Less than a month after raising almost $200 million to meet skyrocketing demand for remote health-care services, Amwell is reportedly earing up to go public.
Telemedicine has seen an uptick in recent months, as people in need of health services turned to phone calls and video chats so they could avoid exposure to Covid-19. The company told the media last month that it’s seen a 1,000% increase in visits due to coronavirus, and closer to 3,000% to 4,000% in some places.
The company confidentially filed for an IPO earlier this week and has hired Goldman Sachs and Morgan Stanley to lead the deal, said the people who asked not to be named because the plans have not been announced. The sources say the IPO could take place in September.
The company changed its name from “American Well” earlier this year, but still goes by that name on recent financial filings.
Amwell has also benefited from a loosening of laws that previously made it difficult for patients to get online access from doctors in different states.
Regulators have removed many of those barriers in recent months to help patients avoid unnecessary exposure to the coronavirus.
Amwell CEO Ido Schoenberg told the media in May that the markets are being “very kind to companies like us” in the current environment.
