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H1 2025 reflected a period of significant investment and M&A activity in Revenue Cycle Management (RCM) as addressing growing denial balances and administrative workforce challenges remain a top priority for providers. Healthcare organizations continue to experience point solution fatigue and are putting a premium on fully integrated, end-to-end vendor platforms to address all their RCM needs. Artificial Intelligence (AI) continues to drive significant capital investment into RCM as automation is no longer viewed as a “nice to have” by providers, but as a “must have”.
Sweeping regulatory changes, including the passing of the “Big Beautiful Bill,” signal a major shift for RCM operations as price clarity, real-time billing and AI-fueled automation become key areas of focus. RCM M&A and capital raising markets continue to experience healthy, growing levels of activity in H1 2025, driven by several large, private equity sponsored deals
These dynamics, along with positive market sentiment received from both providers and RCM vendors at the recent Health Financial Management Association (HFMA) Annual Conference, point to continued demand for innovative RCM solutions, which we at Ziegler expect to drive healthy M&A and investment activity through H2 2025.
- Executive Summary Pg 3
- Strong Market Tailwinds Driving Demand for RCM Innovation Pg 4
- Multiple Pain Points Driving Increase in Insurance Denial Rates Pg 5
- Workforce Challenges Remain an Issue Across Revenue Cycle Pg 6
- Evolving Revenue Cycle Landscape Pg 7
- Key Themes Driving M&A and Investment in RCM Pg 8
- Increasing Investment Across Revenue Cycle Management Pg 9
- Significant Flow of Capital into AI Innovation in RCM Pg 10
- Revenue Cycle Management M&A on the Rise Pg 11
- In the News Pg 12
- Select Recent Revenue Cycle Management Experience Pg 13