Amwell is marketing the modularity of its Converge digital health platform as the core of its future as a health tech firm, suggesting that some telehealth providers know that in order to remain relevant post-pandemic, they must deliver more than video visits.
Amwell CEO Ido Shoenberg and CFO Bob Shepardson discussed progress in migrations to the platform launched in 2021 during a third-quarter 2022 earnings call with analysts on Monday (Nov. 7), with marquee clients such as CVS Health, LHM Health, and MU Health demonstrating the scale and diversity of the platform, which Shoenberg said is approaching its one-millionth visit.
The forthcoming launch of its agreement with CVS Health Virtual Primary Care, Amwell’s most high-profile client to far, which is anticipated to begin in January 2023, was not addressed on the third-quarter results call.
A Digital Cure for Health-Care System Failure
Shoenberg stated that health plans and health systems are also suffering funding constraints, which is a difficulty for the organization.
When pressed on this topic and how it affected Q3, Shoenberg stated, “We are utilizing ways of the past to attempt to estimate the future.” Telehealth was once equated with tracking the number of visits as a measure of progress, which we also do. However, it is critical to recognize that the adoption of digital delivery enabling is far larger than that. A lot of the use we see does not always result in a visit.”
“It is absolutely clear that digital is no longer merely a side road to surrogate urgent care,” he continued. It is quickly becoming the primary route for all forms of care provided by all types of providers and services.
Providers are emphasizing digital care because it allows them to provide an experience that promotes staff retention, streamlines processes, improves outcomes, and provides a business model for increasing revenue and becoming more competitive.”
