Amwell is promoting the modularity of its Converge digital health platform as the foundation of its future as a health tech company, demonstrating that some telehealth providers recognize they must provide more than video visits post-pandemic to remain relevant.
During a third-quarter 2022 earnings call with analysts, Amwell CEO Ido Shoenberg and CFO Bob Shepardson discussed progress in migrations to the platform launched in 2021, 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 upcoming launch of its arrangement with CVS Health Virtual Primary Care, Amwell’s most high-profile client to date, which is expected to roll out in January 2023, was not mentioned during the Q3 earnings call.
A Digital Cure for Failing Health-Care Systems
Shoenberg mentioned that health plans and health systems are facing budgetary limits, particularly on the health system side, which is a challenge 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.”
