What You Should Know:
– Telehealth leader American Well (Amwell) raises $194 million in Series C funding in an effort to expand to better serve patients and healthcare providers amid the COVID-19 pandemic.
– As COVID-19 swept across the United States, Amwell has seen a significant expansion in the usage of its core Amwell Platform.
American Well® (Amwell), a national telehealth technology and services company announced it has raised $194 million in Series C funding with participation from early investors and strategic partners including Allianz X and Takeda. Founded in 2006, Amwell offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living.
Amwell will use significant parts of the funds to expand its investment in technology and services that make it easy, convenient and effective for doctors and patients to connect securely at scale. Amwell will continue to ensure that clinical encounters remain fully integrated in existing workflows and enveloped with healthcare-appropriate clinical and administrative information, management, and reporting.
To date, Amwell powers telehealth solutions for over 240 health systems comprised of 2,000 hospitals and 55 health plan partners with over 36,000 employers, reaching over 150 million lives.
COVID-19 Sparks Explosion in Telehealth Adoption
As COVID-19 swept across the United States, Amwell has seen a significant expansion in usage of its core Amwell Platform. With fewer regulatory restrictions as well as enhanced reimbursement from both Medicare and Commercial insurance, Amwell has seen:
– Growth in on-demand visits for COVID-19 symptoms and/or risk assessments, as well as for referrals as needed to hospital or testing facilities.
– Significantly higher scheduled visit volume, as providers seek to treat patients, especially the elderly or those with underlying health conditions, for prescription renewals, specialty visits, and regular primary care check-ins during State-issued “stay at home” orders.
As a result of these developments, Amwell has recently facilitated as many as 45,000 telehealth visits per day across the Amwell Platform. Relatedly, the number of Active Providers, clinicians who have completed at least one visit in the past year, has risen significantly.
“The past two months have accelerated telehealth by more than two years,” said Ido Schoenberg, CEO of Amwell. “We intend to build upon this momentum to transform healthcare with digital care delivery. Our strategic investors are providers, insurers, consumer gateways and healthcare innovators. Each of these partners play a key role in creating a more interconnected digital healthcare ecosystem, where our mission is to deliver greater access to more affordable, high quality care.”