Hybrid care delivery company Amwell (formerly American Well) is partnering with remote cardiovascular monitoring company Hello Heart, a rising star in digital health.
Hello Heart's digital heart health solution includes a connected blood pressure cuff that links to an app, where patients can see real-time insights and get daily coaching tips for their cardiovascular health.
Amwell plans to offer Hello Heart’s services to its health plan clients through its clinical programs portfolio, hosted on the Amwell Converge platform—which acts as a digital home for a slew of virtual services spanning primary care, urgent care and behavioral health. Participants with high blood pressure, high cholesterol or other risk factors for cardiovascular disease will be eligible.
Fierce Healthcare previously reported that Amwell was relying heavily on Converge as it pivots its business model from a telehealth point solution to a hybrid care delivery platform, with its second-quarter earnings report showing it accounts for 70% of its business.
Amwell spent 2023 making significant investments in the virtual care platform. Converge makes all of Amwell’s products and programs, plus third-party applications, available in one place, like an app store that embeds third-party solutions, according to executives.
“The widespread clinical and financial burden of heart disease is skyrocketing. Health plans and employers need a solution to address this crisis at scale,” said Edo Paz, M.D., senior vice president for medical affairs at Hello Heart in a statement. “As the market leader for preventive heart health management, Hello Heart can help organizations drive better outcomes and lower costs for large populations at risk of cardiovascular disease. We look forward to supporting the heart health of many more people as part of Amwell’s hybrid care delivery platform.”
Hello Heart was founded in 2013 and has seen rampant growth since 2019. It last raised $70 million through a series D round in 2022 and reported that it has delivered its technology to 60 of the companies in the Fortune 500.
A year and a half later, the company now says it has contracted with “120 Fortune 500 and government employers, national health plans, and labor organizations.” Hello Heart is also touting its contracts with the public sector, where it offers heart monitoring to eight local government entities including the cities of Minneapolis and Fort Worth, Texas.
Hello Heart says its solution can save customers $1,676 for each enrolled user annually, per an independent analysis by the Validation Institute.
Following the news, shares of Amwell rose 3.3% on Tuesday.
The telehealth company continues to struggle in the stock market while its revenue has declined this year and it still faces sizable losses.
In 2023, Amwell suffered a net loss of $679 million and laid off 10% of its workforce. Then, in April 2024, the New York Stock Exchange threatened to delist the company after its share price fell below $1.
In the first quarter, Amwell brought in revenues of $59.5 million and reported a quarterly loss of $73.4 million. In the second quarter, total revenue topped $62.8 million, and the company narrowed its net loss to $50 million, down from a loss of $93.5 million in the same quarter the year prior.
But, the company is plotting accelerated revenue growth and a path to EBITDA profitability in 2026, boosted by a major contract with the Defense Health Agency (DHA).