American Well (AMWL) TD Cowen 46th Annual Health Care Conference summary

Market overview and industry trends

• Virtual healthcare faces challenges from under-delivery of value-based options and market fragmentation, with health plans overwhelmed by numerous point solutions.

• Consolidation is seen as necessary for the industry, with a need for service enablers to help health plans innovate.

• U.S. payers and government segments are the main growth drivers, while hospital and health system opportunities are less significant.

Strategic focus and client relationships

• Revenue mix is shifting toward payers and government, with provider business stable but not a growth area.

• Major client Elevance renewed for three years, adopting the Converge platform, with high single-digit growth expected to continue into 2026.

• Blue Cross Blue Shield Florida partnership launched smoothly, with plans to expand chronic care programs.

Technology and innovation

• AI is being integrated across operations, improving quality control, development speed, and clinical support, but not replacing core clinical roles.

• AI is viewed as an enabler rather than a replacement, with differentiation from generic LLMs due to the focus on clinician-supported care.