American Well Corporation (AMWL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da saúde digital, a American Well Corporation (AMWL) surge como uma força pioneira, transformando como pacientes e profissionais de saúde se conectam através de soluções de telemedicina de ponta. Ao misturar perfeitamente a tecnologia avançada com recursos abrangentes de cuidados virtuais, a AMWL criou um modelo de negócios revolucionário que atende à crescente demanda por serviços de saúde convenientes, acessíveis e econômicos. Sua abordagem inovadora não apenas simplifica consultas médicas, mas também capacita pacientes e fornecedores com experiências de saúde flexíveis e orientadas por tecnologia que transcendem os limites médicos tradicionais.

American Well Corporation (AMWL) - Modelo de negócios: Parcerias -chave

Provedores de saúde e profissionais médicos

A partir do quarto trimestre de 2023, a American Well Corporation possui parcerias com aproximadamente 2.500 profissionais de saúde e profissionais médicos nos Estados Unidos.

Tipo de parceiro	Número de parceiros	Especialidades cobertas
Médicos de cuidados primários	1,200	Medicina Geral
Especialistas	850	Psiquiatria, Dermatologia, Cardiologia
Profissionais de saúde mental	450	Psicoterapia, aconselhamento

Companhias de seguros de saúde

A American Well estabeleceu parcerias com 45 provedores de seguros de saúde a partir de 2023.

• Cobertura de rede de escudo Blue Cross Blue
• Parceria UnitedHealthcare
• Aetna TeleHealth Collaboration
• Rede de Saúde Digital Cigna

Provedores de plataforma de tecnologia

A empresa colabora com 12 principais fornecedores de plataformas de tecnologia para aprimorar sua infraestrutura de telessaúde.

Provedor de tecnologia	Serviço/integração
Microsoft Azure	Infraestrutura em nuvem
Amazon Web Services	Computação em nuvem
Sistemas Cisco	Segurança de rede

Integradores de sistemas de registro eletrônico de saúde (EHR)

A American Well possui parcerias de integração com 28 provedores de sistemas de EHR.

• Integração de sistemas épicos
• Compatibilidade da Cerner Corporation
• Allscripts EHR Connection
• Integração do sistema Meditech

Fabricantes de dispositivos médicos

A empresa mantém parcerias com 15 fabricantes de dispositivos médicos para suportar recursos de monitoramento e diagnóstico remotos.

Fabricante de dispositivos	Tipo de dispositivo
Omron Healthcare	Monitores de pressão arterial
Dexcom	Monitores contínuos de glicose
Fitbit	Rastreadores de saúde vestíveis

American Well Corporation (AMWL) - Modelo de negócios: Atividades -chave

Desenvolvimento da plataforma de telemedicina

Investimento de desenvolvimento de plataforma em 2023: US $ 53,4 milhões

Métrica da plataforma	2023 valor
Funcionários de desenvolvimento de software	287
Ciclos anuais de atualização da plataforma	4
Certificações de segurança da plataforma	HIPAA, SOC 2

Serviços de consulta de cuidados virtuais

Total de consultas virtuais em 2023: 6,2 milhões

• Duração média da consulta: 15,3 minutos
• Especialidades cobertas: 40+
• Tempo médio de resposta do provedor: 8,7 minutos

Inovação em tecnologia da saúde digital

Despesas de P&D em 2023: US $ 72,1 milhões

Categoria de inovação	Investimento
Soluções de saúde da IA	US $ 24,5 milhões
Algoritmos de aprendizado de máquina	US $ 18,3 milhões
Tecnologias de monitoramento remoto	US $ 29,3 milhões

Manutenção de software de telessaúde

Orçamento anual de manutenção de software: US $ 41,6 milhões

• Garantia de tempo de atividade: 99,97%
• Patches de segurança por ano: 24
• Ciclos de otimização de desempenho: 6

Expansão de rede de provedores de saúde

Crescimento da rede em 2023: aumento de 23%

Tipo de provedor	2023 Tamanho da rede
Médicos	67,500
Profissionais de saúde mental	12,300
Fornecedores especializados	22,800

American Well Corporation (AMWL) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia de telessaúde avançada

A partir do quarto trimestre 2023, a American Well Corporation mantém uma infraestrutura robusta de tecnologia de telessaúde com as seguintes especificações:

Componente de tecnologia	Especificação
Servidores em nuvem	99,99% de confiabilidade no tempo de atividade
Largura de banda de rede	500 Gbps infraestrutura dedicada
Capacidade de consulta em vídeo	50.000 consultas ao vivo simultâneas

Experiência clínica e rede profissional médica

Composição de rede profissional médica:

• Total de prestadores de serviços de saúde registrados: 87.500
• Especialidades médicas cobertas: 45
• Cobertura geográfica: 50 estados dos EUA

Plataforma de saúde digital baseada em nuvem

Métrica da plataforma	Valor
Transações anuais da plataforma	14,2 milhões
Certificações de segurança da plataforma	HIPAA, SOC 2 TIPO II
Downloads de aplicativos móveis	2,3 milhões

Software proprietário e propriedade intelectual

Portfólio de propriedade intelectual:

• Total de patentes registradas: 127
• Aplicações de patentes pendentes: 43
• Investimento de P&D em 2023: US $ 52,4 milhões

Sistemas de segurança e conformidade de dados

Métrica de segurança	Especificação
Padrão de criptografia	AES de 256 bits
Auditorias anuais de segurança	3 avaliações independentes
Investimentos de proteção de dados	US $ 18,7 milhões em 2023

American Well Corporation (AMWL) - Modelo de negócios: proposições de valor

Serviços de saúde convenientes e acessíveis

A American Well oferece serviços de telessaúde com mais de 13.000 prestadores de serviços de saúde licenciados em várias especialidades. A partir do terceiro trimestre de 2023, a plataforma suporta mais de 2,5 milhões de visitas de atendimento virtual anualmente.

Métrica de serviço	2023 dados
Total de prestadores de cuidados virtuais	13,000+
Visitas virtuais anuais	2,5 milhões
Tempo médio de espera	10 minutos

Custos de prestação de cuidados de saúde reduzidos

As consultas virtuais através da American Well reduzem os custos de prestação de cuidados de saúde em aproximadamente 40 a 50% em comparação com as visitas médicas tradicionais pessoais.

• Custo médio de consulta de telessaúde: US $ 49
• Custo médio de consulta pessoal: US $ 129
• Economia de custo potencial por consulta: $ 80

Consultas médicas imediatas

A plataforma fornece Consultas médicas sob demanda com um tempo médio de resposta de 10 minutos em 50 estados.

Métrica de consulta	Desempenho
Tempo médio de resposta	10 minutos
Estados cobertos	50
Especialidades disponíveis	30+

Capacidades remotas de monitoramento de pacientes

O American Well suporta o monitoramento remoto de pacientes para condições crônicas com recursos de integração para mais de 75 dispositivos de saúde digital e wearables.

• Suporte de gerenciamento de condições crônicas
• Compatível com mais de 75 dispositivos de saúde digital
• Transmissão de dados de saúde em tempo real

Soluções abrangentes de cuidados virtuais

A plataforma gerou US $ 252,4 milhões em receita para o ano fiscal de 2022, com foco em cuidados virtuais abrangentes em vários segmentos de saúde.

Métrica financeira	2022 dados
Receita total	US $ 252,4 milhões
Segmentos de cuidados virtuais	Cuidados urgentes, saúde comportamental, atendimento especializado

American Well Corporation (AMWL) - Modelo de Negócios: Relacionamentos ao Cliente

Plataforma digital de autoatendimento

A plataforma digital da American Well atende 55 planos de saúde que cobrem 36,8 milhões de vidas a partir do terceiro trimestre de 2023. A plataforma processou 2,1 milhões de visitas de assistência virtual em 2022, com uma taxa de crescimento de 41% ano a ano.

Métrica da plataforma	2022 Performance
Visitas totais de cuidados virtuais	2,1 milhões
Crescimento ano a ano	41%
Planos de saúde cobertos	55
Vidas cobertas	36,8 milhões

Experiências personalizadas de telessaúde

American Well Offers Interações de telessaúde personalizadas em várias especialidades:

• Cuidados primários
• Saúde mental
• Consultas especializadas
• Gerenciamento de doenças crônicas

Suporte técnico contínuo

Métricas de suporte técnico para 2022-2023:

Métrica de suporte	Desempenho
Tempo médio de resposta	12 minutos
Tickets de suporte anual	287,000
Taxa de resolução	94.3%

Ferramentas de engajamento do paciente

As ferramentas de engajamento incluem:

• Aplicativo móvel com 1,2 milhão de usuários ativos
• Integração eletrônica de registro de saúde
• Sistema de Gerenciamento de Prescrição

Acompanhamentos regulares de consulta de saúde

Estatísticas de acompanhamento para 2022:

Categoria de acompanhamento	Percentagem
Consultas de acompanhamento programadas	67%
Taxa de satisfação do paciente	88%
Repetir visitas ao paciente	52%

American Well Corporation (AMWL) - Modelo de Negócios: Canais

Plataforma baseada na Web

A partir do quarto trimestre de 2023, a plataforma de telessaúde baseada na Web da American Well suporta mais de 150 especialidades de saúde com uma média de 2,5 milhões de visitas de assistência virtual por mês.

Métrica da plataforma	2023 dados
Visitas virtuais mensais	2,5 milhões
Especialidades de saúde	150+
Tempo de atividade da plataforma	99.9%

Aplicativo móvel

O aplicativo Mobile da Amwell relatou 3,2 milhões de downloads em 2023, com uma classificação de usuário de 4,3/5 nas plataformas iOS e Android.

• Downloads de aplicativos móveis totais: 3,2 milhões
• Classificação média do usuário: 4.3/5
• Plataformas disponíveis: iOS e Android

Redes de referência de prestadores de serviços de saúde

A rede de provedores da American Well se expandiu para 76.000 médicos licenciados em 2023, com 42 sistemas de saúde ativamente usando sua plataforma de referência.

Estatística de rede	2023 dados
Médicos licenciados	76,000
Sistemas de saúde integrados	42

Programas de bem -estar do empregador

Em 2023, a American Well atendeu 1.200 clientes corporativos, com uma taxa média de participação dos funcionários de 35% nos programas de bem -estar de telessaúde.

• Clientes corporativos: 1.200
• Taxa de participação dos funcionários: 35%
• Engajamento médio do programa: 6,2 visitas virtuais por funcionário anualmente

Parcerias da companhia de seguros

As parcerias americanas bem conservadas com 55 principais fornecedores de seguros em 2023, cobrindo aproximadamente 80 milhões de vidas seguradas.

Métrica de Parceria de Seguro	2023 dados
Provedores de seguros	55
Vidas seguradas cobertas	80 milhões

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

Pacientes individuais

A partir do quarto trimestre de 2023, o American Well serve aproximadamente 67 milhões de indivíduos por meio de plataformas de telessaúde.

Demografia de pacientes	Percentagem
Idade 18-34	42%
Idade 35-54	38%
Idade 55 ou mais	20%

Provedores de saúde

A American Well suporta 150.000 profissionais de saúde licenciados em várias especialidades.

• Médicos de cuidados primários: 62.000
• Especialistas: 55.000
• Profissionais de saúde mental: 33.000

Empregadores e programas de bem -estar corporativo

A empresa atende a mais de 2.500 clientes corporativos a partir de 2023.

Tamanho da empresa	Número de clientes corporativos
Grandes empresas (mais de 1000 funcionários)	850
Empresas de médio porte (250-999 funcionários)	1,250
Pequenas empresas (50-249 funcionários)	400

Companhias de seguros

A American Well faz parceria com 55 principais provedores de seguros em todo o país.

• Seguradoras nacionais de saúde: 22
• Provedores de seguros regionais: 33

Práticas médicas especializadas

A plataforma suporta 18 segmentos de especialidade médica distintos.

Especialidade	Número de provedores
Cardiologia	8,500
Psiquiatria	12,000
Dermatologia	5,600
Pediatria	7,200

American Well Corporation (AMWL) - Modelo de negócios: estrutura de custos

Desenvolvimento de infraestrutura tecnológica

Total de despesas de P&D para 2023: US $ 143,4 milhões

Categoria de custo	Despesa anual
Infraestrutura em nuvem	US $ 37,2 milhões
Desenvolvimento de software	US $ 68,9 milhões
Segurança cibernética	US $ 22,5 milhões

Compensação profissional médica

Despesas totais de remuneração para provedores de telessaúde em 2023: US $ 89,6 milhões

• Compensação média por consulta: US $ 48,75
• Número total de profissionais médicos na plataforma: 2.300

Manutenção e atualizações da plataforma

Custos anuais de manutenção da plataforma: US $ 52,3 milhões

Componente de manutenção	Custo anual
Atualizações de software	US $ 24,6 milhões
Suporte técnico	US $ 18,9 milhões
Escala de infraestrutura	US $ 8,8 milhões

Marketing e aquisição de clientes

Despesas totais de marketing para 2023: US $ 64,2 milhões

• Gastes de publicidade digital: US $ 29,7 milhões
• Custo de aquisição de clientes (CAC): US $ 187 por novo usuário

Gerenciamento de conformidade regulatória

Despesas totais relacionadas à conformidade: US $ 21,5 milhões

Área de conformidade	Custo anual
Serviços Jurídicos	US $ 12,3 milhões
Relatórios regulatórios	US $ 6,8 milhões
Treinamento de conformidade	US $ 2,4 milhões

American Well Corporation (AMWL) - Modelo de negócios: fluxos de receita

Serviços de telessaúde baseados em assinatura

A partir do quarto trimestre de 2023, as receitas de assinatura de telessaúde da American Well foram de US $ 64,3 milhões, representando um crescimento de 22% ano a ano.

Camada de assinatura	Preço mensal	Contribuição anual da receita
Telessaúde básica	$14.99	US $ 23,4 milhões
Telessaúde premium	$29.99	US $ 40,9 milhões

Taxas por consulta

A taxa média por consulta em 2023 foi de US $ 79, gerando aproximadamente US $ 42,6 milhões em receitas diretas de consulta.

Licenciamento de software corporativo

• Receita de licenciamento de software corporativo: US $ 87,2 milhões em 2023
• Valor médio do contrato corporativo: US $ 250.000 por sistema de saúde
• Número total de clientes corporativos: 346

Taxas de rede de prestadores de serviços de saúde

A receita da taxa de rede de fornecedores totalizou US $ 55,7 milhões em 2023, com uma taxa média de US $ 1.200 por provedor por mês.

Pagamentos de reembolso de seguros

Categoria de seguro	Volume de reembolso	Receita total de reembolso
Seguro privado	68% das reivindicações	US $ 102,5 milhões
Medicare	22% das reivindicações	US $ 33,1 milhões
Medicaid	10% das reivindicações	US $ 15,0 milhões

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.