Wed. Sep 28th, 2022

Amwell is working with CVS Health on its new virtual care platform, the telehealth company announced Thursday.

CVS Health’s offering will include remote primary care, chronic-condition management and mental healthcare, and will roll out to Aetna and CVS Caremark members next year, the company announced in May. The platform will also help members find in-network specialists and other providers for in-person care.

The diversified healthcare company will partner with multiple vendors for its virtual care initiative, and will utilize its own assets, a CVS Health spokesperson wrote in an email.

CVS Health is bolstering its primary care presence and could acquire a provider in this space in 2022, executives said during an investors call Wednesday. CVS Health operates a chain of pharmacies, MinuteClinic sites and the insurer Aetna.

Amwell posted $64.5 million in revenue in second quarter, up 7.1% from the year-ago quarter, the company reported Thursday. That included $29.6 million from subscriptions, up 10.4%, and $29.7 million from visits, up 8%. The company reported 1.5 million telehealth visits, a 19% increase.

Amwell recorded a $69.4 million operating loss, 85.1% higher than during the year-ago quarter. The company’s net loss rose 82.9% to $69.7 million.

The telehealth company, which got its start providing on-demand virtual care for low-acuity health issues, plans to transition to primarily being a technology company that sells tools healthcare providers use to connect with patients, and move away from providing healthcare services, Chairman and CEO Dr. Ido Schoenberg said in 2020.



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