'It's not a doc in the box in the cloud. It's basically another tool in the tool set of our trusted providers, and that will take years to develop,' Amwell co-CEO Ido Schoenberg told CNBC.
Amwell posted revenue of $122.3 million for the first six months of 2020, up 77% from $69.1 million in the same period a year ago, according to a filing with the Securities and Exchange Commission. It recorded a net loss of $113.4 million in the first half of this year, widening from $41.6 million in the first six months of 2019.
In April, as the pandemic was in full force, the number of active providers using Amwell's platforms was nine times higher than the same month in 2019. While the usage of telehealth services may not remain at such elevated levels as the Covid-19 situation improves, Schoenberg said there are likely to be other changes from the pandemic that "are strong tail winds for the implementation of digital connectivity." He pointed to efforts by the Centers for Medicare and Medicaid Services to"We see more and more payment parity, which of course should be the method of paying doctor fairly for their time.
Schoenberg said the long-term vision of Amwell is one that makes it easier for people see a doctor whenever it is needed, especially as they get older. And, he said, the company is "patient enough to build the platform that will enable that enormous transformation." "Our goal is simply to allow our parents, grandparents, maybe ourselves, to age gracefully in our home and allow us to connect to the existing health-care system whenever possible. It's not a doc in the box in the cloud," he said. "It's basically another tool in the tool set of our trusted providers, and that will take years to develop."
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