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American Well Corporation helps health plans and health systems offer remote care under their own brands. Its Amwell Platform lets patients request and attend video or phone visits and connects digital care with clients’ existing systems. Clients pay recurring subscription fees for platform access and can add software modules and implementation services. These subscriptions provide most of the company’s revenue.
Clinical visits are another substantial source of revenue. Clients can use their own clinicians or pay for access to providers through the affiliated Amwell Medical Group (AMG). American Well also earns fees for administering and managing affiliated medical practices; those practices retain control over medical decisions and care delivery, reflecting restrictions on corporate medical practice.
Revenue is concentrated among a small group of clients, with Elevance Health supplying a large share. The business depends on clients renewing and expanding subscriptions and on patients and providers using digital care. Provider licensing and state rules governing remote care and prescribing limit where and how clinical services can be delivered.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
American Well’s results hinge on health plans and health systems adopting, renewing and using virtual care; Caregility, Included Health and MDLive are additional rivals to watch beyond this list.
Teladoc Health competes with American Well for health plans and health systems buying virtual-care services and technology. Watch Teladoc’s Integrated Care business, which sells virtual care to organizations and connected-care solutions to hospitals and health systems, rather than its consumer-focused BetterHelp therapy business.
Elevance Health’s LiveHealth Online service relies on clinical and administrative operations supported by American Well through their National Telehealth Network venture, which earns fees for business support. Watch news about that service for Elevance members and other users: the support agreement has renewed through February 2028.
Omada Health and American Well both depend on healthcare payers funding virtual care: Omada sells chronic-condition programs paid for by health plans, self-insured employers and other organizations, while American Well sells digital-care platforms and clinical services. Watch uptake of Omada’s diabetes and hypertension programs as a sign of those customers’ willingness to pay for virtual care.
Elevance Health, Inc. earningsELV
Elevance Health’s report may show whether members are using LiveHealth Online, the virtual-care service whose operations American Well supports for business-support fees.
Look for Elevance’s comments on LiveHealth Online or virtual-care use. Stable or rising use would indicate continued demand behind the service that generates American Well’s support fees. Weaker use would put that fee-generating relationship under scrutiny; if Elevance does not report the service separately, its performance cannot be inferred from the report.
Teladoc Health, Inc. earningsTDOC
Teladoc Health’s report will show demand for its Integrated Care virtual-care and connected-care services, a read on the enterprise market where it competes with American Well.
Read Teladoc’s Integrated Care revenue together with client growth. Strength in both would show organizations are still buying virtual and connected-care services, leaving demand in the market where American Well competes; weakness in either would point to a tougher enterprise-sales environment, but would not establish American Well’s own results.
American Well Corporation earningsThis company
American Well’s report will show whether platform subscriptions can keep growing enough to offset falling clinical-visit revenue.
Read platform subscription revenue alongside visit revenue, and note whether churn among health-plan and health-system clients is still weighing on subscriptions. Faster subscription growth with visits stabilizing would show the platform is absorbing the contraction in clinical services; slower subscriptions and further visit declines would show both revenue streams remain under pressure, with renewals and client expansion still unresolved.
Omada Health, Inc. earningsOMDA
Omada Health’s report will show whether health plans and employers are still paying for its chronic-condition programs, a demand signal for American Well’s virtual-care services.
Read Omada’s client growth alongside uptake of its diabetes and hypertension programs. Growth in both would show organizations are still willing to pay for virtual chronic-condition care, supporting the buyer-demand backdrop for American Well; weakness in both would suggest tighter purchasing appetite, not prove that American Well’s clients are cutting purchases.
