American Well Corporation (AMWL): Business Model Canvas [Dec-2025 Updated]

Look, you're trying to figure out exactly how American Well Corporation is funding this big pivot to a pure SaaS and AI platform, especially with the goal of hitting cash flow break-even by the end of 2026. Honestly, it all comes down to the structure supporting that shift; we see Q3 2025 revenue split between $30.9 million in recurring SaaS fees and $21.2 million from their Amwell Medical Group visits, all part of a full-year revenue guide between $245 million and $248 million. If you want to see the nuts and bolts-from their key partnerships like Leidos to how they are managing their $201 million in cash reserves-the Business Model Canvas below lays out the entire architecture for you.

American Well Corporation (AMWL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power American Well Corporation's platform, especially as they push for that 2026 cash flow breakeven. These aren't just handshake deals; they are major operational and financial anchors.

Leidos: Partner for the Military Health System (MHS) digital-first initiative

The partnership with Leidos to power the Military Health System (MHS) digital transformation is a cornerstone. This contract extension supports the digital transformation for approximately 9.6 million beneficiaries. The platform for scheduled virtual visits was deployed across the global DOD enterprise, U.S. Military Entrance Processing Command, and the U.S. Coast Guard, on time and on budget. Since replacing the MHS Video Connect solution, the platform has nearly tripled virtual visits. The original contract value was up to $180 million.

Here are the key operational metrics tied to this government work:

Health Systems and Provider Groups: Clinical service delivery partners

The adoption by health systems and provider groups directly fuels the high-margin subscription revenue stream. Subscription revenue in the third quarter of 2025 hit $30.9 million. This compares to $40.4 million in the second quarter of 2025, showing the shift toward predictable software revenue. The revised full-year 2025 revenue guidance is set between $245 million and $248 million. This platform adoption is what management points to for achieving positive cash flow from operations in 2026.

Specialty Digital Health Companies: Integrating programs like Vida and Sword Health

American Well Corporation uses its unified platform to integrate partner programs, such as Sword Health for musculoskeletal (MSK) care. The financial impact of these specialized integrations is measurable. For instance, a study validated by Risk Strategies Consulting showed Sword MSK care delivers a 3.2x ROI. Separately, the Bloom Pelvic Health program, also associated with Sword Health, delivered $5,203 in annual savings per member and a 2.9x ROI based on claims data. This demonstrates the value proposition for payers relying on these integrated specialty solutions.

Key partnership performance indicators for specialty programs include:

• Sword MSK Care ROI: 3.2x
• Bloom Pelvic Health Savings: $5,203 per member annually
• Bloom Pelvic Health ROI: 2.9x

Major Payers: Strategic alliances with large health plans like Florida Blue

Securing large health plans as anchor clients is critical for scaling the platform software. In the second quarter of 2025, American Well Corporation added Florida Blue, described as an innovative, large health plan, to its list of strategic clients. This type of strategic alliance validates the value of the American Well platform for payer organizations.

You should track the revenue mix as a proxy for payer/system adoption:

American Well Corporation (AMWL) - Canvas Business Model: Key Activities

You're looking at the core engine of American Well Corporation (AMWL) as of late 2025, focusing on what the company must do exceptionally well to make its platform strategy work. It's all about execution on the technology front and relentless cost discipline.

SaaS Platform Development: Enhancing the core Converge platform with AI

The primary activity here is evolving the core Converge platform, making it the central, AI-enabled backbone for hybrid care delivery. Management is explicitly focused on moving Artificial Intelligence into the core workflow layer and deepening integration with external clinical partners. This focus is clearly reflected in the revenue mix.

The success of this platform development is seen in the recurring revenue stream:

• Subscription revenue in Q3 2025 hit $30.9 million, an 18% year-over-year increase.
• Subscription revenue represented 55% of total Q3 2025 revenue.
• For Q2 2025, subscription software revenue was $40.4 million, marking a 47% jump from the prior year.
• The company projects subscription revenue will grow to nearly 60% of total 2025 revenues.

Operational Efficiency: Streamlining teams and reducing G&A/R&D expenses

This is where American Well Corporation is driving hard to meet its financial targets, specifically the goal of achieving cash flow break-even from operations by the end of 2026. This involves rightsizing the cost structure across the board, which means tough decisions on spending.

The planned and realized expense reductions for the full year 2025 guidance are significant:

The impact of these efficiency drives is visible in the bottom line metrics:

• Adjusted EBITDA loss improved to $12.7 million in Q3 2025, compared to a loss of $31 million a year ago.
• In Q2 2025, the Adjusted EBITDA loss improved to $4.7 million from a loss of $35 million in Q2 2024.
• GAAP gross margin expanded to 52% in Q3 2025, up from 37% a year ago.

Large-Scale Client Deployment: Onboarding major health systems and government contracts

American Well Corporation must successfully deploy and retain its largest clients, which are the foundation of its subscription revenue. The focus is on maintaining and expanding relationships with major payers and federal entities. If onboarding takes 14+ days, churn risk rises.

Key client activities and scale metrics as of mid-2025 include:

• Secured a one-year extension for the SaaS platform powering the Military Health System's digital-first initiatives (Defense Health Agency or DHA).
• Added Florida Blue, a large health plan, as a strategic client in Q2 2025.
• Total visit volume in Q3 2025 was approximately 1.1 million visits.
• Amwell Medical Group (AMG) visit revenue for Q3 2025 was $21.2 million.
• The company ended Q3 2025 with approximately $21 million in cash and marketable securities, with zero debt.

Clinical Program Integration: Vetting and integrating third-party digital care solutions

This activity centers on making the platform a true integrator, allowing partners to plug in their specialized care offerings seamlessly. The goal is to offer a unified patient experience across diverse clinical programs.

Evidence of successful integration mix shift is visible in the visit economics:

The platform enables access to diversified clinical programs across the care continuum from American Well Corporation and its partners.

American Well Corporation (AMWL) - Canvas Business Model: Key Resources

You're looking at the core assets American Well Corporation (AMWL) relies on to execute its platform-centric strategy as of late 2025. These aren't just line items; they are the engines driving the business toward its stated goal of achieving cash flow breakeven from operations by the end of 2026.

Proprietary Converge Platform: The unified, scalable SaaS technology.

The Converge platform is the central asset, a cloud-based system designed to power digitally enabled hybrid care across payers, health systems, and innovators. This platform is the delivery mechanism for various clinical programs, including virtual primary care, specialty consults, and chronic condition management. The architecture supports both in-person and virtual care delivery models.

• The platform enables clinicians to prescribe during virtual visits, supporting telehealth tied to prescriptions.
• It provides providers with necessary workflows for notes and prescribing functions.
• The platform is proven, operating at a large scale, enabling care for millions of patients and their sponsors.

Intellectual Property: AI-driven automation and interoperability capabilities.

The value embedded in the software itself is a critical resource. American Well Corporation is accelerating the migration of AI into the core workflow layer of the Converge platform. This IP is what allows the platform to be highly dependable, secure, and scalable, especially when dealing with complex client environments.

• The technology uses FHIR (Fast Healthcare Interoperability Resources) interoperability standards.
• This interoperability connects the platform directly with clients' existing electronic health records and applications.
• Investments in this area are focused on enhancing program integration and simplifying the customer experience.

Cash Reserves: Approximately $201 million in cash and marketable securities (Q3 2025).

Liquidity is a key resource, especially when pursuing a path to profitability. As of the end of the third quarter of 2025, American Well Corporation reported having approximately $201 million in cash and marketable securities on hand, with zero debt reported. This balance reflects the company's focus on cost containment initiatives, which resulted in a Q3 cash burn of approximately $18 million. Honestly, having that cash buffer is essential while executing a restructuring plan.

Here's a quick look at the most recent reported financial snapshot supporting the operational scale:

Amwell Medical Group (AMG): Network of employed and contracted providers.

The clinical capacity, delivered through the Amwell Medical Group, is a direct revenue-generating resource and a proof point for the platform's utility. While the company is strategically shifting focus toward the high-margin SaaS platform, the AMG network still drives significant volume and revenue.

• The full-year guidance for AMG visits remained steady between 1.3 million and 1.35 million visits.
• The company has 877 employees as of late 2025.
• AMG visit revenue for Q3 2025 was $21.2 million.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.