- National telehealth leader Amwell announced it has raised $194 million in funding across two tranches
National telehealth leader Amwell announced it has raised $194 million in funding across two tranches. Several early investors and strategic partners joined the funding round, including Allianz X and Takeda. Amwell is known for believing that digital care delivery will transform healthcare. The company is known for offering 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.
With more than a decade of experience, 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.
With this round of funding, Amwell will be using significant parts of the funds to expand its investment in technology and services that make it easier, convenient, and effective for doctors and patients to connect securely at scale. And Amwell is going to continue to ensure that clinical encounters remain fully integrated in existing workflows and enveloped with healthcare-appropriate clinical and administrative information, management, and reporting.
During the COVID-19 pandemic, Amwell saw significant expansion in usage of the core Amwell Platform. And with fewer regulatory restrictions as well as enhanced reimbursement from both Medicare and Commercial insurance, Amwell saw 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.
And the company saw 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 the developments, Amwell recently facilitated as many as 45,000 telehealth visits per day across the Amwell Platform. And the number of Active Providers — clinicians who have completed at least one visit in the past year — has risen significantly.
Key Quotes:
“The past two months have accelerated telehealth by more than two years. 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.”
– Ido Schoenberg, CEO of Amwell
“Being an investor and partner to Amwell since early 2018, Allianz is excited to see the company emerge as a digital healthcare leader in the U.S. As one of the leading insurance and financial services leaders in the world, we look forward to deepening our collaboration and bringing innovative solutions to a global audience.”
– Nazim Cetin, CEO of Allianz X
“Takeda is investing in digital transformation across our business and building key technology partnerships. Patient journeys will be transformed through new settings of care as we emerge from COVID-19. Amwell has developed a highly scalable and agile technology platform that we believe can directly improve patient access and outcomes.”
– Karl Hick, Chief Digital & Information Officer at Takeda
