American Well Corporation (AMWL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide des soins de santé numériques, American Well Corporation (AMWL) apparaît comme une force pionnière, transformant la façon dont les patients et les prestataires de soins de santé se connectent à travers des solutions de télémédecine de pointe. En mélangeant de manière transparente les technologies de pointe avec des capacités de soins virtuels complets, AMWL a conçu un modèle commercial révolutionnaire qui répond à la demande croissante de services de santé pratique, accessibles et rentables. Leur approche innovante rationalise non seulement des consultations médicales, mais habilite également les patients et les fournisseurs avec des expériences de soins de santé flexibles et axées sur la technologie qui transcendent les frontières médicales traditionnelles.

American Well Corporation (AMWL) - Modèle commercial: partenariats clés

Fournisseurs de soins de santé et professionnels de la santé

Au quatrième trimestre 2023, American Well Corporation a des partenariats avec environ 2 500 prestataires de soins de santé et des professionnels de la santé aux États-Unis.

Type de partenaire	Nombre de partenaires	Spécialités couvertes
Médecins de soins primaires	1,200	Médecine générale
Spécialistes	850	Psychiatrie, dermatologie, cardiologie
Professionnels de la santé mentale	450	Psychothérapie, conseil

Compagnies d'assurance maladie

American Well a établi des partenariats avec 45 fournisseurs d'assurance maladie en 2023.

• Couverture du réseau bleu Cross Blue Shield
• UnitedHealthCare Partnership
• Collaboration Aetna Telehealth
• Cigna Digital Health Network

Fournisseurs de plate-forme technologique

La société collabore avec 12 principaux fournisseurs de plateformes technologiques pour améliorer son infrastructure de télésanté.

Fournisseur de technologie	Service / intégration
Microsoft Azure	Infrastructure cloud
Services Web Amazon	Cloud computing
Systèmes Cisco	Sécurité du réseau

Intégrateurs de systèmes de dossier de santé électronique (DSE)

American Well a des partenariats d'intégration avec 28 fournisseurs de systèmes de DSE.

• Intégration des systèmes épiques
• Compatibilité de Cerner Corporation
• Connexion ALScripts DSE
• Intégration du système Meditech

Fabricants d'appareils médicaux

La société maintient des partenariats avec 15 fabricants de dispositifs médicaux pour prendre en charge les capacités de surveillance à distance et de diagnostic.

Fabricant d'appareils	Type d'appareil
Omron Healthcare	Moniteurs de pression artérielle
Dexcom	Moniteurs de glucose continue
Fitbit	Trackers de santé portable

American Well Corporation (AMWL) - Modèle d'entreprise: activités clés

Développement de la plate-forme de télémédecine

Investissement de développement de la plate-forme en 2023: 53,4 millions de dollars

Métrique de la plate-forme	Valeur 2023
Employés de développement de logiciels	287
Cycles de mise à jour de la plate-forme annuelle	4
Certifications de sécurité de la plate-forme	HIPAA, SOC 2

Services de consultation de soins virtuels

Consultations virtuelles totales en 2023: 6,2 millions

• Durée moyenne de la consultation: 15,3 minutes
• Spécialités couvertes: 40+
• Temps de réponse moyen du fournisseur: 8,7 minutes

Innovation de la technologie de la santé numérique

Dépenses de R&D en 2023: 72,1 millions de dollars

Catégorie d'innovation	Investissement
Solutions de soins de santé AI	24,5 millions de dollars
Algorithmes d'apprentissage automatique	18,3 millions de dollars
Technologies de surveillance à distance	29,3 millions de dollars

Maintenance du logiciel de télésanté

Budget annuel de maintenance des logiciels: 41,6 millions de dollars

• Garantie de disponibilité: 99,97%
• Patchs de sécurité par an: 24
• Cycles d'optimisation des performances: 6

Expansion du réseau des fournisseurs de soins de santé

Croissance du réseau en 2023: augmentation de 23%

Type de fournisseur	2023 Taille du réseau
Médecins	67,500
Professionnels de la santé mentale	12,300
Fournisseurs spécialisés	22,800

American Well Corporation (AMWL) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de télésanté avancée

Depuis le quatrième trimestre 2023, American Well Corporation maintient une robuste infrastructure technologique de télésanté avec les spécifications suivantes:

Composant technologique	Spécification
Serveurs de cloud	Fiabilité de disponibilité à 99,99%
Bande passante du réseau	Infrastructure dédiée de 500 Gbps
Capacité de consultation vidéo	Consultations simultanées 50 000 en direct

Expertise clinique et réseau professionnel médical

Composition du réseau professionnel médical:

• Total des prestataires de soins de santé enregistrés: 87 500
• Spécialités médicales couvertes: 45
• Couverture géographique: 50 États américains

Plateforme de santé numérique basée sur le cloud

Métrique de la plate-forme	Valeur
Transactions de plate-forme annuelles	14,2 millions
Certifications de sécurité de la plate-forme	HIPAA, SOC 2 TYPE II
Téléchargements d'applications mobiles	2,3 millions

Logiciel propriétaire et propriété intellectuelle

Portfolio de propriété intellectuelle:

• Brevets totaux enregistrés: 127
• Demandes de brevet en instance: 43
• Investissement en R&D en 2023: 52,4 millions de dollars

Systèmes de sécurité et de conformité des données

Métrique de sécurité	Spécification
Norme de chiffrement	AES 256 bits
Audits de sécurité annuels	3 Évaluations indépendantes
Investissements de protection des données	18,7 millions de dollars en 2023

American Well Corporation (AMWL) - Modèle d'entreprise: propositions de valeur

Services de santé pratiques et accessibles

American Well propose des services de télésanté avec plus de 13 000 fournisseurs de soins de santé agréés dans plusieurs spécialités. Au troisième rang 2023, la plate-forme prend en charge plus de 2,5 millions de visites de soins virtuels par an.

Métrique de service	2023 données
Total des fournisseurs de soins virtuels	13,000+
Visites virtuelles annuelles	2,5 millions
Temps d'attente moyen	10 minutes

Réduction des frais de prestation des soins de santé

Les consultations virtuelles via le puits américain réduisent les coûts de prestation de soins de santé d'environ 40 à 50% par rapport aux visites médicales traditionnelles en personne.

• Coût moyen de consultation en télésanté: 49 $
• Coût moyen de consultation en personne: 129 $
• Économies de coûts potentiels par consultation: 80 $

Consultations médicales immédiates

La plate-forme fournit consultations médicales à la demande avec un temps de réponse moyen de 10 minutes dans 50 États.

Métrique de consultation	Performance
Temps de réponse moyen	10 minutes
États couverts	50
Spécialités disponibles	30+

Capacités de surveillance des patients à distance

American Well prend en charge la surveillance à distance des patients pour les conditions chroniques avec des capacités d'intégration pour plus de 75 dispositifs de santé numériques et portables.

• Support de gestion des conditions chroniques
• Compatible avec plus de 75 appareils de santé numériques
• Transmission de données de santé en temps réel

Solutions complètes de soins virtuels

La plate-forme a généré 252,4 millions de dollars de revenus pour l'exercice 2022, en mettant l'accent sur les soins virtuels complets sur plusieurs segments de soins de santé.

Métrique financière	2022 données
Revenus totaux	252,4 millions de dollars
Segments de soins virtuels	Soins urgents, santé comportementale, soins spécialisés

American Well Corporation (AMWL) - Modèle d'entreprise: relations clients

Plate-forme numérique en libre-service

La plate-forme numérique d'American Well dessert 55 plans de santé couvrant 36,8 millions de vies au troisième trimestre 2023. La plate-forme a traité 2,1 millions de visites de soins virtuels en 2022, avec un taux de croissance de 41% sur toute l'année.

Métrique de la plate-forme	2022 Performance
Visites totales de soins virtuels	2,1 millions
Croissance d'une année à l'autre	41%
Plans de santé couverts	55
Vie couverte	36,8 millions

Expériences de télésanté personnalisées

American Well propose Interactions de télésanté personnalisées sur plusieurs spécialités:

• Soins primaires
• Santé mentale
• Consultations spécialisées
• Gestion des maladies chroniques

Support technique continu

Métriques de support technique pour 2022-2023:

Métrique de soutien	Performance
Temps de réponse moyen	12 minutes
Billets de soutien annuels	287,000
Taux de résolution	94.3%

Outils de fiançailles des patients

Les outils d'engagement comprennent:

• Application mobile avec 1,2 million d'utilisateurs actifs
• Intégration des dossiers de santé électronique
• Système de gestion des ordonnances

Suivi de consultation en santé régulière

Statistiques de suivi pour 2022:

Catégorie de suivi	Pourcentage
Consultations de suivi planifiées	67%
Taux de satisfaction des patients	88%
Répéter les visites aux patients	52%

American Well Corporation (AMWL) - Modèle d'entreprise: canaux

Plate-forme Web

Depuis le quatrième trimestre 2023, la plate-forme de télésanté basée sur le Web d'American Well a soutenu plus de 150 spécialités de soins de santé avec une moyenne de 2,5 millions de visites de soins virtuels par mois.

Métrique de la plate-forme	2023 données
Visites virtuelles mensuelles	2,5 millions
Spécialités des soins de santé	150+
Time de disponibilité de la plate-forme	99.9%

Application mobile

L'application mobile Amwell a rapporté 3,2 millions de téléchargements en 2023, avec une note d'utilisateurs de 4,3 / 5 sur les plateformes iOS et Android.

• Téléchargements totaux d'applications mobiles: 3,2 millions
• Évaluation moyenne de l'utilisateur: 4.3 / 5
• Plateformes disponibles: iOS et Android

Réseaux de référence du fournisseur de soins de santé

Le réseau de fournisseurs d'American Well s'est étendu à 76 000 cliniciens agréés en 2023, 42 systèmes de santé utilisant activement leur plate-forme de référence.

Statistique du réseau	2023 données
Cliniciens agréés	76,000
Systèmes de santé intégrés	42

Programmes de bien-être des employeurs

En 2023, American Well a servi 1 200 clients d'entreprise, avec un taux moyen de participation des employés de 35% aux programmes de bien-être de télésanté.

• Clients d'entreprise: 1 200
• Taux de participation des employés: 35%
• Engagement moyen du programme: 6,2 visites virtuelles par employé chaque année

Partenariats des compagnies d'assurance

American Well a maintenu des partenariats avec 55 principaux assureurs en 2023, couvrant environ 80 millions de vies assurées.

Métrique de partenariat d'assurance	2023 données
Assureurs	55
Lives assurées couvertes	80 millions

American Well Corporation (AMWL) - Modèle d'entreprise: segments de clientèle

Patients individuels

Au quatrième trimestre 2023, American Well dessert environ 67 millions de personnes via des plateformes de télésanté.

Démographie du patient	Pourcentage
18-34 ans	42%
35 à 54 ans	38%
55 ans et plus	20%

Fournisseurs de soins de santé

American Well soutient 150 000 professionnels de la santé agréés dans plusieurs spécialités.

• Physiciens de soins primaires: 62 000
• Spécialistes: 55 000
• Professionnels de la santé mentale: 33 000

Employeurs et programmes de bien-être d'entreprise

L'entreprise dessert plus de 2 500 clients d'entreprise en 2023.

Taille de l'entreprise	Nombre de clients d'entreprise
Grandes entreprises (plus de 1000 employés)	850
Entreprises de taille moyenne (250-999 employés)	1,250
Petites entreprises (50-249 employés)	400

Compagnies d'assurance

American Well s'associe à 55 principaux fournisseurs d'assurance à l'échelle nationale.

• Assureurs nationaux de santé: 22
• Fournisseurs d'assurance régionaux: 33

Pratiques médicales spécialisées

La plate-forme prend en charge 18 segments de spécialité médicale distincts.

Spécialité	Nombre de prestataires
Cardiologie	8,500
Psychiatrie	12,000
Dermatologie	5,600
Pédiatrie	7,200

American Well Corporation (AMWL) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures technologiques

Total des dépenses de R&D pour 2023: 143,4 millions de dollars

Catégorie de coûts	Dépenses annuelles
Infrastructure cloud	37,2 millions de dollars
Développement de logiciels	68,9 millions de dollars
Cybersécurité	22,5 millions de dollars

Compensation professionnelle médicale

Dépenses totales de rémunération pour les fournisseurs de télésanté en 2023: 89,6 millions de dollars

• Compensation moyenne par consultation: 48,75 $
• Nombre total de professionnels de la santé sur la plate-forme: 2 300

Maintenance et mises à niveau de la plate-forme

Coûts de maintenance annuelle de la plate-forme: 52,3 millions de dollars

Composant de maintenance	Coût annuel
Mises à jour logicielles	24,6 millions de dollars
Support technique	18,9 millions de dollars
Mise à l'échelle des infrastructures	8,8 millions de dollars

Marketing et acquisition de clients

Total des dépenses de marketing pour 2023: 64,2 millions de dollars

• Dépenses publicitaires numériques: 29,7 millions de dollars
• Coût d'acquisition du client (CAC): 187 $ par nouvel utilisateur

Gestion de la conformité réglementaire

Dépenses totales liées à la conformité: 21,5 millions de dollars

Zone de conformité	Coût annuel
Services juridiques	12,3 millions de dollars
Représentation réglementaire	6,8 millions de dollars
Formation de la conformité	2,4 millions de dollars

American Well Corporation (AMWL) - Modèle d'entreprise: Strots de revenus

Services de télésanté basés sur l'abonnement

Au quatrième trimestre 2023, les revenus d'abonnement à la télésanté d'American Well étaient de 64,3 millions de dollars, ce qui représente une croissance de 22% sur l'autre.

Niveau d'abonnement	Prix ​​mensuel	Contribution annuelle des revenus
Télésanté de base	$14.99	23,4 millions de dollars
Télésanté premium	$29.99	40,9 millions de dollars

Frais de consultation

Les frais moyens par consultation en 2023 étaient de 79 $, générant environ 42,6 millions de dollars en revenus de consultation directe.

Licence de logiciel d'entreprise

• Revenus de licence de logiciels d'entreprise: 87,2 millions de dollars en 2023
• Valeur du contrat moyen de l'entreprise: 250 000 $ par système de santé
• Nombre total de clients d'entreprise: 346

Frais de réseau des fournisseurs de soins de santé

Les revenus des frais de réseau des prestataires ont totalisé 55,7 millions de dollars en 2023, avec des frais moyens de 1 200 $ par fournisseur par mois.

Paiements de remboursement d'assurance

Catégorie d'assurance	Volume de remboursement	Revenus de remboursement total
Assurance privée	68% des réclamations	102,5 millions de dollars
Médicament	22% des réclamations	33,1 millions de dollars
Medicaid	10% des réclamations	15,0 millions de dollars

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.