American Well Corporation, doing business as Amwell, is a telemedicine company based in Boston, Massachusetts, that connects patients with doctors over secure

video Video is an electronic medium for the recording, copying, playback, broadcasting, and display of moving visual media. Video was first developed for mechanical television systems, which were quickly replaced by cathode-ray tube (CRT) syst ...

. Amwell sells its platform as a subscription service to healthcare providers to put their medical professionals online and its proprietary software development kits, APIs, and system integrations enable clients to embed

telehealth Telehealth is the distribution of health-related services and information via electronic information and telecommunication technologies. It allows long-distance patient and clinician contact, care, advice, reminders, education, intervention, mon ...

into existing workflows utilized by providers and patients. Amwell has roughly 800 employees and has raised more than $500 million from

investor An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...

s, including Anthem,

Philips Koninklijke Philips N.V. (), commonly shortened to Philips, is a Dutch multinational conglomerate corporation that was founded in Eindhoven in 1891. Since 1997, it has been mostly headquartered in Amsterdam, though the Benelux headquarters i ...

, Allianz and

Teva Pharmaceuticals Teva Pharmaceutical Industries Ltd. (also known as Teva Pharmaceuticals) is an Israeli multinational pharmaceutical company with headquarters in Tel Aviv, Israel. It specializes primarily in generic drugs, but other business interests include ...

, with the goal of connecting patients to healthcare providers remotely. The company operates in all 50 U.S. 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. In 2020, over 40,000 providers were using the Amwell Platform. American Well was rebranded to Amwell on March 9, 2020.

Founders

Amwell was founded by brothers Drs. Ido and Roy Schoenberg in 2006. The brothers grew up in a village outside

Jerusalem Jerusalem (; he, יְרוּשָׁלַיִם ; ar, القُدس ) (combining the Biblical and common usage Arabic names); grc, Ἱερουσαλήμ/Ἰεροσόλυμα, Hierousalḗm/Hierosóluma; hy, Երուսաղեմ, Erusałēm. i ...

and both attended medical school in

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

. Roy completed his mandatory military service as a doctor, while Ido served in the military prior to his studies. In 1996, Ido and his wife Phyllis Gotlib founded medical software maker iMDsoft. Roy founded healthcare management software firm CareKey and brought Ido on board as CEO. After selling CareKey to TriZetto Group in 2005, Ido and Roy decided to started working on Amwell, basing the company out of

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Services & Business Model

The company offers 24-hour teleconference access to

licensed A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreeme ...

and credentialed physicians. 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 for their patients and members. Amwell enables care delivery across the healthcare continuum – from primary care and urgent care to high acuity specialty consults and

telepsychiatry Telepsychiatry is the application of telemedicine to the specialty field of psychiatry. The term typically describes the delivery of psychiatric assessment and care through telecommunications technology, usually videoconferencing. Telepsychiatry se ...

. The platform can be fully embedded into clients’ portals and provider workflows. Providers can launch telehealth directly from their native

Electronic Health Records An electronic health record (EHR) is the systematized collection of patient and population electronically stored health information in a digital format. These records can be shared across different health care settings. Records are shared throu ...

(EHRs) with seamless integration to their payer eligibility and claims systems. Providers, patients and members can access this care through a variety of platforms, including mobile, web, phone and proprietary kiosks 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. 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. In March 2015, Amwell earned the American Telemedicine Association's first Accreditation for online patient consults. Amwell has an international presence through a partnership with Meuhedet, the third-largest health maintenance organization in Israel, which leverages the Amwell Platform.

Funding & Acquisitions

*In 2009, Amwell raised $10 million in a

Series A A series A round (also known as series A financing or series A investment) is the name typically given to a company's first significant round of venture capital financing. The name refers to the class of preferred stock sold to investors in exc ...

round from unnamed investors. *In 2012, this financing was expanded to a total of $37 million. *In 2014, Amwell raised a further $81 million in a

Series C A venture round is a type of funding round used for venture capital financing, by which startup companies obtain investment, generally from venture capitalists and other institutional investors. The availability of venture funding is among the ...

round, initially planned for $25 million and oversubscribed. This was followed by a $5 million

venture round A venture round is a type of funding round used for venture capital financing, by which startup companies obtain investment, generally from venture capitalists and other institutional investors. The availability of venture funding is among ...

in August 2015. *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. *In 2018, Amwell acquired acute care company Avizia 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

offerings. *In March 2020, American Well was rebranded to Amwell. *In May 2020, Amwell raised $194 million in the midst of

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

to help the company meet increased demand for

. *Less than a month after closing this raise, it was reported that Amwell confidentially filed for

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. *In August 2020, filed to go public with a

Google Google LLC () is an American Multinational corporation, multinational technology company focusing on Search Engine, search engine technology, online advertising, cloud computing, software, computer software, quantum computing, e-commerce, ar ...

investment of US$100 million in a concurrent private placement at the IPO price. *In August 2021, Amwell acquired behavioral health company Silver Cloud and chatbot technology company Conversa for US$320 million in total.

Partnerships

* Apple: Amwell supported the Apple Heart Study conducted by Stanford University and published in the

New England Journal of Medicine ''The New England Journal of Medicine'' (''NEJM'') is a weekly medical journal published by the Massachusetts Medical Society. It is among the most prestigious peer-reviewed medical journals as well as the oldest continuously published one. His ...

. The Apple Heart Study was the largest screening study on atrial fibrillation ever conducted, with over 400,000 consumers sharing

Apple Watch Apple Watch is a line of smartwatches produced by Apple Inc. It incorporates fitness tracking, health-oriented capabilities, and wireless telecommunication, and integrates with iOS and other Apple products and services. The Apple Watch was rel ...

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. *

Cleveland Clinic Cleveland Clinic is a nonprofit American academic medical center based in Cleveland, Ohio. Owned and operated by the Cleveland Clinic Foundation, an Ohio nonprofit corporation established in 1921, it runs a 170-acre (69 ha) campus in Cleveland, ...

: Amwell and the Cleveland Clinic launched a joint venture that connects patients and their local providers, both in the US and internationally, with Cleveland Clinic specialists. *

Cisco Cisco Systems, Inc., commonly known as Cisco, is an American-based multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, ...

: Cisco is partnering with Amwell on a project to convert people's television sets into a virtual medical office. *

Cerner Cerner Corporation is an American supplier of health information technology (HIT) services, devices, and hardware. As of February 2018, its products were in use at more than 27,000 facilities around the world. The company had more than 29,000 emp ...

and Epic: Amwell has a strategic partnership with Cerner and Epic 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. *

: Developed a telehealth sleep program with Philips, allowing for the remote diagnosis and treatment of various common

sleep disorders A sleep disorder, or somnipathy, is a medical disorder of an individual's sleep patterns. Some sleep disorders are severe enough to interfere with normal physical, mental, social and emotional functioning. Polysomnography and actigraphy are tests ...

. Amwell also worked with Philips to embed the telehealth capabilities into the Philip's consumer-facing digital health platforms. * 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.

References

External links

* {{authority control Health information technology companies Healthcare software companies Companies based in Boston Health care companies based in Massachusetts Software companies based in Massachusetts Mobile software Telemedicine 2020 initial public offerings Companies listed on the Nasdaq Software companies established in 2006 Health care companies established in 2006 American companies established in 2006 2006 establishments in Massachusetts Software companies of the United States