Market research firm Black Book Research has released its list of the 12 most promising startups and scale-ups in revenue cycle management.
The companies were drawn from a field of 270 venture-backed RCM firms that launched between 2019 and mid-2025, according to a June 25 Black Book news release. The companies were evaluated using Black Book’s 10-point key performance indicator model, developed to assess scale-up readiness, product-market fit and operational outcomes. Black Book received input from 314 investment decision-makers, including venture capital firms, private equity analysts and strategic buyers.
“The firms recognized here are outperforming on the metrics that matter most to investors and providers alike — impact, adoption and agility,” Black Book founder and CEO Doug Brown said in the release. “Each one has demonstrated a proven ability to transform critical areas of the revenue cycle through AI and automation in ways that resonate with both healthcare operators and capital partners.”
Here are Black Book’s top 12 RCM startups and scale-ups to watch in 2025:
- Akasa
- RapidClaims
- ThoughtfulAI
- Automize AI
- SmarterDx
- Guardian AI
- Charta Health
- Robin AI
- SparkChange
- Arintra
- Tomnorro
- Mandolin
Read the full report here.
