Is it possible to have physics collisions or raycast against a mesh that is deforming in any way?

I’ve heard of these 3 ways to deform a mesh: skeletal animation, morph targets, and procedural meshes.

Short of writing my own rudimentary physics, is it possible with any of those deformation methods – or with anything else – to have a mesh that can be changing shape while at the same time still able to handle (a) physical collisions with it, or at least (b) raycasts against it?

For example, balls falling onto a surface of moving, undulating concrete.