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Amwell tapped for CVS Health’s virtual care platform

Amwell tapped for CVS Health’s virtual care platform

Amwell is working with CVS Health on its new virtual care platform, the telehealth company announced Thursday.

CVS Health’s offering will include remote primary care, chronic-condition management and mental healthcare, and will roll out to Aetna and CVS Caremark members next year, the company announced said in May. The platform will also help members find in-network specialists and other providers for in-person care.

The diversified healthcare company will partner with multiple vendors for its virtual care initiative, and will utilize its own assets, a CVS Health spokesperson wrote in an email.

CVS Health is bolstering its primary care presence and could acquire a provider in this space in 2022, executives said during an investors call Wednesday. CVS Health operates a chain of pharmacies, MinuteClinic sites and the insurer Aetna.

Amwell posted $64.5 million in revenue in second quarter, up 7.1% from the year-ago quarter, the company reported Thursday. That included $29.6 million from subscriptions, up 10.4%, and $29.7 million from visits, up 8%. The company reported 1.5 million telehealth visits, a 19% increase.

Amwell recorded a $69.4 million operating loss, 85.1% higher than during the year-ago quarter. The company’s net loss rose 82.9% to $69.7 million.

The telehealth company, which got its start providing on-demand virtual care for low-acuity health issues, plans to transition to primarily being a technology company that sells tools healthcare providers use to connect with patients, and move away from providing healthcare services, Chairman and CEO Dr. Ido Schoenberg said in 2020.