Telemedicine company Anwell Is expanding its coverage and services Through two acquisitions.
The company is purchasing Yinyun Health and Health talk About 320 million U.S. dollars. Amwell expects to use a combination of stock and cash to fund the transaction.
According to the press release, these transactions will help Boston-based Amwell diversify its business.
SilverCloud Health is also located in Boston and provides a series of digital cognitive behavioral health programs that help reduce symptoms of depression and anxiety. More than 300 organizations around the world use SilverCloud Health’s plans, including Kaiser Permanente and Optum.
Amwell will use the company’s platform and clinical research to enhance its behavioral health products and develop new professional care programs. In addition, SilverCloud Health’s geographic footprint (including the United Kingdom and Ireland) will enable Amwell to advance its global growth plans.
Conversa Health’s technology in Portland, Oregon enables automated text-based conversations that can help support patients’ clinical needs, from patient education before admission to post-acute monitoring and chronic disease care management.The company cooperates with several well-known health systems, including Northwell Health And university hospitals to remotely manage and attract patients.
Conversa Health’s proprietary patient analysis and health signal engine and its digital path library will enable Amwell to advance its longitudinal care, clinical quality, and population health programs.
In addition, through the acquisition, Amwell will expand its current customer base to include Conversa Health and SilverCloud Health’s suppliers, payers and employer customers.
“We believe that the future of nursing services will inevitably integrate face-to-face, virtual and digital nursing experiences; therefore, we are uniquely building a global platform to support this advanced and coordinated care,” Anwell Chairman and Co-Chief Executive Officer Officer Ido Schoenberg said at a press conference. “These acquisitions will expand the existence and reach of the nursing team, and reiterate that as the needs of the healthcare market evolve, so will the Amwell platform.”
These acquisitions are subject to customary closing conditions and are expected to be completed in the third quarter of this year.
The Covid-19 pandemic has accelerated the use of telemedicine and raised it to new heights. This is a well-documented fact.Although its use has stabilized since the peak of the public health crisis, it still exists 38 times higher According to a recent report from McKinsey & Company, compared with before the pandemic.
Amwell has benefited from this significant increase in virtual visits.its Recent financial results show Revenue for the first quarter of 2021 was $57.6 million. The total number of active providers on its platform grew to 81,000, a year-on-year increase of 240%, and total visits reached 1.6 million, a year-on-year increase of 120%. The first quarter of 2020.
However, the company’s net loss has also expanded, with a total of US$39.8 million in the first quarter of 2021, compared with US$25.2 million in the same period last year.
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