Amwell Raises $194 Million, Committing to Expand the Best and Largest Digital Health Platform May 20, 2020

Amwell has announced that it has closed its Series C financing round, adding $194 million in funding across two tranches. Many early investors and strategic partners participated in this round, including Allianz X and Takeda.

Amwell will use significant parts of the funds to expand its investment in technology and services that make it easy, convenient, and effective for doctors and patients to connect securely at scale. The company will continue to ensure that clinical encounters remain fully integrated in existing workflows and enveloped with healthcare-appropriate clinical and administrative information, management, and reporting.

As COVID-19 swept across the U.S., Amwell saw a significant jump in usage of its core telehealth platform. With fewer regulatory restrictions and enhanced reimbursement from both Medicare and commercial payers, the company has seen:

  • 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.
  • Significantly higher scheduled visit volume as providers seek to treat patients, especially the elderly or those with underlying chronic illnesses, for prescription renewals, specialty visits, and regular primary care check-ins during state-issued “stay at home” orders.

As a result of these developments, Amwell has been facilitating as many as 45,000 telehealth visits per day across its telehealth platform. The number of active providers—clinicians who have completed at least one visit in the past year—using the platform has also risen significantly.

“The past two months have accelerated telehealth by more than two years,” said Amwell CEO Ido Schoenberg. “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 [plays] a key role in creating a more interconnected digital healthcare ecosystem, where our mission is to deliver greater access to more affordable healthcare.”

Read the original press release here.

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