American Well Corporation (AMWL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de atención médica digital en rápida evolución, American Well Corporation (AMWL) emerge como una fuerza pionera, transformando cómo los pacientes y los proveedores de atención médica se conectan a través de soluciones de telemedicina de vanguardia. Al combinar sin problemas la tecnología avanzada con capacidades integrales de atención virtual, AMWL ha creado un modelo de negocio revolucionario que aborde la creciente demanda de servicios de salud convenientes, accesibles y rentables. Su enfoque innovador no solo agiliza las consultas médicas, sino que también empodera a los pacientes y a los proveedores con experiencias de salud flexibles y basadas en la tecnología que trascienden las fronteras médicas tradicionales.

American Well Corporation (AMWL) - Modelo de negocios: asociaciones clave

Proveedores de atención médica y profesionales médicos

A partir del cuarto trimestre de 2023, American Well Corporation tiene asociaciones con aproximadamente 2,500 proveedores de atención médica y profesionales médicos en los Estados Unidos.

Tipo de socio	Número de socios	Especialidades cubiertas
Médicos de atención primaria	1,200	Medicina general
Especialistas	850	Psiquiatría, dermatología, cardiología
Profesionales de la salud mental	450	Psicoterapia, asesoramiento

Compañías de seguros de salud

American Well ha establecido asociaciones con 45 proveedores de seguros de salud a partir de 2023.

• Cobertura de la red Blue Cross Blue Shield
• Asociación UnitedHealthcare
• Colaboración de telesalud de aetna
• Red de salud digital de Cigna

Proveedores de plataforma de tecnología

La compañía colabora con 12 proveedores de plataformas de tecnología principales para mejorar su infraestructura de telesalud.

Proveedor de tecnología	Servicio/integración
Microsoft Azure	Infraestructura en la nube
Servicios web de Amazon	Computación en la nube
Sistemas de Cisco	Seguridad de la red

Integradores de sistemas de registro de salud electrónica (EHR)

American Well tiene asociaciones de integración con 28 proveedores de sistemas EHR.

• Integración de sistemas épicos
• Compatibilidad de Cerner Corporation
• Conexión EHR de AllScripts EHR
• Integración del sistema Meditech

Fabricantes de dispositivos médicos

La compañía mantiene asociaciones con 15 fabricantes de dispositivos médicos para admitir capacidades de monitoreo y diagnóstico remoto.

Fabricante de dispositivos	Tipo de dispositivo
Omron Healthcare	Monitores de presión arterial
Dexcom	Monitores de glucosa continuos
Fitbit	Rastreadores de salud portátiles

American Well Corporation (AMWL) - Modelo de negocios: actividades clave

Desarrollo de la plataforma de telemedicina

Inversión en desarrollo de plataforma en 2023: $ 53.4 millones

Métrica de plataforma	Valor 2023
Empleados de desarrollo de software	287
Ciclos de actualización de plataforma anual	4
Certificaciones de seguridad de la plataforma	HIPAA, SOC 2

Servicios de consulta de atención virtual

Consultas virtuales totales en 2023: 6.2 millones

• Duración de consulta promedio: 15.3 minutos
• Especialidades cubiertas: 40+
• Tiempo de respuesta promedio del proveedor: 8.7 minutos

Innovación de tecnología de salud digital

Gastos de I + D en 2023: $ 72.1 millones

Categoría de innovación	Inversión
AI Soluciones de atención médica	$ 24.5 millones
Algoritmos de aprendizaje automático	$ 18.3 millones
Tecnologías de monitoreo remoto	$ 29.3 millones

Mantenimiento de software de telesalud

Presupuesto anual de mantenimiento del software: $ 41.6 millones

• Garantía de tiempo de actividad: 99.97%
• Parches de seguridad por año: 24
• Ciclos de optimización de rendimiento: 6

Expansión de la red de proveedores de atención médica

Crecimiento de la red en 2023: aumento del 23%

Tipo de proveedor	Tamaño de red 2023
Médicos	67,500
Profesionales de la salud mental	12,300
Proveedores especializados	22,800

American Well Corporation (AMWL) - Modelo de negocios: recursos clave

Infraestructura de tecnología de telesalud avanzada

A partir del cuarto trimestre de 2023, American Well Corporation mantiene una robusta infraestructura de tecnología de telesalud con las siguientes especificaciones:

Componente tecnológico	Especificación
Servidores de nubes	99.99% de confiabilidad de tiempo de actividad
Ancho de banda de red	Infraestructura dedicada de 500 Gbps
Capacidad de consulta de video	Simultáneo 50,000 consultas en vivo

Experiencia clínica y red de profesionales médicos

Composición de la red profesional médico:

• Total de proveedores de atención médica registrados: 87,500
• Especialidades médicas cubiertas: 45
• Cobertura geográfica: 50 estados de EE. UU.

Plataforma de salud digital basada en la nube

Métrica de plataforma	Valor
Transacciones de plataforma anual	14.2 millones
Certificaciones de seguridad de la plataforma	HIPAA, SOC 2 Tipo II
Descargas de aplicaciones móviles	2.3 millones

Software patentado y propiedad intelectual

Cartera de propiedades intelectuales:

• Total de patentes registradas: 127
• Aplicaciones de patentes pendientes: 43
• Inversión en I + D en 2023: $ 52.4 millones

Sistemas de seguridad y cumplimiento de datos

Métrica de seguridad	Especificación
Estándar de cifrado	AES 256 bits
Auditorías de seguridad anuales	3 evaluaciones independientes
Inversiones de protección de datos	$ 18.7 millones en 2023

American Well Corporation (AMWL) - Modelo de negocio: propuestas de valor

Servicios de salud convenientes y accesibles

American Well ofrece servicios de telesalud con más de 13,000 proveedores de atención médica con licencia en múltiples especialidades. A partir del tercer trimestre de 2023, la plataforma admite más de 2.5 millones de visitas de atención virtual anualmente.

Métrico de servicio	2023 datos
Proveedores de atención virtual totales	13,000+
Visitas virtuales anuales	2.5 millones
Tiempo de espera promedio	10 minutos

Costos reducidos de prestación de atención médica

Las consultas virtuales a través de los costos de prestación de salud estadounidense bien reducen aproximadamente un 40-50% en comparación con las visitas médicas tradicionales en persona.

• Costo promedio de consulta de telesalud: $ 49
• Costo de consulta promedio en persona: $ 129
• Ahorro de costos potenciales por consulta: $ 80

Consultas médicas inmediatas

La plataforma proporciona consultas médicas a pedido con un tiempo de respuesta promedio de 10 minutos en 50 estados.

Métrico de consulta	Actuación
Tiempo de respuesta promedio	10 minutos
Estados cubiertos	50
Especialidades disponibles	30+

Capacidades de monitoreo de pacientes remotos

American Well admite el monitoreo remoto del paciente para condiciones crónicas con capacidades de integración para más de 75 dispositivos y dispositivos de salud digitales.

• Soporte de gestión de condiciones crónicas
• Compatible con más de 75 dispositivos de salud digital
• Transmisión de datos de salud en tiempo real

Soluciones integrales de cuidado virtual

La plataforma generó $ 252.4 millones en ingresos para el año fiscal 2022, con un enfoque en la atención virtual integral en múltiples segmentos de atención médica.

Métrica financiera	Datos 2022
Ingresos totales	$ 252.4 millones
Segmentos de cuidado virtual	Atención urgente, salud del comportamiento, atención especializada

American Well Corporation (AMWL) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de American Well sirve a 55 planes de salud que cubren 36.8 millones de vidas a partir del tercer trimestre de 2023. La plataforma procesó 2.1 millones de visitas de atención virtual en 2022, con una tasa de crecimiento año tras año.

Métrica de plataforma	Rendimiento 2022
Visitas totales de cuidado virtual	2.1 millones
Crecimiento año tras año	41%
Planes de salud cubiertos	55
Vidas cubiertas	36.8 millones

Experiencias de telesalud personalizadas

Ofertas de pozo americano interacciones de telesalud personalizadas En múltiples especialidades:

• Atención primaria
• Salud mental
• Consultas especializadas
• Manejo de enfermedades crónicas

Soporte técnico continuo

Métricas de soporte técnico para 2022-2023:

Métrico de soporte	Actuación
Tiempo de respuesta promedio	12 minutos
Tickets de soporte anual	287,000
Tasa de resolución	94.3%

Herramientas de compromiso del paciente

Las herramientas de compromiso incluyen:

• Aplicación móvil con 1.2 millones de usuarios activos
• Integración de registros de salud electrónicos
• Sistema de gestión de recetas

Seguimientos de consulta de salud regular

Estadísticas de seguimiento para 2022:

Categoría de seguimiento	Porcentaje
Consultas de seguimiento programadas	67%
Tasa de satisfacción del paciente	88%
Repetir visitas al paciente	52%

American Well Corporation (AMWL) - Modelo de negocios: canales

Plataforma basada en la web

A partir del cuarto trimestre de 2023, la plataforma TeleHealth basada en la web de American Well apoyó más de 150 especialidades de atención médica con un promedio de 2.5 millones de visitas de atención virtual por mes.

Métrica de plataforma	2023 datos
Visitas virtuales mensuales	2.5 millones
Especialidades de atención médica	150+
Tiempo de actividad de la plataforma	99.9%

Aplicación móvil

La aplicación Mobile Amwell reportó 3.2 millones de descargas en 2023, con una calificación de usuario de 4.3/5 en plataformas iOS y Android.

• Descargas totales de aplicaciones móviles: 3.2 millones
• Calificación promedio del usuario: 4.3/5
• Plataformas disponibles: iOS y Android

Redes de referencia de proveedores de atención médica

La red de proveedores de American Well se expandió a 76,000 médicos con licencia en 2023, con 42 sistemas de salud utilizando activamente su plataforma de referencia.

Estadística de red	2023 datos
Médicos con licencia	76,000
Sistemas de salud integrados	42

Programas de bienestar del empleador

En 2023, American Well sirvió a 1.200 clientes corporativos, con una tasa promedio de participación de los empleados del 35% en los programas de bienestar de telesalud.

• Clientes corporativos: 1.200
• Tasa de participación de los empleados: 35%
• Participación promedio del programa: 6.2 Visitas virtuales por empleado anualmente

Asociaciones de la compañía de seguros

Las asociaciones estadounidenses bien mantenidas con 55 proveedores de seguros principales en 2023, que cubren aproximadamente 80 millones de vidas aseguradas.

Métrica de asociación de seguros	2023 datos
Proveedores de seguros	55
Vidas aseguradas cubiertas	80 millones

American Well Corporation (AMWL) - Modelo de negocios: segmentos de clientes

Pacientes individuales

A partir del cuarto trimestre de 2023, American Well atiende a aproximadamente 67 millones de personas a través de plataformas de telesalud.

Demografía del paciente	Porcentaje
Edad 18-34	42%
Edad 35-54	38%
Edad 55+	20%

Proveedores de atención médica

American Well apoya a 150,000 profesionales de la salud con licencia en múltiples especialidades.

• Médicos de atención primaria: 62,000
• Especialistas: 55,000
• Profesionales de la salud mental: 33,000

Empleadores y programas de bienestar corporativo

La compañía atiende a más de 2.500 clientes corporativos a partir de 2023.

Tamaño de la empresa	Número de clientes corporativos
Grandes empresas (más de 1000 empleados)	850
Empresas de tamaño mediano (250-999 empleados)	1,250
Pequeñas empresas (50-249 empleados)	400

Compañías de seguros

American Well se asocia con 55 principales proveedores de seguros en todo el país.

• Aseguradoras de salud nacionales: 22
• Proveedores de seguros regionales: 33

Prácticas médicas especializadas

La plataforma admite 18 segmentos de especialidad médica distintas.

Especialidad	Número de proveedores
Cardiología	8,500
Psiquiatría	12,000
Dermatología	5,600
Pediatría	7,200

American Well Corporation (AMWL) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura tecnológica

Gastos totales de I + D para 2023: $ 143.4 millones

Categoría de costos	Gasto anual
Infraestructura en la nube	$ 37.2 millones
Desarrollo de software	$ 68.9 millones
Ciberseguridad	$ 22.5 millones

Compensación profesional médico

Gastos de compensación total para proveedores de telesalud en 2023: $ 89.6 millones

• Compensación promedio de consultación por consultoría: $ 48.75
• Número total de profesionales médicos en la plataforma: 2.300

Mantenimiento y actualizaciones de la plataforma

Costos de mantenimiento anual de la plataforma: $ 52.3 millones

Componente de mantenimiento	Costo anual
Actualizaciones de software	$ 24.6 millones
Apoyo técnico	$ 18.9 millones
Escala de infraestructura	$ 8.8 millones

Marketing y adquisición de clientes

Gastos totales de marketing para 2023: $ 64.2 millones

• Gasto publicitario digital: $ 29.7 millones
• Costo de adquisición de clientes (CAC): $ 187 por nuevo usuario

Gestión de cumplimiento regulatorio

Gastos totales relacionados con el cumplimiento: $ 21.5 millones

Área de cumplimiento	Costo anual
Servicios legales	$ 12.3 millones
Informes regulatorios	$ 6.8 millones
Capacitación de cumplimiento	$ 2.4 millones

American Well Corporation (AMWL) - Modelo de negocios: flujos de ingresos

Servicios de telesalud basados ​​en suscripción

A partir del cuarto trimestre de 2023, los ingresos por suscripción de telesalud de American Well fueron de $ 64.3 millones, lo que representa un crecimiento anual del 22%.

Nivel de suscripción	Precio mensual	Contribución anual de ingresos
Telesalud básica	$14.99	$ 23.4 millones
Telesalud de primera calidad	$29.99	$ 40.9 millones

Tarifas de consultación

La tarifa promedio de consultación por consultoría en 2023 fue de $ 79, generando aproximadamente $ 42.6 millones en ingresos de consulta directa.

Licencias de software empresarial

• Ingresos de licencia de software empresarial: $ 87.2 millones en 2023
• Valor promedio de contrato empresarial: $ 250,000 por sistema de atención médica
• Número total de clientes empresariales: 346

Tarifas de la red de proveedores de atención médica

Los ingresos por tarifas de la red de proveedores totalizaron $ 55.7 millones en 2023, con una tarifa promedio de $ 1,200 por proveedor por mes.

Pagos de reembolso de seguro

Categoría de seguro	Volumen de reembolso	Ingresos de reembolso total
Seguro privado	68% de reclamos	$ 102.5 millones
Seguro médico del estado	22% de las reclamaciones	$ 33.1 millones
Seguro de enfermedad	10% de las reclamaciones	$ 15.0 millones

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.