Amwell raises nearly $60M in equity: 5 things to know

Amwell, formerly known as American Well, has raised $59.9 million in equity, according to a form filed this week with the U.S. Securities and Exchange Commission.

Five things to know:

1. The Boston-based telemedicine company's report comes as COVID-19, the disease caused by the novel coronavirus, spreads across the world and has prompted many to take advantage of virtual care.

2. On March 15, Massachusetts Gov. Charlie Baker ordered that all payers must cover medically necessary telemedicine services amid the COVID-19 pandemic. The Trump administration also recently expanded Medicare telehealth coverage, which will waive costs for beneficiaries to participate in virtual visits with their physicians during the pandemic.

3. In response to the pandemic, Amwell earlier this month launched a COVID-19 national telemedicine response program, which provides ongoing training for the thousands of physicians who deliver care on its platform. The company's client base includes more than 240 health systems and 55 health plan partners.

4. Amwell's COVID-19 response program also includes an on-call infection control center, COVID-19 specific workflows for clinical operations and quality and a COVID-19 response team.

5. On March 9, the company rebranded from American Well to Amwell to illustrate the growth of telemedicine from a virtual urgent care service to digital care delivery.

More articles on telehealth:
How telehealth can help flatten the curve of COVID-19
Avera Health opens telehealth education center: 4 things to know
5 states that ordered insurers to waive telehealth visit costs during coronavirus outbreak

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