KOL Call Recap: Mid-Cycle Emerges as Most Likely AI Battleground for RCM

研报英文原文证据摘录

KOL Call Recap: Mid-Cycle Emerges as Most Likely AI Battleground for RCM

Equity Research

Industry Update — July 15, 2026

Healthcare Technology

KOL Call Recap: Mid-Cycle Emerges as Most

Likely AI Battleground for RCM

Our Call Stan Berenshteyn, CFA

We hosted a 7/13 KOL call with a health system CMIO. RCM take rates appear steady, Equity Analyst | Wells Fargo Securities, LLC

Stan.Berenshteyn@wellsfargo.com | 732-266-3756

though negotiations are tougher as vendors bundle more AI/features at similar

Corey DeVitoeconomics. Point solutions may gain adoption, but scale favors consolidation.

Associate Equity Analyst | Wells Fargo Securities, LLC

Corey.DeVito@wellsfargo.com | 212-214-5444

Universe Read-Through

WAY (+) Iodine is the leading CDI platform, with a path into coding and billing that

supports Waystar’s mid-cycle expansion. L-t read is bullish as services-heavy workflows

shift to software, though competition could cap N-t take rates.

OMCL (+) LifePoint Health is standardized on Omnicell, its go-forward ADC vendor.

Incumbents are typically favored, supporting OMCL’s position, though OmniSphere

upgrades likely to be incremental (but adoption timing is uncertain).

HCAT (~) HCAT remains a well-leveraged analytics tool that supports benchmarking,

quality improvement, and care standardization, though improving frontier models can

ingest health system data and perform similar analytics, potentially increasing pressure on

standalone analytics vendors.

OpenEvidence (+) Provider adoption and health system partnerships are building

momentum. The Expert sees potential for OpenEvidence to embed in workflows and

replace underused legacy tools as contracts renew.

Mid-cycle is where AI disruption is concentrating. The Expert identified documentation,