Amwell retained key clients including New Hyde Park, N.Y.-based Northwell Health and payer giant Elevance Health and grew its health system contracts by 13 percent in 2022, the telehealth company said in a fourth-quarter earnings report and call.
The company's Converge platform "resonates with health systems, which are prioritizing digital care to achieve important goals around staff burnout, retention, new sources of revenue and streamlining workflows," CEO Ido Schoenberg said during the earnings call, PYMNTS reported Feb. 22.
Amwell's average health system contract value grew from $356,000 to $401,000 in 2022, while its total revenue increased 10 percent last year to $277.2 million, according to a Feb. 22 company news release. Its net loss was $272.1 million.
"Client migrations continued on pace, and we further strengthened our relationships with our most strategic clients," Mr. Schoenberg said in the release. "Our solution is resonating in the market and our value proposition extends to payers and providers of all sizes."
Amwell's total active providers and visits were up 11 percent and 10 percent, respectively, in the fourth quarter compared to a year earlier.