Amwell Joins Leading Health Care Innovators to Advance Care in the Home

Rhea-AI Summary

Amwell (NYSE: AMWL), a leader in telehealth, has joined the Moving Health Home coalition to advance home-based care delivery. This initiative aims to unite stakeholders to enhance home care sustainability, particularly for seniors with chronic conditions. Notably, home-based care can significantly reduce healthcare costs and improve patient outcomes. Amwell's commitment emphasizes the need for a hybrid care model following lessons learned during the pandemic. The company aims to create a healthcare system that enhances quality of life for patients.

Positive

• Amwell is a founding member of the Moving Health Home coalition, which aims to promote home-based care.
• Research indicates that home-based care can lower readmission rates from 15.6% to 8.6% and emergency department revisit rates from 11.7% to 5.8%.
• Amwell's 2020 Physician and Consumer Survey indicates increased willingness to use telehealth across various care settings.

Negative

• None.

Amwell^®, (NYSE: AMWL) a national telehealth leader, today announced it will become a founding member of Moving Health Home (MHH), a coalition working to advance care delivery by making the home a clinical site of care. Amwell will work with a diverse group of industry leaders from across the health care ecosystem to shape the future of care, working to unite key industry stakeholders to make the home a sustainable site for care delivery.

“We’ve long believed that one of telehealth’s greatest opportunities is its ability to move care into the home, not only altering the way patients receive care but also creating a care experience that is more holistic and improves quality of life, especially for older patients and those who require frequent care,” said Ido Schoenberg, Chairman and co-CEO, Amwell. “85% of seniors have at least one chronic health condition¹ and 40% of ages 85+ live alone², highlighting the need for leaders to come together to address this growing challenge. Additionally, the pandemic has ushered in a new understanding of what’s possible in the home, leading to a convergence of care settings; and we believe this new hybrid approach is the future of care delivery. We’re honored to join this impressive group of healthcare leaders as we work to meet the demands of patients and providers.”

Research shows home-based care to be a cost-effective, quality care option with the ability to lower readmission rates from 15.6% to 8.6% and emergency department revisit rates and 11.7% to 5.8%³, as well as dramatically reduce health care resource utilization leading to a reduction in costs⁴. Furthermore, the results of Amwell’s 2020 Physician and Consumer Survey, show a greater willingness from patients and providers to use telehealth across the full care continuum, including for primary care and specialty care visits and with a patient’s own provider, further underscoring the need to maintain and expand the home as a clinical care site.

“We have an obligation to build upon the lessons learned during the COVID-19 pandemic and create a better healthcare system that not only meets patients where they are but enables them, their parents and future generations to have a better quality of life and age gracefully,” continued Schoenberg.

For more information on MHH, please visit www.movinghealthhome.org.

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 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 the prospectus for our IPO filed with the SEC. 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.

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¹ https://www.nia.nih.gov/health/supporting-older-patients-chronic-conditions
² https://www.pewresearch.org/social-trends/2016/02/18/1-gender-gap-in-share-of-older-adults-living-alone-narrows/
³ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6143103/
⁴ https://pubmed.ncbi.nlm.nih.gov/29180024/

View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005114/en/

FAQ

What is Amwell's latest initiative related to home health care?

Amwell has become a founding member of the Moving Health Home coalition to promote home-based care delivery.

How does Amwell aim to improve health care delivery?

Amwell aims to unite industry stakeholders to enhance the sustainability of home care as a clinical site.

What benefits does home-based care provide according to Amwell's research?

Home-based care is cost-effective, reducing readmission and emergency visit rates significantly.

What is the significance of the pandemic in Amwell's strategy?

The pandemic has highlighted the potential of home care, prompting Amwell to advocate for a hybrid care model.