter’s report,we are hosting a fireside chat with Chris Schremser, chieftechnology officer and head of engineering for Waystar (WAY). Schremser is a tenured executive with the organization and played a key role in the formation ofWaystar out of its predecessor companies, Navicure and Zirmed (where he served as CTO startingin 2002). In his current position, Schremser helps lead Waystar’s overall product vision, strategy,and execution on platform development. He also has a leading role in AI development and the in-tegration of Iodine Software. During the fireside conversation, we plan to discuss Waystar’s track record of AI innovation inRCM, key technology roadmap initiatives, and how the integration of Iodine can accelerate pr