American Well Corporation operates as an enterprise platform and software company that digitally enables hybrid care.
The company empowers health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. The company provides its clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinica...
American Well Corporation operates as an enterprise platform and software company that digitally enables hybrid care.
The company empowers health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. The company provides its clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands.
Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside the company’s clients. The company brings technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with the company’s clients and innovation partners, it forges a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all.
As of December 31, 2024, the company powers the digital care programs of approximately 50 health plans, which collectively represent more than 80 million covered lives, as well as approximately 100 of the nation’s largest health systems.
The company’s enterprise platform and software as a service solutions enable hybrid care delivery by offering its clients products to help weave digital care across all care settings. For health systems, the company’s enterprise platform enables provider-to-provider virtual care for use cases ranging from stroke to virtual nursing and e-sitting. The company’s suite of Carepoint devices can enhance in-person care, whether the clients want to turn existing equipment such as televisions or iPads into digital access points or use Amwell Carepoint carts and peripherals. The company’s enterprise platform also helps extend care outside the care setting by enabling both on-demand and scheduled provider-to-patient care for a range of use cases. This includes, but is not limited to, urgent care, primary care, behavioral health, chronic disease management, and specialty follow-up care. To augment in-person and virtual care, the company’s automated care programs and digital mental health services help clinicians and health plans engage patients, members, and consumers before, after, or in-between visits to improve care plan adherence and prevent costly escalations.
For health plans, employers and government entities, the company’s enterprise platform enables a member-centric hybrid care experience, seamlessly connecting with technology investments and offering an open architecture that allows simple integration of future innovation. The platform enables a broad set of use cases, including primary, urgent, mental health, specialty, and chronic care. The company’s virtual primary care solution offers a primary care navigation hub that supports a whole-person, longitudinal care experience for members, integrating virtual visits with digital behavioral health tools and condition-specific automated care programs, with escalation back to virtual and/or in person care, if needed. The company’s urgent care solution helps members conveniently and effectively address unplanned care needs without visiting the emergency department or local urgent care facility, driving quality outcomes at a lower cost.
The company’s clients’ providers use its enterprise platform and software to serve their patients and members. When needed, the company augments and extends its clients’ clinical capabilities with Amwell Medical Group (‘AMG’), a nationwide network of clinical entities with multi-disciplinary providers covering 50 states with 24/7/365 coverage. The AMG network includes a clinical entity with care capabilities that has been accredited by the National Committee for Quality Assurance (‘NCQA’).
The Amwell Converge platform is the latest version of the company’s enterprise platform software. The company designed the platform to be future-ready, reliable, flexible, scalable, secure and integrated with other healthcare software systems. The company’s platform offers state-of-the-art data architecture and video capabilities, flexibility and scalability, as well as a user experience focused on the needs of patients, members and providers. It has been designed from the ground up with the holistic understanding that the future of care of any one person will inevitably blend a mix of in-person, virtual and automated care experiences.
The Amwell Converge platform delivers the digital capabilities that health systems and health plans care about — for example, virtual primary care, post-discharge follow-up, chronic condition management, virtual nursing — and aligns them into a single digital care operating system that aggregates all the data from these care experiences to provide real-time insight. By providing a single platform for the digital distribution of care, the company’s platform accelerates innovation and interoperability for health system and health plan clients as well as other healthcare innovators who intends to offer a seamless experience for providers, patients and members.
Solution
Platform, Powering the Care Continuum
The Amwell Converge platform, the company’s cloud-based enablement platform, is its go-forward strategy to digitally enable a scalable healthcare experience across all care settings. The development of the platform provides the company’s customer base with an improved and more robust healthcare solution that is designed to connect seamlessly with clients' existing investments, as well as Amwell-owned and partner programs. During the fourth quarter of 2024, 67% of the company’s visits were provided on this platform, which was an increase from 52% in the fourth quarter of 2023. A strategic focus for the company in 2025 is to continue the migration of health plan and health system clients onto the platform as soon as it is feasible for those clients.
The Amwell Converge platform is designed to remotely implement hybrid care solutions and services for the company’s clients and grow with them as they broaden their offerings. It allows clients the flexibility to build their optimal hybrid care model across a wide variety of use cases based on their unique needs.
The Amwell Converge platform’s open architecture allows it to integrate with health plans’ and employers’ existing systems and point solutions, connecting the digital care ecosystem and simplifying the member experience.
The company has designed its platform to be future-ready, intuitive and convenient for patients, providers and payers:
Patients and Members—For member or patient-initiated on-demand/urgent care visits, patients can elect to see the next available clinician. For scheduled visits, patients are guided through configurable pre-visit readiness assessments and can enroll themselves and their dependents, enter their medical history, search for providers who meet their needs and check insurance coverage.
Providers—The Amwell Converge platform is designed to deliver an easy-to-use provider experience via web or mobile device.
Payers —Access to the Amwell Converge platform can be embedded directly into health plan portals, websites, and mobile applications, all using the health plan’s trusted brand.
Carepoint Devices and Connections Enable a Variety of Clinical Settings
Amwell Carepoint devices enable healthcare providers to leverage proprietary carts and transform existing tablets and TVs into digital access points in clinical settings, helping to address personnel shortages and access limitations. The company’s proprietary Carepoint devices coupled with its Carepoint Calling technology enables providers to deliver digital care into clinical locations, such as the emergency department, community hospitals, clinics, and hospital-at-home as well as into community settings, such as retail stores, employer sites, skilled nursing facilities, correctional facilities, and schools. The company’s Virtual Nursing and patient monitoring (eSitter) offerings leverage these Carepoint devices to augment on-site nurse teams with virtual staff, and leverage technology to increase patient safety and nurse efficiencies. These devices are built to rigorous safety and clinical standards and has advanced features, including far-end camera controls, fleet monitoring and connectivity to a variety of peripherals, including diagnostic scopes and heart, lungs, stomach, and ear examination tools. The company’s Carepoint portfolio supports a range of uses, including multi-way video, phone connectivity and secure messaging to bring care teams to patients and members in the most efficient way possible.
Value-Added Services
The company offers a full suite of paid, supporting services to its clients to enable their hybrid care strategy. AMG contracts with providers across primary and urgent care, behavioral health therapy, lactation counseling, and nutrition to provide licensed, reimbursable medical staffing for digital care delivery to the company’s clients. AMG can be used to augment provider capacity during nights, weekends or times of high demand. This nationwide network of clinicians can also enable expanded geographic coverage in cases where state-level licensing requirements restrict the ability of the company’s clients’ own physicians to treat patients outside of their geographic locations. Additionally, the company provides professional services to facilitate implementation, workflow design, systems integration, and service expansion for all its products. To help the company’s clients promote adoption and utilization of its products, the company offers patient and provider engagement services.
Competition
The company’s competitors include:
Platform telehealth players, such as Teladoc and Caregility;
Consumer-focused telehealth competitors, such as Included Health and MDLive;
Technology players leveraging horizontal platforms into the healthcare vertical, such as Microsoft, Amazon, and Zoom;
Virtual nursing offerings, such as Care.AI and Avasure;
EHR providers, including Epic, Oracle Health, Allscripts and athenahealth;
Digital patient engagement companies like Twistle, GetWell Loop, and Memora Health;
Digital behavioral health companies, like Ableto, Headspace, Array, and Neuroflow.
Growth Strategies
The key elements of the company’s strategy are to expanding the populations to which its clients offer services; increasing adoption within existing populations; adding new solutions; enabling the sale of new solutions and services for clients to sell to their consumers and B2B customers; expanding their Carepoint suite; investing in platform to continue to expand capabilities; and pursuing strategic and complementary assets to support its clients’ needs.
Products
The primary product the company sells is access to the Amwell Converge platform, its enterprise, digital care delivery platform and software, via recurring subscriptions. The company sells additional related services and solutions via configurable modules, partner programs, and Carepoint devices and services, including implementation, engagement, cart fleet management and integration. These additional services can be added to any base platform subscription. The company augments customers’ successful adoption of virtual care delivery by also selling access to clinical services on a fee-for-service basis on its platform and through the company’s direct-to-consumer app.
Technology and Operations
The company's platform, software, and services are designed to provide superior patient and provider experiences. The company's scalable, secure architecture supports data exchange, integration with EHRs, other data repositories, and third-party devices, and access to third-party clinical programs. Additionally, the company offers a portfolio of services to its clients to support their digital care platform, including workflows and capabilities designed to: attract and retain patients and members, drive operational efficiency, encourage physician engagement, and enable digital care delivery for health systems.
Clinical Services Capabilities
Multiple Digital Practices
Visits
For urgent care and walk-in clinic type use cases, patients can seek care on-demand whenever coverage is available (50 states and D.C., 24/7 for urgent care via AMG providers). Patients are routed to the next available provider and can review the provider's credentials and biographical information before deciding whether to connect.
For non-urgent cases, including primary care and specialty care, patients can schedule an appointment time. Appointments can be self-scheduled by patients or scheduled on their behalf by an administrator or provider. Provider availability can be synchronized with a client’s master EHR schedule using the company’s scheduling API, eliminating the need for duplicate, and potentially conflicting scheduling, systems for physical and online appointments.
Alternatively, quick-link scheduled visits functionality allows providers to initiate both scheduled and on-demand visits by sending an email or text message invitation. Visit requests can also be triggered automatically by client-configured analytics and alarms using the company’s Telehealth Now web service. Within a few clicks, patients go from email to live video visit, without ever having to manually register or download any software. This provider-initiated visit functionality is useful for both follow-up and more general population health and care management programs.
Physician Brokerage and Utilization Efficiency
The company’s patented, real-time brokerage engine matches each patient with the list of available and eligible providers, based on licensing requirements and client-configurable clinical, business and regulatory rules.
User Experience
The Amwell Converge platform is designed to be a consistent experience across any application, workflow or access point for both providers and patients.
Security and Reliability
The Amwell Converge platform has been designed to be secure and scalable; testing is automated and includes security scans, all vetted by the company’s QA team. These scans are also vetted by the company’s dedicated cybersecurity team, which includes security experts who monitor and address issues around the clock. The company also has a full, evidence-grade digital forensics system that provides real-time analysis using multiple cloud forensic tools to its cybersecurity team.
Scalability and Innovation
The Amwell Converge platform allows providers to easily expand their use of digital care, taking advantage of highly scalable managed services from best-in-class technology partners. A serverless multi-cloud microservices architecture lets Amwell adapt to any scale of processing power needed to address visit volumes. Clients can quickly implement a unique experience for patients and providers and embed any workflow in their own branded web and mobile solutions with low code / no code custom development. As digital care delivery continues to evolve, Amwell clients and partners has the flexibility and agility to scale virtual care 10x, or 1,000x, as needed.
Interoperability
The Amwell Converge platform is built on FHIR (‘Fast Healthcare Interoperability Resources’) – not an antiquated, proprietary data model that needs to be translated to HL7 standards. All data within the platform works with healthcare organizations’ systems and any EHR. Being FHIR-native allows the platform to be interoperable with the entire healthcare ecosystem and creates an open platform for third-party developers.
App Framework
The company has opened the Amwell Converge platform to others to build on and expand its abilities. The platform can host and operate applications created by outside developers, whether to serve their own organizations or offer innovations to the company’s large ecosystem. The FHIR APIs at the core of the platform can invoke and give context to any external service, which can then be hosted inside the digital care experience, right in the field of view between the patient and the clinician. This app framework allows clients to deliver better, more efficient access to effective care, helping to close gaps in care, enhance treatment and better enable provider-to-patient relationships.
Technology Back-end Architecture
Secure, Scalable, Hosted Environment
The company uses secure, redundant data centers designed with high levels of availability, redundant subsystems, and compartmentalized security zones. With the company’s platform as a service digital care solution, there is no need for clients to purchase hardware, install and upgrade software, or manage system operations. The hosted approach ensures that visit capacity scales without requiring client-side interventions or upgrades. The company manages hosting operations and security, which is monitored 24/7 by its Cyber Command Center (C3) and NOC. The company historically delivers high levels of system uptime across its platform.
Due to the sensitive nature of the company’s client and patient data, it has invested heavily in data security and protection. The company utilizes a multi-tiered security architecture. All data are secured both in motion and at rest using the latest encryption technologies. The company’s C3 team constantly monitors for vulnerabilities and intrusions, including using third-party vulnerability and penetration testing. The company maintains HITRUST, ISO 27001 and PCI compliance certifications. The company’s system security is regularly evaluated and approved by some of the largest health plans, health systems, financial institutions and technology companies in the world. Amwell has deployed its Digital Behavioral Health, Automated Care, and Scheduled Visits within the EMR products on the Defense Health Agency’s production environment as part of the company’s continued work in the Federal sector.
Reporting and Analytics
The company provides a range of standard administrative, utilization and clinical reports. More advanced analytics are user-accessible via the company’s Looker data exploration and discovery business intelligence tool.
Branding and Embeddable Experiences
The company supports differentiated client experiences by offering the ability to fully brand (white label) its software as well as to use the company’s APIs and embeddable widgets for both the patient and provider experiences, covering the relevant web and mobile interfaces (iOS and Android). These capabilities allow clients to seamlessly embed the company’s end-to-end patient and provider digital care functionality in their own websites, software and mobile applications.
Sales and Marketing
The company sells its digital care solution through its direct sales organization. The company’s direct sales team consists of enterprise-focused field sales professionals who are organized principally by geography and specialty overlays. The company’s sales operations staff, who support its direct sales team, includes product technology experts, lead generation professionals and sales data experts. The company maintains relationships with key industry participants including media publications, industry analyst firms, benefit consultants, brokers, group purchasing organizations and health plan and health system partners.
Channel partners also play a key role in marketing and selling the company's products to its client base, primarily focusing on the Amwell Converge platform and Carepoint devices. The company typically generates lower revenues in connection with sales obtained through these channel partner agreements.
Clinical Quality
AMG seeks to provide the highest level of clinical quality and consistency of care. All medical professionals go through a rigorous onboarding and credential checking process. When practicing online, doctors are required to deliver care in a medically appropriate setting. The company offers similar best practices and training to its clients who utilize their own providers. Patients consistently rate AMG providers highly, with an average rating of 4.8 out of 5.0.
Government Regulation
The company is subject to the federal self-referral prohibitions, commonly known as the Stark Law. The company is also subject to the federal Anti-Kickback Statute.
As a business associate, the company is also directly regulated by HIPAA and are required to provide satisfactory written assurances to its covered entity clients through written business associate agreements that the company will provide its services in accordance with HIPAA.
The company’s international operations are and will be subject to different, and sometimes more stringent, legal and regulatory requirements, which vary widely by jurisdiction, including anti-corruption laws; economic sanctions laws; various privacy, insurance, tax, tariff and trade laws and regulations; corporate governance, privacy, data protection (including the EU General Data Protection Regulation (‘GDPR’) and the UK General Data Protection Regulation (‘UK GDPR’)), data mining, data transfer, labor and employment, intellectual property, consumer protection and investment laws and regulations; discriminatory licensing procedures; required localization of records and funds; and limitations on dividends and repatriation of capital. In addition, the expansion of the company’s operations into foreign countries increases its exposure to the anti-bribery, anti-corruption and anti-money laundering provisions of U.S. law, including the FCPA, and corresponding foreign laws, including the UK Bribery Act.
The company is subject to regulation by the Treasury’s Office of Foreign Assets Control (OFAC). As a result of the company’s presence in Europe and some of its customers being located in the European Union and the United Kingdom, the company is subject to applicable international laws and regulations related to privacy and the protection of personal data (including data concerning health), in particular the EU General Data Protection Regulation (GDPR) and the UK General Data Protection Regulation (UK GDPR).
The company's European clinical operations team and its healthcare clients in Europe are regulated as data controllers under GDPR. As a data processor, the company is also directly regulated by GDPR and is required to provide satisfactory written assurances to its clients through written data processing agreements that it will provide its services in accordance with GDPR.
GDPR also requires a data processor to notify the company’s data controller clients of breaches by the data processor. In addition to the GDPR, in Europe the company is subject to the Privacy and Electronic Communications Directive (‘ePrivacyDirective’) and national implementing legislation in the UK and EU member states.
Intellectual Property
The company’s patent portfolio consists of approximately 46 patents and 1 pending patent application related to its software and technology.
Seasonality
Visit volumes typically follow the annual flu season, rising during quarter four and quarter one and falling in the summer months. While the company sells to and implement its solutions to clients year-round, the company experiences some seasonality in terms of when it enters into agreements with the company’s clients and when it launches its solutions to members. The company typically enters into a higher percentage of agreements with new clients, as well as renewal agreements with existing clients, in the first and fourth quarters (year ended December 31, 2024).
History
American Well Corporation was founded in 2006. The company was incorporated under the laws of the state of Delaware in 2006.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
