Amwell (company)

American Well Corporation
Trade name
Amwell
TypePublic
Traded as
IndustryHealthcare
FoundedJune 2006 (2006-06) (as American Well)
FoundersIdo Schoenberg
(President and CEO)[1]
Roy Schoenberg (Chairman and CEO)[2]
Headquarters
Boston, Massachusetts, U.S.
Area served
United States
Key people
Muneer Satter, investor
ServicesMobile and web patient-to-physician teleconferencing
RevenueUS$ 245.3 Mio. (2020)[3]
Number of employees
812 (2021)[4]
Websitewww.amwell.com

American Well Corporation, doing business as Amwell, is a telemedicine company based in Boston, Massachusetts, that connects patients with doctors over secure video.[5] Amwell sells its platform as a subscription service to healthcare providers to put their medical professionals online and its proprietary software development kits,[6] APIs, and system integrations enable clients to embed telehealth into existing workflows utilized by providers and patients.[7]

Amwell has roughly 800 employes[8] and has raised more than $500 million from investors,[9] including Anthem, Philips, Allianz and Teva Pharmaceuticals, with the goal of connecting patients to healthcare providers remotely.

The company operates in all 50 United States and works with 55 health plans, which support over 36,000 employers and collectively represent more than 80 million covered lives, as well as 240 of the nation's largest health systems, encompassing more than 2,000 hospitals.[10] In 2020, over 40,000 providers were using the Amwell Platform.[11]

American Well was rebranded to Amwell on March 9, 2020.[12]

In March of 2023, Amwell added a cardiometabolic program to its offerings through its partnership with digital chronic condition management platform DarioHealth. With the partnership, Amwell patients can be referred to the program for chronic conditions like diabetes, high blood pressure and weight management.[13]

Founders

Amwell was founded by brothers Drs. Ido and Roy Schoenberg in 2006.[14][15][16]

The brothers grew up in a village outside Jerusalem and both attended medical school in Israel. Roy completed his mandatory military service as a doctor, while Ido served in the military prior to his studies.[17]

In 1996, Ido and his wife Phyllis Gotlib founded medical software maker iMDsoft.[18] Roy founded healthcare management software firm CareKey and brought Ido on board as CEO.[19] After selling CareKey to TriZetto Group in 2005,[20] Ido and Roy decided to started working on Amwell, basing the company out of Boston.

Services & Business Model

The company offers 24-hour teleconference access to licensed and credentialed physicians.[21] It sells its platform as a subscription service to healthcare providers to put their medical professionals online and helps clients white-label and embed telehealth within their existing healthcare offerings[22] for their patients and members.

Amwell enables care delivery across the healthcare continuum – from primary care[23] and urgent care[24] to high acuity specialty consults[25] and telepsychiatry.[26]

The platform can be fully embedded into clients’ portals and provider workflows. Providers can launch telehealth directly from their native Electronic Health Records (EHRs) with seamless integration to their payer eligibility and claims systems.[27]

Providers, patients and members can access this care through a variety of platforms, including mobile, web, phone and proprietary kiosks[28] and carts that support multi-way video, phone or secure messaging interactions.

The Amwell Medical Group is a nationwide physician owned and operated medical practice that provides telehealth care exclusively on Amwell platforms.[29]

The Amwell app is the direct-to-consumer telehealth platform of Amwell. The app connects people with doctors over secure video, without the need for an appointment. In 2014, Amwell passed the 1 million downloads mark and was called the most popular telehealth app of the year by App Annie, a mobile analytics firm.[30] In March 2015, Amwell earned the American Telemedicine Association's first Accreditation for online patient consults.[31]

Amwell has an international presence through a partnership with Meuhedet, the third-largest health maintenance organization in Israel, which leverages the Amwell Platform.[32]

Funding & Acquisitions

  • In 2009, Amwell raised $10 million in a Series A round from unnamed investors.[33]
  • In 2012, this financing was expanded to a total of $37 million.[34]
  • In 2014, Amwell raised a further $81 million in a Series C round, initially planned for $25 million and oversubscribed.[35] This was followed by a $5 million venture round in August 2015.[36]
  • In 2018, Amwell raised $291 million in June, and an additional $75m later in the same year after the company signed a strategic partnership with Royal Philips.[37]
  • In 2018, Amwell acquired acute care company Avizia[38] in a stated bid to broaden its business model and boost its ability to connect doctors in different hospitals for consults.
  • In 2019, the company acquired Aligned Telehealth to expand its telepsychiatry offerings.[39]
  • In March 2020, American Well was rebranded to Amwell.[40]
  • In May 2020, Amwell raised $194 million in the midst of COVID-19 pandemic to help the company meet increased demand for telehealth.[41]
  • Less than a month after closing this raise, it was reported that Amwell confidentially filed for IPO.[42]
  • In August 2020, filed to go public[43] with a Google investment of US$100 million[44] in a concurrent private placement at the IPO price.[45]
  • In August 2021, Amwell acquired behavioral health company SilverCloud and chatbot technology company Conversa for US$320 million in total.[46][47]

Partnerships

  • Apple: Amwell supported the Apple Heart Study conducted by Stanford University[48] and published in the New England Journal of Medicine.[49] The Apple Heart Study was the largest screening study on atrial fibrillation ever conducted, with over 400,000 consumers sharing Apple Watch heart rate data to detect atrial fibrillation which Amwell Medical Group physicians would follow up on and then refer patients to emergency care as needed.[50]
  • Cleveland Clinic: Amwell and the Cleveland Clinic launched a joint venture[51] that connects patients and their local providers, both in the US and internationally, with Cleveland Clinic specialists.[52]
  • Cisco: Cisco is partnering with Amwell on a project to convert people's television sets into a virtual medical office.[53]
  • Cerner and Epic: Amwell has a strategic partnership with Cerner[54] and Epic[55] and other EHR providers, which allows Amwell's services to be accessed directly through EHR interfaces.
  • Google Cloud: Amwell entered into a strategic partnership with Google Cloud to expand access to virtual care and improve patient and clinical experience.[56]
  • Philips: Developed a telehealth sleep program[57] with Philips, allowing for the remote diagnosis and treatment of various common sleep disorders. Amwell also worked with Philips to embed the telehealth capabilities into the Philip's consumer-facing digital health platforms.[58]
  • TytoCare: Amwell's partnership with Israel-based medical device maker TytoCare powers an at home kit for patient-driven medical exams as part of a primary or urgent care visit.[59]

References

  1. ↑ "ROY SCHOENBER GMD, MPH PRESIDENT & CEO". amwell.com. Retrieved November 17, 2021.
  2. ↑ "IDO SCHOENBER GMD CHAIRMAN & CEO". amwell.com. Retrieved November 17, 2021.
  3. ↑ "Amwell". craft.co. Retrieved November 17, 2021.
  4. ↑ "Amwell". owler.com. Retrieved December 2, 2021.
  5. ↑ Cain Miller, Claire (November 19, 2008). "The Doctor Will See You Now – Online". The New York Times. Retrieved April 12, 2014.
  6. ↑ "American Well unveils remote visit SDK for health apps". MobiHealthNews. February 25, 2016. Retrieved June 15, 2020.
  7. ↑ "UPDATED: A guide to telehealth vendors in the age of COVID-19". Healthcare IT News. March 30, 2020. Retrieved June 15, 2020.
  8. ↑ Jennings, Katie. "These Brothers Have Been Building Telehealth Tech For Over A Decade. The Coronavirus Pandemic Is Putting It To The Test". Forbes. Retrieved June 15, 2020.
  9. ↑ Farr, Christina (May 20, 2020). "American Well pulls in $194 million to keep up with the skyrocketing demand for telemedicine". CNBC. Retrieved June 15, 2020.
  10. ↑ "Amwell lands close to $200M in funding to keep up with demand for telehealth". FierceHealthcare. Retrieved June 15, 2020.
  11. ↑ www.bizjournals.com https://www.bizjournals.com/boston/news/2020/05/21/with-health-care-flocking-to-online-american-well.html. Retrieved June 15, 2020. {{cite web}}: Missing or empty |title= (help)
  12. ↑ "American Well rebrands to Amwell: 5 details". www.beckershospitalreview.com. March 10, 2020. Retrieved June 15, 2020.
  13. ↑ "Amwell partners with DarioHealth to offer digital cardiometabolic health program". MobiHealthNews. March 22, 2023. Retrieved March 24, 2023.
  14. ↑ Ofek, Elie; Laufer, Ron (March 30, 2010). "American Well: The Doctor Will E-See You Now". {{cite journal}}: Cite journal requires |journal= (help)
  15. ↑ "Telehealth company Amwell spikes in public debut with outsized $742M IPO". FierceHealthcare. Retrieved October 8, 2020.
  16. ↑ Moser, Jason (September 18, 2020). "Why You Must Not Ignore This IPO". The Motley Fool. Retrieved October 8, 2020.
  17. ↑ Katie Jennings. "These Brothers Have Been Building Telehealth Tech For Over A Decade. The Coronavirus Pandemic Is Putting It To The Test". Forbes. Retrieved June 22, 2020.
  18. ↑ "IMDsoft acquired by private investment firm". www.bizjournals.com. Retrieved June 22, 2020.
  19. ↑ Jennings, Katie. "These Brothers Have Been Building Telehealth Tech For Over A Decade. The Coronavirus Pandemic Is Putting It To The Test". Forbes. Retrieved June 22, 2020.
  20. ↑ www.bizjournals.com https://www.bizjournals.com/boston/blog/mass-high-tech/2005/11/carekey-to-be-bought-for-up-to-100m.html. Retrieved June 22, 2020. {{cite web}}: Missing or empty |title= (help)
  21. ↑ Slabodkin, Greg. "American Well launches mobile-based telehealth service". Fierce Mobile Healthcare. Retrieved April 13, 2014.
  22. ↑ "An Amazon for telehealth? American Well unveils new doc marketplace". www.advisory.com. Retrieved June 22, 2020.
  23. ↑ Ahmed, Erum. "Amwell bagged $194 million to keep up with the increasingly growing usage of its services". Business Insider. Retrieved June 22, 2020.
  24. ↑ mHealthIntelligence (November 6, 2018). "Ochsner, American Well Partner on Direct-to-Consumer Telehealth". mHealthIntelligence. Retrieved June 22, 2020.
  25. ↑ mHealthIntelligence (October 23, 2019). "Cleveland Clinic, American Well Expand Telehealth With The Clinic". mHealthIntelligence. Retrieved June 22, 2020.
  26. ↑ Versel, Neil (September 16, 2016). "American Well moves into telepsychiatry, hires behavioral health VP". MedCity News. Retrieved June 22, 2020.
  27. ↑ "American Well embeds telehealth into EHR workflows with AW11". Healthcare IT News. May 1, 2018. Retrieved June 22, 2020.
  28. ↑ "American Well launches tablet to help doctors connect with specialists". MobiHealthNews. February 24, 2015. Retrieved June 22, 2020.
  29. ↑ Moore, Elizabeth Armstrong. "For $49, a doctor will see you now -- online". CNET. Retrieved June 22, 2020.
  30. ↑ Jayanthi, Akanksha (January 13, 2015). "Amwell was the most downloaded telehealth app of 2014". Becker's Health IT & CIO Review. Retrieved August 13, 2015.
  31. ↑ Hubbard, Mimi. "American Well's Amwell™ Earns American Telemedicine Association's First Accreditation for Online Patient Consultations". American Telemedicine Association. Archived from the original on September 7, 2015. Retrieved August 13, 2015.
  32. ↑ "Israeli HMO signs giant telemedicine agreement with U.S. startup". Haaretz. Retrieved June 22, 2020.
  33. ↑ "Xconomy: American Well Goes to Well for $10M". Xconomy. October 26, 2009. Retrieved June 15, 2020.
  34. ↑ Perna, Gabriel. "Investments in Digital Health Triple in 2012". Healthcare Informatics. Archived from the original on July 5, 2012. Retrieved August 13, 2015.
  35. ↑ "Telehealth platform American Well announces $80 million Series C funding". www.betaboston.com. Archived from the original on August 3, 2015. Retrieved June 15, 2020.
  36. ↑ Pidun, Ulrich; Rubner, Harald; Krühler, Matthias; Untiedt, Robert; Nippa, Michael (March 2011). "Corporate Portfolio Management: Theory and Practice". Journal of Applied Corporate Finance. 23 (1): 63–76. doi:10.1111/j.1745-6622.2011.00315.x. ISSN 1078-1196. S2CID 153550758.
  37. ↑ www.bizjournals.com https://www.bizjournals.com/boston/news/2018/07/19/american-well-discloses-75m-investment-as-it.html. Retrieved June 15, 2020. {{cite web}}: Missing or empty |title= (help)
  38. ↑ www.bizjournals.com https://www.bizjournals.com/boston/news/2018/05/01/american-well-acquires-virginia-basedhospital.html. Retrieved June 15, 2020. {{cite web}}: Missing or empty |title= (help)
  39. ↑ "American Well to buy Aligned Telehealth in behavioral bet". Healthcare Dive. Retrieved June 15, 2020.
  40. ↑ "American Well rebrands to Amwell: 5 details". www.beckershospitalreview.com. March 10, 2020. Retrieved June 22, 2020.
  41. ↑ Farr, Christina (May 20, 2020). "American Well pulls in $194 million to keep up with the skyrocketing demand for telemedicine". CNBC. Retrieved June 22, 2020.
  42. ↑ Levy, Christina Farr,Ari (June 4, 2020). "Amwell confidentially files for IPO amid surging demand for remote health care". CNBC. Retrieved June 15, 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
  43. ↑ "Form S-1 Registration Statement". sec.gov. Retrieved January 24, 2022.
  44. ↑ "Amwell files to go public with $100M boost from Google". fiercehealthcare.com. August 24, 2020. Retrieved January 24, 2022.
  45. ↑ "Google is investing $100 million in telehealth provider Amwell, which will use Google Cloud". cnbc.com. August 24, 2020. Retrieved January 24, 2022.
  46. ↑ "The 'giant sucking sound' of digital health consolidation". healthcareitnews.com .com. August 2, 2021. Retrieved January 24, 2022.
  47. ↑ "9 health IT acquisitions in the past 30 days: Amwell, Verily & more". beckershospitalreview.com. September 2021. Retrieved January 24, 2022.
  48. ↑ "Apple's heart study goes live with Stanford, American Well". www.beckershospitalreview.com. December 2017. Retrieved June 22, 2020.
  49. ↑ "Through Apple Heart Study, Stanford Medicine researchers show wearable technology can help detect atrial fibrillation". News Center. March 16, 2019. Retrieved June 22, 2020.
  50. ↑ tracie.white@stanford.edu, <img src='//sgec stanford edu/content/dam/sm-news/images/2015/08/white-tracie-90 jpg img 620 high png' alt='Tracie White' /> By Tracie White Tracie White is a science writer in the Office of Communications Email her at (November 30, 2017). "Stanford, Apple describe heart study with over 400,000 participants". News Center. Retrieved June 22, 2020.
  51. ↑ Hendrickson, Zachary. "Cleveland Clinic and American Well join forces with a new telehealth joint venture". Business Insider. Retrieved June 22, 2020.
  52. ↑ "Cleveland Clinic, American Well launching new joint venture telehealth company". FierceHealthcare. October 21, 2019. Retrieved June 22, 2020.
  53. ↑ Farr, Christina (June 14, 2019). "Cisco and American Well are teaming up to let you talk to your doctor from your TV". CNBC. Retrieved June 22, 2020.
  54. ↑ "Cerner, American Well launch partnership". www.beckershospitalreview.com. November 15, 2016. Retrieved June 22, 2020.
  55. ↑ "American Well unveils telehealth patient app for Epic EHRs". www.beckershospitalreview.com. August 28, 2019. Retrieved June 22, 2020.
  56. ↑ HITInfrastructure (August 27, 2020). "Google Cloud, Amwell Partner to Increase Access to Virtual Care". HITInfrastructure. Retrieved September 4, 2020.
  57. ↑ "Healthcare EveryWhere: Philips and American Well Streamline Telehealth". HealthPopuli.com. January 23, 2018. Retrieved June 22, 2020.
  58. ↑ mHealthIntelligence (April 30, 2018). "American Well, InTouch Health Announce Huge Telehealth Deals at ATA". mHealthIntelligence. Retrieved June 22, 2020.
  59. ↑ "American Well taps TytoCare to incorporate connected health tools into video visits". MobiHealthNews. November 30, 2016. Retrieved June 22, 2020.
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