Amwell Selects CVS Health Virtual Care Platform

The telemedicine company announced on Thursday that Amwell is working with CVS Health on its new virtual care platform.

The CVS Health offering will include remote primary care, chronic care and mental health care and will be available to Aetna and CVS Caremark members next year, the company announced in May. The platform will also help members find in-network professionals and other personal care providers.

The diversified healthcare company will partner with multiple providers as part of its virtual care initiative and will use its own assets, a CVS Health spokesperson wrote in an email.

CVS Health is strengthening its presence in primary care and may acquire a primary care provider in 2022, executives said during a phone call with investors on Wednesday. CVS Health operates a network of pharmacies, MinuteClinic websites, and Aetna insurance company.

Amwell’s second-quarter revenue was $64.5 million, up 7.1% from the previous quarter, the company said on Thursday. This includes $29.6 million from subscriptions, up 10.4%, and $29.7 million from visits, up 8%. The company reported 1.5 million telemedicine visits, up 19%.

Amwell posted an operating loss of $69.4 million, up 85.1% from the year-ago quarter. The company’s net loss rose 82.9% to $69.7 million.

A telehealth company that began providing on-demand virtual assistance for low-severity health problems is planning to transform primarily into a tech company that sells the tools healthcare professionals use to communicate with patients and move away from providing medical services. and CEO Dr. Ido Schoenberg said in 2020.

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