-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PUlkLENh1Kf6d4RDCd3lF1tqY8lGqoXJIgC0GRDqqG/yU54iDBnbe4J4VowOkwRT
 tPa/Iyn7nxomfCGB79s2ew==

<SEC-DOCUMENT>0001209191-04-004499.txt : 20040123
<SEC-HEADER>0001209191-04-004499.hdr.sgml : 20040123
<ACCEPTANCE-DATETIME>20040123175342
ACCESSION NUMBER:		0001209191-04-004499
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040121
FILED AS OF DATE:		20040123

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NEEL C WARREN
		CENTRAL INDEX KEY:			0001190592

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19364
		FILM NUMBER:		04541563

	MAIL ADDRESS:	
		STREET 1:		3841 GREEN HILLS VILLAGE DR
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN HEALTHWAYS INC
		CENTRAL INDEX KEY:			0000704415
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
		IRS NUMBER:				621117144
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	BUSINESS ADDRESS:	
		STREET 1:		3841 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215
		BUSINESS PHONE:		6156651122

	MAIL ADDRESS:	
		STREET 1:		3841 GREEN HILLS VILLAGE DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN HEALTHCORP INC /DE
		DATE OF NAME CHANGE:	19940211
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bna86592_bna14wn.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2004-01-21</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000704415</issuerCik><issuerName>AMERICAN HEALTHWAYS INC</issuerName>        <issuerTradingSymbol>AMHC</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001190592</rptOwnerCik><rptOwnerName>NEEL C WARREN</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>C/O AMERICAN HEALTHWAYS, INC.</rptOwnerStreet1><rptOwnerStreet2>3841 GREEN HILLS VILLAGE DRIVE</rptOwnerStreet2><rptOwnerCity>NASHVILLE</rptOwnerCity><rptOwnerState>TN</rptOwnerState><rptOwnerZipCode>37215</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTa
ble><derivativeTransaction><securityTitle><value>Option to Buy</value></securityTitle><conversionOrExercisePrice><value>17.885</value></conversionOrExercisePrice><transactionDate><value>2004-01-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>10000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-06-18</value><footnoteId id="F1" /></exerciseDate><expirationDate><value>2013-06-18</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>10000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><valu
e>10000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Option to Buy</value></securityTitle><conversionOrExercisePrice><value>27.48</value></conversionOrExercisePrice><transactionDate><value>2004-01-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-01-21</value><footnoteId id="F2" /></exerciseDate><expirationDate><value>2014-01-21</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Comm
on Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>5000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>5000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Option was granted subject to shareholder approval of the proposed amendment to the 1996 Stock Option Plan.  The company's shareholders approved the amendment on January 21, 2004.  Option vests 1/3 each June 18 beginning in 2003 and ending in 2005.</footnote><footnote id="F2">Option vests 1/3 each January 21 beginning in 2004 and ending in 2006.</footnote></footnotes><ownerSignature><signatureName> /s/ Mary A. Chaput, by power of attorney for C. Warren Neel</signatureName><signatureDate>2004-01-23</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----