Private Company Research Series: Latest Checks On Ambient AI Scribe and LLM Use In Health Systems: Transforming Healthcare | North America

Research evidence excerpt

Private Company Research Series: Latest Checks On Ambient AI Scribe and LLM Use In Health Systems: Transforming Healthcare | North America

Foundation

July 20, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMTransforming Healthcare | North America Craig Hettenbach

Equity Analyst

Private Company Research Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

Series: Latest Checks On Erin Wright

Erin.Wright1@morganstanley.com +1 212 761-6137

Ambient AI Scribe and LLM Use Michelle Foley

Michelle.Foley@morganstanley.com +1 212 761-4056

In Health Systems Linda Bolduc

Linda.Bolduc@morganstanley.com +1 617 856-8009

We spoke with several health systems to get a pulse on latest

technology adoption trends. The larger Ambient AI Scribe

vendors are expanding capabilities and are breaking away from a

long tail of competitors. Hospitals are running pilot programs

with LLM providers as the lines blur in RCM.M

Key Takeaways

Commure and Abridge appear to have the strongest momentum. Smaller

vendors may struggle to scale

ROI is still murky, especially in acute settings

Expansion seen into nursing, although payment models need to be worked out

Feedback is positive on WAY, although the lines are blurring as Ambient AI

Scribes advance and LLMs pilot various RCM functions...

...likely keeping the stock's multiple in check near term amidst a rapidly changing

technology backdrop

Ambient AI Scribe vendors are moving upstream into clinical encounters...

Vendors are enabling capture of the right specificity, medical necessity, diagnoses,

risk-adjustment evidence, and billing interpretation for clinicians during patient

encounters. This is a marked improvement from having to rely on retrospective