Frost & Sullivan Honors American Well for Accelerating the Shift towards an Open Healthcare Ecosystem with the Exchange
The Exchange is a unique, breakthrough service that will position the company innovatively
MOUNTAIN VIEW, California, Nov. 21, 2016 /PRNewswire/ -- Based on its recent analysis of the telehealth virtual visit services market, Frost & Sullivan recognizes American Well with the 2016 North American Frost & Sullivan Award for New Product Innovation for the American Well Exchange. American Well is blazing trails in the telehealth market with its Exchange solution, expanding the pool of healthcare professionals available to patients. Supported by the company's vast network of health systems, health plans, employers, and retail partners, the Exchange's brings together several leading provider brands to offer higher levels of choice and access for patients.
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American Well utilizes video, mobile, and web technologies to ensure continuous access to the healthcare network. Its average wait time is less than five minutes, which is much preferable to the time required to schedule and travel to the doctor's clinic. Prior to the Exchange, American Well rolled out AW9, its enterprise software platform that presents enhanced scheduling tools, guidelines to treat entire populations, and the ability to invite more doctors to a visit. Also notable are the Telemed Tablet functionality called the pan-tilt-zoom (PTZ) camera, and an app that permits patients and doctors to take photos and send them to consulting partners.
"The reliability of American Well's solutions can be leveraged to support a wider array of medical providers and their patients, as the solution scales up to support more participants," said Frost & Sullivan Principal Analyst Victor Camlek. "The Exchange combines an outstanding mix of high-quality technology, numerous healthcare providers, and innovative thinking to stoke wider acceptance of telehealth as a mainstream medical service delivery channel."
The company made a strategic decision to emphasize video as the primary technology for most of its services; in fact, it conducts 95 percent of its virtual visits in this format. This enhances the personalization and diagnostic capabilities of a medical evaluation. Its other value-added services include real-time patient data that can be integrated with the electronic medical record (EMR); 'Ask Me', a feature that allows doctors to be potentially available without having to commit to an appointment; mobile pre-visit review and post-visit wrap-up; and mobile secure messaging.
American Well stands out for the quality of service offered by its platform and participating physicians, as well as quality of components, which relates to the caliber of the institutions participating in the Exchange program. Its attractive price/performance value, based on the way the participating institutions approach their business model, has further enhanced its appeal among a new generation of telehealth consumers.
"At the simplest level, the Exchange can be positioned as a new healthcare access alternative to patients who do not want to be confined to a specific provider network. The service may also be positioned as a way to reach experts that were previously unreachable or simply not known to the healthcare consumer," noted Camlek. "Either way, there is little doubt that it is a revolutionary network with tremendous potential to supply extended medical treatment and options that are far more extensive to the ones currently available."
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the greater ROI, which, in turn, improves customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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