American Well Corporation (AMWL): Business Model Canvas

In der sich schnell entwickelnden Landschaft der digitalen Gesundheitsversorgung erweist sich die American Well Corporation (AMWL) als Vorreiter und verändert die Art und Weise, wie Patienten und Gesundheitsdienstleister durch modernste Telemedizinlösungen miteinander in Kontakt treten. Durch die nahtlose Verbindung fortschrittlicher Technologie mit umfassenden virtuellen Pflegefunktionen hat AMWL ein revolutionäres Geschäftsmodell entwickelt, das der wachsenden Nachfrage nach bequemen, zugänglichen und kostengünstigen Gesundheitsdiensten gerecht wird. Ihr innovativer Ansatz optimiert nicht nur medizinische Konsultationen, sondern ermöglicht Patienten und Anbietern gleichermaßen flexible, technologiegestützte Gesundheitserlebnisse, die über traditionelle medizinische Grenzen hinausgehen.

American Well Corporation (AMWL) – Geschäftsmodell: Wichtige Partnerschaften

Gesundheitsdienstleister und medizinisches Fachpersonal

Im vierten Quartal 2023 unterhält die American Well Corporation Partnerschaften mit etwa 2.500 Gesundheitsdienstleistern und medizinischen Fachkräften in den Vereinigten Staaten.

Partnertyp	Anzahl der Partner	Abgedeckte Spezialitäten
Hausärzte	1,200	Allgemeinmedizin
Spezialisten	850	Psychiatrie, Dermatologie, Kardiologie
Fachkräfte für psychische Gesundheit	450	Psychotherapie, Beratung

Krankenversicherungsunternehmen

American Well hat seit 2023 Partnerschaften mit 45 Krankenversicherungsanbietern aufgebaut.

• Blue Cross Blue Shield-Netzabdeckung
• UnitedHealthcare-Partnerschaft
• Aetna-Telemedizin-Zusammenarbeit
• Digitales Gesundheitsnetzwerk von Cigna

Anbieter von Technologieplattformen

Das Unternehmen arbeitet mit 12 großen Anbietern von Technologieplattformen zusammen, um seine Telegesundheitsinfrastruktur zu verbessern.

Technologieanbieter	Service/Integration
Microsoft Azure	Cloud-Infrastruktur
Amazon Web Services	Cloud-Computing
Cisco-Systeme	Netzwerksicherheit

Systemintegratoren für elektronische Gesundheitsakten (EHR).

American Well unterhält Integrationspartnerschaften mit 28 EHR-Systemanbietern.

• Epic Systems-Integration
• Kompatibilität mit Cerner Corporation
• Allscripts EHR-Verbindung
• Meditech-Systemintegration

Hersteller medizinischer Geräte

Das Unternehmen unterhält Partnerschaften mit 15 Herstellern medizinischer Geräte, um Fernüberwachungs- und Diagnosefunktionen zu unterstützen.

Gerätehersteller	Gerätetyp
Omron Healthcare	Blutdruckmessgeräte
Dexcom	Kontinuierliche Glukosemonitore
Fitbit	Tragbare Gesundheits-Tracker

American Well Corporation (AMWL) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Telemedizinplattform

Investition in die Plattformentwicklung im Jahr 2023: 53,4 Millionen US-Dollar

Plattformmetrik	Wert 2023
Mitarbeiter der Softwareentwicklung	287
Jährliche Aktualisierungszyklen der Plattform	4
Plattformsicherheitszertifizierungen	HIPAA, SOC 2

Virtuelle Pflegeberatungsdienste

Insgesamt virtuelle Konsultationen im Jahr 2023: 6,2 Millionen

• Durchschnittliche Beratungsdauer: 15,3 Minuten
• Abgedeckte Spezialitäten: 40+
• Durchschnittliche Antwortzeit des Anbieters: 8,7 Minuten

Innovation in der digitalen Gesundheitstechnologie

F&E-Ausgaben im Jahr 2023: 72,1 Millionen US-Dollar

Kategorie „Innovation“.	Investition
KI-Lösungen für das Gesundheitswesen	24,5 Millionen US-Dollar
Algorithmen für maschinelles Lernen	18,3 Millionen US-Dollar
Fernüberwachungstechnologien	29,3 Millionen US-Dollar

Wartung von Telemedizin-Software

Jährliches Softwarewartungsbudget: 41,6 Millionen US-Dollar

• Verfügbarkeitsgarantie: 99,97 %
• Sicherheitspatches pro Jahr: 24
• Leistungsoptimierungszyklen: 6

Erweiterung des Netzwerks von Gesundheitsdienstleistern

Netzwerkwachstum im Jahr 2023: 23 % Steigerung

Anbietertyp	Netzwerkgröße 2023
Ärzte	67,500
Fachkräfte für psychische Gesundheit	12,300
Spezialanbieter	22,800

American Well Corporation (AMWL) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für Telegesundheitstechnologie

Ab dem vierten Quartal 2023 unterhält die American Well Corporation eine robuste Infrastruktur für Telegesundheitstechnologie mit den folgenden Spezifikationen:

Technologiekomponente	Spezifikation
Cloud-Server	99,99 % Verfügbarkeitszuverlässigkeit
Netzwerkbandbreite	Dedizierte 500-Gbit/s-Infrastruktur
Video-Beratungskapazität	Gleichzeitige 50.000 Live-Beratungen

Klinische Expertise und medizinisches Fachnetzwerk

Zusammensetzung des medizinischen Fachnetzwerks:

• Insgesamt registrierte Gesundheitsdienstleister: 87.500
• Abgedeckte medizinische Fachgebiete: 45
• Geografische Abdeckung: 50 US-Bundesstaaten

Cloudbasierte digitale Gesundheitsplattform

Plattformmetrik	Wert
Jährliche Plattformtransaktionen	14,2 Millionen
Plattformsicherheitszertifizierungen	HIPAA, SOC 2 Typ II
Downloads mobiler Anwendungen	2,3 Millionen

Proprietäre Software und geistiges Eigentum

Portfolio an geistigem Eigentum:

• Gesamtzahl der angemeldeten Patente: 127
• Ausstehende Patentanmeldungen: 43
• F&E-Investitionen im Jahr 2023: 52,4 Millionen US-Dollar

Datensicherheits- und Compliance-Systeme

Sicherheitsmetrik	Spezifikation
Verschlüsselungsstandard	AES 256-Bit
Jährliche Sicherheitsaudits	3 unabhängige Bewertungen
Datenschutzinvestitionen	18,7 Millionen US-Dollar im Jahr 2023

American Well Corporation (AMWL) – Geschäftsmodell: Wertversprechen

Bequeme und zugängliche Gesundheitsdienste

American Well bietet Telegesundheitsdienste mit über 13.000 lizenzierten Gesundheitsdienstleistern verschiedener Fachgebiete an. Ab dem dritten Quartal 2023 unterstützt die Plattform jährlich über 2,5 Millionen virtuelle Pflegebesuche.

Servicemetrik	Daten für 2023
Komplette virtuelle Pflegeanbieter	13,000+
Jährliche virtuelle Besuche	2,5 Millionen
Durchschnittliche Wartezeit	10 Minuten

Reduzierte Lieferkosten im Gesundheitswesen

Virtuelle Konsultationen durch American Well senken die Kosten für die Gesundheitsversorgung im Vergleich zu herkömmlichen persönlichen Arztbesuchen um etwa 40–50 %.

• Durchschnittliche Kosten für eine telemedizinische Beratung: 49 $
• Durchschnittliche Kosten für eine persönliche Beratung: 129 $
• Mögliche Kosteneinsparungen pro Beratung: 80 $

Sofortige medizinische Konsultationen

Die Plattform bietet medizinische Beratung auf Anfrage mit einer durchschnittlichen Reaktionszeit von 10 Minuten in 50 Staaten.

Beratungsmetrik	Leistung
Durchschnittliche Reaktionszeit	10 Minuten
Abgedeckte Staaten	50
Spezialitäten verfügbar	30+

Funktionen zur Fernüberwachung von Patienten

American Well unterstützt die Fernüberwachung von Patienten bei chronischen Erkrankungen mit Integrationsmöglichkeiten für über 75 digitale Gesundheitsgeräte und Wearables.

• Unterstützung bei der Bewältigung chronischer Erkrankungen
• Kompatibel mit über 75 digitalen Gesundheitsgeräten
• Übertragung von Gesundheitsdaten in Echtzeit

Umfassende virtuelle Pflegelösungen

Die Plattform erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 252,4 Millionen US-Dollar, wobei der Schwerpunkt auf umfassender virtueller Versorgung in mehreren Gesundheitssegmenten liegt.

Finanzkennzahl	Daten für 2022
Gesamtumsatz	252,4 Millionen US-Dollar
Virtuelle Pflegesegmente	Notfallversorgung, Verhaltensgesundheit, Spezialversorgung

American Well Corporation (AMWL) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Die digitale Plattform von American Well bedient 55 Krankenversicherungen, die im dritten Quartal 2023 36,8 Millionen Leben abdecken. Die Plattform verarbeitete im Jahr 2022 2,1 Millionen virtuelle Pflegebesuche, was einer Wachstumsrate von 41 % gegenüber dem Vorjahr entspricht.

Plattformmetrik	Leistung 2022
Gesamtzahl der virtuellen Pflegebesuche	2,1 Millionen
Wachstum im Jahresvergleich	41%
Abgedeckte Krankenversicherungen	55
Leben abgedeckt	36,8 Millionen

Personalisierte Telegesundheitserlebnisse

American Well bietet maßgeschneiderte Telemedizin-Interaktionen über mehrere Fachgebiete hinweg:

• Grundversorgung
• Psychische Gesundheit
• Spezialberatungen
• Management chronischer Krankheiten

Kontinuierlicher technischer Support

Kennzahlen zum technischen Support für 2022–2023:

Support-Metrik	Leistung
Durchschnittliche Reaktionszeit	12 Minuten
Jährliche Support-Tickets	287,000
Auflösungsrate	94.3%

Tools zur Patienteneinbindung

Zu den Engagement-Tools gehören:

• Mobile App mit 1,2 Millionen aktiven Nutzern
• Integration elektronischer Patientenakten
• Rezeptverwaltungssystem

Regelmäßige Nachuntersuchungen zur Gesundheitsberatung

Follow-up-Statistiken für 2022:

Folgekategorie	Prozentsatz
Geplante Folgekonsultationen	67%
Patientenzufriedenheitsrate	88%
Wiederholen Sie Patientenbesuche	52%

American Well Corporation (AMWL) – Geschäftsmodell: Kanäle

Webbasierte Plattform

Im vierten Quartal 2023 unterstützte die webbasierte Telegesundheitsplattform von American Well mehr als 150 Gesundheitsfachgebiete mit durchschnittlich 2,5 Millionen virtuellen Pflegebesuchen pro Monat.

Plattformmetrik	Daten für 2023
Monatliche virtuelle Besuche	2,5 Millionen
Gesundheitsspezialitäten	150+
Plattformverfügbarkeit	99.9%

Mobile Anwendung

Die mobile Anwendung von Amwell verzeichnete im Jahr 2023 3,2 Millionen Downloads mit einer Benutzerbewertung von 4,3/5 auf allen iOS- und Android-Plattformen.

• Gesamtzahl der Downloads mobiler Apps: 3,2 Millionen
• Durchschnittliche Benutzerbewertung: 4,3/5
• Verfügbare Plattformen: iOS und Android

Empfehlungsnetzwerke für Gesundheitsdienstleister

Das Anbieternetzwerk von American Well wurde im Jahr 2023 auf 76.000 lizenzierte Ärzte erweitert, wobei 42 Gesundheitssysteme ihre Überweisungsplattform aktiv nutzen.

Netzwerkstatistik	Daten für 2023
Lizenzierte Kliniker	76,000
Integrierte Gesundheitssysteme	42

Arbeitgeber-Wellness-Programme

Im Jahr 2023 betreute American Well 1.200 Firmenkunden mit einer durchschnittlichen Beteiligungsquote der Mitarbeiter von 35 % an telemedizinischen Wellnessprogrammen.

• Firmenkunden: 1.200
• Beteiligungsquote der Mitarbeiter: 35 %
• Durchschnittliches Programmengagement: 6,2 virtuelle Besuche pro Mitarbeiter jährlich

Partnerschaften mit Versicherungsunternehmen

American Well pflegt im Jahr 2023 Partnerschaften mit 55 großen Versicherungsanbietern und deckt rund 80 Millionen versicherte Leben ab.

Metrik für Versicherungspartnerschaften	Daten für 2023
Versicherungsanbieter	55
Abgedeckte versicherte Leben	80 Millionen

American Well Corporation (AMWL) – Geschäftsmodell: Kundensegmente

Einzelne Patienten

Im vierten Quartal 2023 betreut American Well etwa 67 Millionen Menschen über Telegesundheitsplattformen.

Patientendemografie	Prozentsatz
Alter 18–34	42%
Alter 35-54	38%
Alter 55+	20%

Gesundheitsdienstleister

American Well unterstützt 150.000 zugelassene medizinische Fachkräfte in verschiedenen Fachgebieten.

• Hausärzte: 62.000
• Spezialisten: 55.000
• Fachkräfte für psychische Gesundheit: 33.000

Arbeitgeber und Corporate Wellness-Programme

Das Unternehmen betreut ab 2023 über 2.500 Firmenkunden.

Unternehmensgröße	Anzahl Firmenkunden
Große Unternehmen (1000+ Mitarbeiter)	850
Mittelständische Unternehmen (250-999 Mitarbeiter)	1,250
Kleine Unternehmen (50–249 Mitarbeiter)	400

Versicherungsunternehmen

American Well arbeitet landesweit mit 55 großen Versicherungsanbietern zusammen.

• Nationale Krankenversicherer: 22
• Regionale Versicherungsanbieter: 33

Facharztpraxen

Die Plattform unterstützt 18 verschiedene medizinische Spezialsegmente.

Spezialität	Anzahl der Anbieter
Kardiologie	8,500
Psychiatrie	12,000
Dermatologie	5,600
Pädiatrie	7,200

American Well Corporation (AMWL) – Geschäftsmodell: Kostenstruktur

Entwicklung der Technologieinfrastruktur

Gesamte F&E-Ausgaben für 2023: 143,4 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Cloud-Infrastruktur	37,2 Millionen US-Dollar
Softwareentwicklung	68,9 Millionen US-Dollar
Cybersicherheit	22,5 Millionen US-Dollar

Vergütung für medizinisches Fachpersonal

Gesamtvergütungsaufwand für Telemedizinanbieter im Jahr 2023: 89,6 Millionen US-Dollar

• Durchschnittliche Vergütung pro Beratung: 48,75 $
• Gesamtzahl der medizinischen Fachkräfte auf der Plattform: 2.300

Plattformwartung und -Upgrades

Jährliche Wartungskosten für die Plattform: 52,3 Millionen US-Dollar

Wartungskomponente	Jährliche Kosten
Software-Updates	24,6 Millionen US-Dollar
Technischer Support	18,9 Millionen US-Dollar
Skalierung der Infrastruktur	8,8 Millionen US-Dollar

Marketing und Kundenakquise

Gesamte Marketingausgaben für 2023: 64,2 Millionen US-Dollar

• Ausgaben für digitale Werbung: 29,7 Millionen US-Dollar
• Kundenakquisekosten (CAC): 187 $ pro neuem Benutzer

Regulatorisches Compliance-Management

Gesamtaufwand im Zusammenhang mit Compliance: 21,5 Millionen US-Dollar

Compliance-Bereich	Jährliche Kosten
Juristische Dienstleistungen	12,3 Millionen US-Dollar
Regulatorische Berichterstattung	6,8 Millionen US-Dollar
Compliance-Schulung	2,4 Millionen US-Dollar

American Well Corporation (AMWL) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Telegesundheitsdienste

Im vierten Quartal 2023 beliefen sich die Einnahmen aus Telemedizin-Abonnements von American Well auf 64,3 Millionen US-Dollar, was einem Wachstum von 22 % gegenüber dem Vorjahr entspricht.

Abonnementstufe	Monatspreis	Jährlicher Umsatzbeitrag
Grundlegende Telegesundheit	$14.99	23,4 Millionen US-Dollar
Premium-Telegesundheit	$29.99	40,9 Millionen US-Dollar

Gebühren pro Beratung

Die durchschnittliche Gebühr pro Beratung betrug im Jahr 2023 79 US-Dollar, wodurch etwa 42,6 Millionen US-Dollar an direkten Beratungseinnahmen generiert wurden.

Lizenzierung von Unternehmenssoftware

• Einnahmen aus Unternehmenssoftwarelizenzen: 87,2 Millionen US-Dollar im Jahr 2023
• Durchschnittlicher Unternehmensvertragswert: 250.000 US-Dollar pro Gesundheitssystem
• Gesamtzahl der Unternehmenskunden: 346

Netzwerkgebühren für Gesundheitsdienstleister

Die Einnahmen aus Netzwerkgebühren der Anbieter beliefen sich im Jahr 2023 auf insgesamt 55,7 Millionen US-Dollar, bei einer durchschnittlichen Gebühr von 1.200 US-Dollar pro Anbieter und Monat.

Versicherungserstattungszahlungen

Versicherungskategorie	Erstattungsvolumen	Gesamte Rückerstattungseinnahmen
Private Versicherung	68 % der Ansprüche	102,5 Millionen US-Dollar
Medicare	22 % der Ansprüche	33,1 Millionen US-Dollar
Medicaid	10 % der Ansprüche	15,0 Millionen US-Dollar

American Well Corporation (AMWL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why health systems and payers choose American Well Corporation's platform in the current environment, which is all about efficiency and integration. The value proposition isn't just about offering a video call; it's about fundamentally changing how care is delivered and paid for.

Unified Digital Care: Single platform for virtual, in-person, and automated care

American Well Corporation offers a comprehensive SaaS-based platform, the Amwell Converge platform, designed to connect seamlessly with existing client investments for a scalable healthcare experience across all settings. This unified approach addresses the industry's fragmentation, where employers manage an average of four to nine point solutions. The platform's success is reflected in its adoption metrics.

Here's a look at the scale of care delivery:

• 80 million members have American Well Corporation as a covered benefit.
• The platform serves approximately 50 health plan partners and 100 of the nation's largest health systems in the U.S.
• In the first quarter of 2025, total visits amounted to 1.3 million.
• Total visit volume in the third quarter of 2025 was approximately 1.1 million visits.
• The company completed more than 1 million visits in just 18 months using over 20,000 providers on the platform.

The platform is now live across the entire global military health system, which is noted as the most significant growth initiative in the company's history. The Converge platform itself is a major driver, accounting for 60% of American Well Corporation's projected 2025 revenue. It's definitely a move toward a more cohesive digital front door.

Cost Reduction for Clients: Improved operational efficiency and lower healthcare costs

The shift to a subscription-heavy model directly translates to better margins and, theoretically, lower costs for clients by moving away from expensive, one-time customizations. The focus on operational efficiency is showing up in the financial structure.

Consider the margin expansion and cost discipline:

Metric	Q2 2025 Value	Q3 2025 Value	Full Year 2025 Guidance Implication
Gross Margin	56.1%	52.4%	Improving Gross Margin
Subscription Revenue Mix	Nearly 60% (Q1 2025 target)	55% of total revenue	Targeting nearly 60% subscription mix for the full year
Adjusted EBITDA Loss	$4.7 million loss	$12.7 million loss	Guidance narrowed to a loss between $55 million and $45 million

The company is actively driving down operating expenses to support this. For the full year 2025, American Well Corporation expects sales and marketing costs to decline more than 25% year-over-year, and General and Administrative (G&A) expenses are targeted to reduce by beyond 20%. For example, in the second quarter of 2025, sales and marketing spend was slashed by 32.4% compared to the prior year. Concrete savings are being realized; Corewell Health saved more than $1 million in emergency room revisits using Automated Care Programs. That's the kind of tangible value clients look for.

Enterprise-Grade Scalability: Secure, dependable platform for millions of lives

The platform is built to handle significant volume securely, which is crucial for large enterprises like health plans and the Military Health System. The company emphasizes its position as a highly dependable, secure, and scalable technology-enabled care platform, supported by investments in interoperability and data exchange. The goal is achieving cash flow breakeven from operations by the end of 2026, signaling a focus on sustainable scale.

Key indicators of enterprise readiness include:

• The platform is integrated across the entire global military health system.
• Subscription revenue grew 18% year-over-year in Q3 2025.
• Full-year 2025 revenue guidance is reiterated in the range of $245 million to $248 million.
• The company ended Q3 2025 with approximately $21 million in cash and marketable securities with zero debt.

This infrastructure supports high-volume adoption, as seen by the 90% satisfaction rate among the 2,100+ providers at M Health Fairview who adopted the technology after deep embedding within their Epic EHR. You need that level of integration for true enterprise deployment.

AI-Driven Workflow: Integrating AI into core clinical and administrative processes

American Well Corporation is focused on integrating AI directly into the core workflow layer of its platform, moving beyond simple add-ons. This integration is intended to enhance both clinical and administrative processes, which supports the overall drive for operational efficiency. The platform enables clinicians to prescribe during virtual visits, using FHIR interoperability to connect with client electronic health records and apps. This is how they are making the platform smarter and more central to the provider experience. The company is streamlining its software configuration work, which suggests a move toward more standardized, AI-assisted processes rather than bespoke builds.

American Well Corporation (AMWL) - Canvas Business Model: Customer Relationships

You're looking at how American Well Corporation (AMWL) manages its most important client relationships as of late 2025. This is definitely a story about big, strategic enterprise deals, especially with the government sector.

Dedicated Enterprise Sales: High-touch, long-term contracts with large clients

The core of American Well Corporation (AMWL)'s high-touch sales focus centers on securing and expanding large, multi-year software subscription agreements. The relationship with the U.S. Defense Health Agency (DHA) exemplifies this, as it is now the company's largest account, set to surpass Elevance.

The initial DHA contract, running from October 2023 to July 2025, had an estimated total value of $180 million, with American Well Corporation (AMWL)'s portion being around $54 million in total for that initial term. The subsequent contract extension, which is a three-year deal plus a 9-month transition, is expected to bring in American Well Corporation (AMWL)'s share at $60 million per year.

This focus on large enterprise contracts is driving the shift in revenue quality. For the second quarter of 2025, subscription software revenue hit $40.4 million, making up nearly 60% of total revenue, a significant increase from the 48% it represented in the first quarter of 2025.

Strategic Client Management: Focused teams for major accounts like the DHA

Managing these massive accounts requires dedicated attention. The DHA relationship is the centerpiece of the growth strategy, aiming for positive cash flow from operations by the end of 2026. This relationship powers virtual care for the Military Health System (MHS), which serves approximately 9.6 million beneficiaries across the global DoD enterprise, U.S. Military Entrance Processing Command (MEPCOM), and the U.S. Coast Guard (USCG).

The success metrics for this strategic account are clear: virtual visits on the platform have nearly tripled since replacing the legacy MHS Video Connect capability. Still, the contract extension reflects budget constraints, as it excluded American Well Corporation (AMWL)'s behavioral health and automated care programs.

Beyond the DHA, the client roster includes major health plans and systems. For instance, in the second quarter of 2025, new client wins included Florida Blue selecting American Well Corporation (AMWL) for its white-label platform, alongside renewals with Children's Hospital of Pennsylvania and OSF HealthCare.

Here's a snapshot of the key client and contract metrics we see:

Client/Metric Category	Value/Metric	Period/Context
DHA Contract Extension (AMWL Share)	$60 million per year	Projected Annual Value (3-year term)
DHA Beneficiaries Served	9.6 million	Military Health System (MHS)
Virtual Visits on DHA Platform	Nearly tripled	Since replacing legacy system
Subscription Revenue	$40.4 million	Q2 2025
Subscription Revenue as % of Total Revenue	Nearly 60%	Q2 2025
Health Plans Powered	50	As of year-end 2024/early 2025
Covered Lives Supported	More than 80 million	Across health plan clients

Self-Service Tools: Platform tools for client configuration and program management

American Well Corporation (AMWL) is actively pushing clients toward standardized platform use. The company is moving away from expensive, one-time customizations for customers and towards a more centralized and standard platform experience, which helps margin expansion.

The primary tool here is the Converge platform. This platform uses FHIR (Fast Healthcare Interoperability Resources) interoperability standards to connect directly with clients' existing electronic health records (EHRs) and other applications. This integration is key for adoption across large, complex systems like the MHS.

The platform enables several key functions for clients:

• Enabling clinicians to prescribe during virtual visits.
• Providing provider workflows for notes and prescribing.
• Supporting scheduled virtual visits across global enterprises.

Professional Services: Implementation and customization support for platform adoption

While the strategic goal is to reduce reliance on bespoke work, initial platform adoption still requires significant professional services support. The DHA deployment, for example, was described as a staged launch of the full solution across the Military Health System.

The company is actively refining its business to reduce the need for heavy, upfront professional services spend. This is evident in the stated strategy to move away from the costly, one-time customizations that previously burdened the revenue mix. The expectation is that once the platform is customized for a government ecosystem, it becomes fully scalable with minimal future development required.

The company's Q2 2025 results showed that its CFO highlighted the favorable revenue mix, explaining that the company is moving away from expensive, one-time customizations for customers. This operational refinement is a direct customer relationship lever, as it improves margins and speeds up deployment for new clients once the initial heavy lifting is done.

Finance: draft 13-week cash view by Friday.

American Well Corporation (AMWL) - Canvas Business Model: Channels

You're looking at how American Well Corporation (AMWL) gets its platform and services into the hands of customers as of late 2025. The channel strategy clearly leans heavily on securing large, recurring technology contracts, which they call subscription revenue, while the direct care delivery channel, Amwell Medical Group (AMG), provides a significant, though secondary, revenue stream.

The Direct Enterprise Sales Team and the distribution via Client-Branded Portals are primarily captured by the Subscription Revenue line. This is where the Converge platform is sold as a Software-as-a-Service (SaaS) offering to health systems and payers. The focus here is on revenue quality, moving away from one-time customizations toward standard platform experiences. For the first nine months of 2025, this channel showed strong growth and mix improvement:

• In Q1 2025, subscription revenue hit $32.2 million, making up 48% of total revenue.
• By Q2 2025, subscription revenue grew to $40.4 million, representing nearly 60% of the total revenue for that quarter.
• For Q3 2025, subscription revenue was $30.9 million, representing 55% of the total revenue.

The Partner Ecosystem channel is critically underpinned by major government contracts. A key success here is the unified platform going live across the entire global military health system, strengthening their federal market position and supporting an expected contract renewal with Leidos. This large-scale deployment drives significant software revenue.

The Amwell Medical Group (AMG) channel is the direct-to-consumer/patient visit revenue component. While the company is strategically shifting its mix toward higher-margin subscription software, AMG still drives substantial top-line dollars and volume. The full-year 2025 forecast for AMG visits remained steady at between 1.3 million and 1.35 million visits.

• Q1 2025 saw AMG visit revenue of $26.6 million from approximately 1.3 million total visits.
• Q2 2025 AMG visit revenue was $22.8 million, with total visits at 1.2 million.
• In Q3 2025, AMG visit revenue was $21.2 million from about 1.1 million total visits.

Here's the quick math on how the revenue streams split across the first three quarters of 2025, showing the platform revenue's increasing dominance:

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue (Millions)	$66.8	$70.9	$56.3
Subscription Revenue (Millions)	$32.2	$40.4	$30.9
Subscription Revenue Mix	48%	~60%	55%
AMG Visit Revenue (Millions)	$26.6	$22.8	$21.2
Total Visits (Millions)	~1.3	1.2	~1.1

The full-year 2025 revenue guidance, after accounting for the divestiture of Amwell Psychiatric Care (APC), was narrowed to a range of $245 million to $248 million. If onboarding takes 14+ days for a new enterprise client, churn risk rises, but the strong subscription retention noted in Q3 suggests the core platform sales are sticky. Finance: draft 13-week cash view by Friday.

American Well Corporation (AMWL) - Canvas Business Model: Customer Segments

You're looking at American Well Corporation's customer base as of late 2025, and it's clear they are focused on enterprise-level, high-volume clients who need a unified, scalable technology-enabled care platform. The company is actively streamlining its focus, moving away from one-off customizations toward a more standardized platform experience, which is reflected in their revenue mix.

For the full fiscal year 2025, American Well Corporation has guided total revenue to a range of \$245 million to \$250 million. The quality of this revenue is shifting; for instance, in the third quarter of 2025, subscription revenue hit \$30.9 million, making up 55% of the total revenue for that period, showing the stickiness of their platform contracts over transactional volume.

Large Health Systems: Seeking to unify their digital health strategy.

Large Health Systems are a core segment, looking to American Well Corporation to act as the technology backbone for their entire digital care delivery. They are seeking to consolidate disparate virtual care tools onto one enterprise-grade platform, which the company calls Converge. This focus on platform adoption is key, as the company is emphasizing its role as a hybrid care enablement partner rather than just a telehealth vendor. While specific revenue attributed solely to this segment isn't broken out, the overall platform strategy is designed to serve these large, complex organizations looking for integration with their existing electronic health records (EHRs).

Major Health Payers: Blue Cross Blue Shield plans and other large insurers.

Major Health Payers represent a significant growth vector, valuing the platform for its ability to manage population health and control costs through digital channels. A concrete example of success in this segment is the addition of Florida Blue as a strategic client during the second quarter of 2025. This signals that large insurers are committing to American Well Corporation's model for delivering integrated services. The shift in revenue mix, with subscription revenue growing, directly benefits from securing these long-term payer contracts.

Government Entities: Defense Health Agency (DHA) and other federal contracts.

The government segment is anchored by the critical relationship with the U.S. Defense Health Agency (DHA). American Well Corporation announced an extension of its next-generation Digital First contract to power the virtual care transformation for the Military Health System (MHS). This massive undertaking serves approximately 9.6 million beneficiaries across the Department of Defense (DOD), U.S. Coast Guard, and U.S. Military Entrance Processing Command. The platform has already demonstrated significant impact, with virtual visits nearly tripling since replacing the legacy MHS Video Connect capability. The original contract with the DHA was valued at up to \$180 million. This segment validates the platform's security, scalability, and ability to handle high-acuity, mission-critical care delivery.

Employers and Higher Education: Organizations providing virtual care benefits.

This segment includes organizations like universities and large employers who offer virtual care as an employee or student benefit. American Well Corporation's platform is positioned to address the demand from these groups for scalable, easy-to-use virtual care solutions, often driven by a need to control benefit costs and improve access. The company's overall revenue from Amwell Medical Group (AMG) visits was \$21.2 million in the third quarter of 2025, which captures a portion of the direct-to-consumer or employer-sponsored care volume. The company also lists 'Higher Education' explicitly as a group it serves.

Here's a quick look at the financial context surrounding these customer relationships as of late 2025:

Metric	Q3 2025 Value	Q2 2025 Value	FY 2025 Guidance Range
Total Revenue	\$56.3 million	\$70.9 million	\$245 million - \$250 million
Subscription Revenue	\$30.9 million	\$40.4 million	N/A
AMG Visit Revenue	\$21.2 million	\$22.8 million	N/A
Gross Margin	52.4%	56.1%	N/A

The focus on subscription revenue growth, which now represents 55% of total revenue in Q3 2025, is a direct result of locking in these large enterprise segments like the DHA and major payers. If onboarding takes 14+ days, churn risk rises, especially for health systems looking for rapid digital transformation.

American Well Corporation (AMWL) - Canvas Business Model: Cost Structure

You're looking at American Well Corporation's cost structure as of late 2025, which is clearly shifting toward efficiency, especially as they push for positive operational cash flow in 2026. Honestly, the numbers show a company actively streamlining its spending base while still funding the core platform.

Technology and R&D: Significant investment in the Converge platform and AI

The investment in the Converge platform remains a major cost driver, though it's trending down as major configuration work wraps up. For the three months ended September 30, 2025, Research and Development expenses were $18.582 million. That's down from $22.1 million in the first quarter of 2025. American Well Corporation is on track to reduce its R&D expense by more than 10% this year versus 2024, reflecting a focus on completing software configuration for existing commitments. The platform's success, like powering the entire global military health system, is built on this investment.

Here's a quick look at the recent R&D spend:

Period	R&D Expense (in thousands)	Comparison Point
Three Months Ended Sep 30, 2025	$18,582	Q2 2025: $18.3 million
Nine Months Ended Sep 30, 2025	$58,921	Nine Months Ended Sep 30, 2024: $67,283

Personnel Costs: Salaries for software engineers and clinical support staff

Personnel is a significant component, naturally, sitting within both R&D and the Selling, General & Administrative (SG&A) buckets. The company has been aggressive here; headcount actions taken previously were expected to result in over $15 million in compensation-related savings. As of September 30, 2025, American Well Corporation reported 877 employees. You can see the impact of cost-saving initiatives across the operating expenses, which helps narrow the adjusted EBITDA loss.

The General and Administrative (G&A) costs, which include a large portion of corporate and support staff salaries, also show this trend:

• General and administrative expense for the three months ended September 30, 2025, was $21.736 million.
• This was approximately 8.8% lower than the previous quarter (Q2 2025).
• G&A for the nine months ended September 30, 2025, totaled $66.083 million.

Sales and Marketing: Costs associated with securing large enterprise contracts

Securing those big payer and health system contracts requires a sales force, but American Well Corporation is driving down this cost base significantly. For the quarter ending September 30, 2025, Sales and Marketing expenses were just $9.078 million. That's a stark contrast to the $18.386 million spent in the second quarter of 2024. Management has stated they expect sales and marketing costs to decline over 25% year-over-year for the full 2025 year. It's a clear pivot to prioritize high-margin subscription revenue over high-cost acquisition efforts.

Infrastructure: Cloud hosting and data security compliance costs (HIPAA)

The platform runs on cloud infrastructure, which feeds into Costs of Revenue and D&A. The company relies on third-party data centers, and any interruption there is a real operational risk. Furthermore, compliance with federal standards like HIPAA is non-negotiable, adding to overhead. For the nine months ending September 30, 2025, Depreciation and Amortization expense-which covers capitalized software and related assets-was $25.467 million. Costs of Revenue, which includes the direct costs of running the platform and services, was $89.496 million for the same nine-month period. This is all part of the drive to expand the gross margin, which hit 56.1% in Q2 2025.

Finance: draft 13-week cash view by Friday.

American Well Corporation (AMWL) - Canvas Business Model: Revenue Streams

You're looking at how American Well Corporation (AMWL) brings in its money as of late 2025. The focus is clearly shifting toward the more predictable, high-margin software side of the business, which is smart for long-term stability.

The primary streams flow from platform access fees and direct care delivery revenue. For the third quarter ending September 30, 2025, total revenue came in at $56.3 million. Normalizing for the divestiture of Amwell Psychiatric Care (APC), that revenue would have actually increased by 1.3% year-over-year.

Here is the breakdown of the key components that made up that quarterly figure:

• Subscription Revenue (SaaS): Recurring fees for platform access, projected at $30.9 million in Q3 2025. This stream is the engine now, representing 55% of total Q3 revenue, up from 43% a year ago.
• Amwell Medical Group (AMG) Visit Revenue: Fees per visit, totaling $21.2 million in Q3 2025. This is still a significant piece, though total visit volume was approximately 1.1 million visits for the quarter.
• Services Revenue: Implementation, training, and professional services fees. This stream supports the platform adoption.

The company's management is guiding the market based on this execution. Full-year 2025 revenue is guided between $245 million and $248 million. This revised guidance reflects the strategic shift and cost discipline being applied across the organization.

To give you a clearer picture of the Q3 2025 revenue composition, here are the hard numbers:

Revenue Component	Q3 2025 Amount (USD)	Year-over-Year Change
Total Revenue	$56.3 million	Down 8% (or up 1.3% normalized for APC sale)
Subscription Revenue (SaaS)	$30.9 million	Up 18%
Amwell Medical Group (AMG) Visit Revenue	$21.2 million	Down 23%
Total Visit Volume	Approximately 1.1 million visits	Down 21%

The shift in mix is important; the higher-margin subscription revenue is growing robustly at 18% year-over-year, while the visit revenue stream is seeing pressure, partly due to the APC divestiture and a 14% drop in average revenue per visit to $71, though normalizing for APC shows a 3.5% increase in ARPV driven by a mix shift to higher-priced virtual primary care and specialty visits. Honestly, you want to see that subscription percentage climb higher still.