Amwell is a leading telehealth platform that globally connects and enables providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living.
Telehealth is an emerging market. Each partnership Amwell embarks upon is formed with unconventional commercial contract terms, including pricing, bill frequency, consumption thresholds, etc., creating a multitude of variables to track and manage per contract. Pricing strategies are constantly reimagined, tested, and refined to drive an increase in adoption of telehealth services. As the company grew, their innovative contracts and sheer volume thereof became impossible to manage in their ERP and in Excel®. Billing data was tracked manually, and insights to key business metrics such as ARR, MRR, and churn were non-existent. The inability to scale the back-office operations was quickly becoming a roadblock to growth.
Amwell launched an initiative to update their back-office technology to a more modern, flexible, and scalable solution. They selected a well-known, trusted ERP solution, but it, like many ERP solutions, did not address the recurring billing requirements and business insights necessary to manage their sophisticated partnership contracts. Thus, RecVue was chosen to manage this portion of their business.
RecVue, an agile, enterprise-grade monetization platform, was the only platform that could manage all aspects of their recurring revenue business models at scale, giving the flexibility for partnership agreement innovation, financial rigor for billing and compliance, and complete visibility to core recurring revenue KPIs. They are able to experiment with pricing, bill based on combinations of one-time, subscription and consumption charges, automate non-standard billing frequencies, and manage complex contract amendments with ease. The native integration with their ERP automates back-end operations for invoicing and revenue recognition, effectively eliminating the time-consuming, manual workarounds. The RecVue Insights Engine allows Amwell to gain key insights to their recurring revenue business such as ARR and churn, as well as forecast revenue for future periods.
By implementing RecVue, Amell has been able to redirect resources used to manually manage contract agreements, billing, and compliance to other mission-critical tasks. The ability to apply automation to unconventional standard billing scenarios has improved billing accuracy, ensured all revenue is captured, and improved time-to-close. The flexibility to apply pricing changes, add new, innovative contracts, and manage contract amendments in a systematic way has improved revenue upside and contract compliance. The visibility into key metrics allows the company to monitor the health of their recurring revenue business and take action to continue their growth trajectory.