Amwell Expands Clinical Program Portfolio Across Musculoskeletal Conditions and Dermatology

Rhea-AI Summary

Amwell (NYSE: AMWL) has expanded its virtual specialty care offerings, introducing Musculoskeletal (MSK) and Dermatology programs. These initiatives cater to healthcare challenges affecting approximately 50% of U.S. adults, focusing on costly musculoskeletal conditions and the shortage of dermatologists. The MSK program aims to improve access to physical therapy and enhance treatment adherence through digital tools. Meanwhile, the Dermatology program provides quick access to care, reducing the average wait time for in-person visits from 35 days to 24 hours for diagnoses.

Positive

• Expansion of virtual specialty care offerings with MSK and Dermatology programs.
• Addresses significant healthcare issues, particularly musculoskeletal conditions affecting 50% of U.S. adults.
• Increased access to physical therapy, helping mitigate costs and productivity losses.
• Dermatology program reduces wait times for care from 35 days to 24 hours for diagnoses.

Negative

• None.

New additions further expand and enhance health plan offerings to members with a comprehensive virtual experience across key specialty care areas

BOSTON--(BUSINESS WIRE)-- Amwell® (NYSE: AMWL), a national telehealth leader, today announced the expansion of its virtual specialty provider and clinical program portfolio by adding Amwell Musculoskeletal (MSK) and Dermatology programs. These new programs are designed to address some of the most pervasive and costly areas of healthcare and are part of Amwell efforts to enable health plans to better care for members across a wide breadth of specialty care areas and provide a holistic member experience. As with the entire Amwell platform, health plans can brand and use any or all of these programs as part of their own digital offerings.

“Our new and expanded clinical programs are models for tech-enabled, longitudinal care delivery. They allow patients to receive care from a known provider while offering personalized, digital interactions to keep treatment on track, even for chronic conditions. Offerings such as these enable health plans to drive better member outcomes while avoiding unnecessary procedures or costs,” said Dr. Ido Schoenberg, Chairman and CEO, Amwell. “These programs thoughtfully expand our ecosystem of specialty care services, allowing health plans to offer a comprehensive care experience across a wide range of care needs, via a single partner with a digital care delivery platform designed to treat the whole person, including transactional and longitudinal care needs across in person, virtual and automated settings.”

Affecting about 50% of adults in the U.S., ¹ musculoskeletal conditions are a leading driver of medical spend for insurers² and a top condition driving cost for employers³. The Amwell MSK program is designed to help health plans mitigate the challenges associated with access to physical therapy, subsequent disruptions in productivity, and associated costs. Designed to address all major musculoskeletal issues at any point in the care journey, the clinically validated programs include a customized physical therapy plan, virtual coaching visits, a digital sensor kit to enable guided exercise sessions, engagement services and access to behavioral health resources to achieve better program adherence and clinical outcomes.

The Amwell Dermatology Program offers quick and easy access to quality dermatology care with board-certified dermatologists who can treat nearly 3,000 conditions of the skin, hair and nails, helping to solve for the nationwide shortage of dermatologists which has led to an average wait time of 35-days for in-person visits⁴. The Amwell program provides a more convenient alternative to traditional in-person dermatology care and faster turnaround times, with most diagnoses returned in just 24 hours, allowing members to identify and address issues early and potentially mitigate future costs.

You can learn more about the Amwell MSK Program here, and the Amwell Dermatology Program here.

About Amwell

Amwell is a leading telehealth platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The Company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives. For more information, please visit https://business.amwell.com/.

American Well, Amwell, Converge, Conversa, SilverCloud and Carepoint are registered trademarks or trademarks of American Well Corporation in the United States and other countries. All other trademarks used herein are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: weak growth and increased volatility in the telehealth market; inability to adapt to rapid technological changes; increased competition from existing and potential new participants in the healthcare industry; changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; our ability to comply with federal and state privacy regulations; the significant liability that could result from a cybersecurity breach; and other factors described under ‘Risk Factors’ in our Form 10-K filed with the SEC on March 26, 2021. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the investor relations section of our website at investors.amwell.com and on the SEC’s website at www.sec.gov.

¹ https://www.sciencedaily.com/releases/2016/03/160301114116.htm#:~:text=FULL%20STORY-,An%20estimated%20126.6%20million%20Americans%20(one%20in%20two%20adults)%20are,report%20issued%20today%20by%20the
² Dieleman JL, Cao J, Chapin A, et al. US Health Care Spending by Payer and Health Condition, 1996-2016. JAMA. 2020
³ https://www.businessgrouphealth.org/who-we-are/newsroom/press-releases/large-employers-double-down-on-efforts-to-stem-rising-us
⁴ https://www.jaad.org/article/S0190-9622(19)33319-5/fulltext

View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005966/en/

Lindsay Sharifipour

Lindsay.sharifipour@amwell.com

Source: Amwell

FAQ

What new programs did Amwell announce regarding telehealth services?

Amwell introduced Musculoskeletal (MSK) and Dermatology programs to enhance its telehealth offerings.

How do Amwell's new programs impact healthcare costs?

The MSK program aims to reduce costs related to musculoskeletal issues, while the Dermatology program offers quicker diagnoses to mitigate future healthcare expenses.

What is the significance of the musculoskeletal program introduced by Amwell?

The MSK program addresses the needs of about 50% of U.S. adults, improving access to physical therapy and reducing unnecessary healthcare costs.

How quickly can patients expect to receive dermatology diagnoses through Amwell?

Patients can receive diagnoses within 24 hours through Amwell's Dermatology program.

What stock symbol represents Amwell?

Amwell is traded under the stock symbol AMWL.