Amwell

Overview

Amwell is an enterprise platform and software company that digitally enables hybrid care. It serves health providers, payers, and innovators, helping them develop and deliver digital care programs under their own brands across in-person, virtual, and automated modalities.

Core offering: The Amwell Platform

• Cloud-based, scalable, open platform that integrates virtual care, digital programs, and automated care across care settings.
• Supports use cases such as virtual primary and urgent care, behavioral health, chronic disease management, post-discharge follow-up, virtual nursing, and specialty/follow-up care.
• Open architecture designed to integrate with clients’ existing systems (for example, EHRs like Epic and Oracle Health) and third-party apps, with embedded widgets and APIs for seamless workflows (SSO, digital front doors, etc.).
• Enables client-branded experiences so health systems and health plans can operate under their own brands while using Amwell’s technology and clinical services as needed.

Platform capabilities and components

• Synchronous, asynchronous, and automated care modalities, including provider-to-provider virtual care (for examples: stroke, virtual nursing, e-sitting) and provider-to-patient virtual visits.
• Carepoint devices and peripherals (carts, tablets, TVs) to extend digital care into emergency departments, clinics, hospital-at-home, community sites, retail locations, and other settings.
• Automated care programs and digital mental health tools to engage patients before and after visits and to escalate to virtual or in-person care when appropriate.
• App framework and interoperability built on FHIR; supports third-party apps and developers; enables embedding in client portals and apps; supports direct scheduling, pre-visit readiness, and streamlined data flows (payments, claims, e-prescribing, PACS, etc.).

Network and ecosystem

• AMG (Amwell Medical Group): nationwide network of multidisciplinary providers with 24/7/365 coverage across all 50 states, including approximately 1,000 active behavioral health providers.
• Strategic partnerships to extend clinical coverage during high demand, in rural areas, and in disaster response events, and to expand geographic reach.
• Flexible delivery models that allow client-owned provider networks to use the Amwell platform while treating patients with their own providers.

Customers and scale (as of December 31, 2025)

• About 50 health plans representing more than 90 million covered lives.
• Approximately 80 of the nation’s largest health systems.
• More than 37.6 million virtual care visits powered for clients since inception, including over 4.5 million visits in the year ended December 31, 2025.
• Client concentration: Elevance Health was the largest client, accounting for 31% of revenue in 2025, 27% in 2024, and 24% in 2023. The top ten clients accounted for 71% of revenue in 2025, 58% in 2024, and 51% in 2023.

Financial position (selected figures; as of/for the year ended December 31, 2025)

• Net losses: $95.0 million (2025), $212.6 million (2024), $679.2 million (2023).
• Accumulated deficit: $2,061.6 million as of December 31, 2025.
• Cash and equivalents: $182.3 million in cash, cash equivalents, and short-term investments as of December 31, 2025.
• Cash burn from operations: net cash used in operating activities of $66.0 million (2025), $127.3 million (2024), $148.3 million (2023).
• Revenue growth strategy focuses on expanding adoption among existing clients, adding new solutions, enabling client-branded digital experiences, and selectively pursuing acquisitions or divestitures to optimize offerings and profitability.

People and geography (as of December 31, 2025)

• Employees: 562 full-time employees.
• Geographic distribution: 77% based in the United States; 10% in Ireland; 4% in Israel; 7% in Colombia; 2% in the United Kingdom.

Product and technology highlights

• One Platform approach: a single digital care operating system that aggregates data across care settings, enabling real-time insights and interoperability across health systems and health plans.
• Secure, scalable architecture: multi-cloud, serverless microservices with 24/7 security operations; certifications include HITRUST, ISO 27001, and PCI. In-browser video via WebRTC with OAuth2 SSO; HIPAA compliance as a business associate.
• Open app framework: hosts apps from external developers and partners via core FHIR APIs; supports embedding in client portals, EHRs, and patient/provider workflows.
• Interoperability focus: built on FHIR-native data models to facilitate integration with client systems and third-party services.

Market scope and opportunities

• U.S. digital care total addressable market (TAM) estimated at about $94 billion, covering virtual care, clinical services, and software/platforms.
• Amwell Platform TAM estimated at about $31 billion, with an expected increase to roughly $50 billion over four years.
• Virtual clinical services TAM (via AMG for clients lacking internal clinical supply) is a material portion of a roughly $40 billion virtual care market.
• Global expansion opportunities include international behavioral health through SilverCloud® by Amwell®, addressing an estimated $23 billion international market.

Brand and go-to-market

• Direct sales organization complemented by channel partners, including EHR integration partners and value-added resellers, to embed Amwell capabilities into client ecosystems and shorten sales cycles.

Intellectual property

• Approximately 46 issued patents and one pending patent application related to software and technology. The portfolio supports platform capabilities, supplemented by trade secrets and confidentiality agreements.

Corporate responsibility and governance (ESG)

• ESG initiatives focus on people, products, and operations. Amwell Cares drives health equity, community giving, volunteering, disaster response, and partnerships to expand access to care.