American Well (AMWL) Client Visits Performed by Client Providers

Measures the volume of visits conducted by client-affiliated providers, highlighting the company's ability to integrate and utilize its platform within client networks, which can drive platform stickiness and customer satisfaction.

The steady fall in client-performed visits, which accelerates in late‑2025/early‑2026, tracks with management’s disclosure of ~19% y/y platform visit declines and ~23% y/y subscription revenue contraction; Amwell is increasingly replacing client-provider delivery with its AMG model (AMG visits and revenue/visit grew), boosting near‑term revenue per visit and margins and helping cut cash burn. That shift improves profitability trajectory but raises execution and customer-concentration risk: fewer client-run visits mean growth depends more on AMG scaling and renewals rather than organic platform usage.