The Revenue Cycle Management (RCM) sector continued to be the most active in broader HCIT in 2025 for both M&A transactions and VC investment activity. Venture capital investors pursued platforms in artificial intelligence, prior authorization, ambient scribes and denials. Private equity and PE-backed companies comprised the majority of M&A transactions, including new platform investments from several large funds not yet in the space. Larger scale RCM companies have launched comprehensive AI strategies, which included acquiring AI platforms. Activity is likely to continue in 2026.