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Walgreens Boots Alliance (NASDAQ: WBA) is in a bit of trouble right now. The company's financial numbers don't look great, it slashed its dividend, and the future of the business is questionable. It's getting deeper into healthcare, but that has the potential to be a costly venture, especially as Amazon (NASDAQ: AMZN) and other tech companies have been investing money into healthcare in recent years.

But Walgreens' new CEO, Tim Wentworth, thinks the company has an advantage, particularly over a company such as Amazon, which is likely going to rely on its tech capabilities and strong online presence. And its advantage is to have more of a human touch with its customers.

Will a more personalized approach help Walgreens beat Amazon in healthcare?

I was bullish about Walgreens' attempt to get into healthcare in the past because it had a strong reach in the U.S. It has thousands of stores across the country, and many of them are within walking distance for many people. This can make it easier to obtain medication than ordering online, even if same-day delivery is possible. While Amazon has been improving its shipping speed over the years, many seniors may still opt for the in-person experience, especially if they aren't comfortable with technology.

CEO Wentworth is banking on that in-person experience paying off for the business and being a determining factor in its ability to succeed in the long term. In a recent interview with CNBC's Jim Cramer, Wentworth said Walgreens' accessibility will set it apart from the competition:

We will beat Amazon because of the human interface that we offer in communities and neighborhoods, 8,600 locations today where you can come in if you actually are getting a drug that you want to talk about, if you have a health concern, if you want to get an over-the-counter product to go along with your drug.

Primary-care clinics are a big part of Walgreens' long-term strategy

In 2021, Walgreens announced a $5.2 billion investment into primary-care provider VillageMD; the two businesses plan to launch clinics at 1,000 locations by 2027, spanning 30-plus markets. Walgreens had previously been an investor in VillageMD, but the investment boosted its stake from 30% to 63%.

This is, however, still a long-term play for Walgreens. In its most recent quarter, which ended on Feb. 29, the U.S. healthcare business generated $2.2 billion in revenue -- approximately 6% of the company's top line ($37.1 billion). The company incurred massive goodwill impairment charges in VillageMD that totaled $5.8 billion on an after-tax basis. But even on an adjusted basis, the healthcare business reported an adjusted operating loss of $34 million, which was an improvement from a year ago when the adjusted loss totaled $159 million.

It'll likely be years before the healthcare business makes a serious impact on Walgreens' financials. Right now, it's a bit of a carrot to entice long-term investors who aren't sold on the pharmacy business, which has been fairly underwhelming, to buy the stock. Walgreens' core U.S. retail pharmacy business generated $28.9 billion in sales last quarter, achieving 4.7% sales growth, compared to the prior-year period. But its adjusted operating income of $752 million declined by nearly 30%.

Can Walgreens beat Amazon in healthcare?

Walgreens can potentially offer a better experience for customers, but I'm not optimistic that it will be a determining factor in the ultimate outcome as to whether the business is successful in the long run. Walgreens still has the in-person advantage today with its thousands of stores, and that clearly isn't helping it achieve strong results.

By focusing on getting medications to customers as efficiently as possible, Amazon may prove that delivery is the name of the game. For many seniors, mobility is a big issue. And as Amazon continues to get quicker and more efficient, I'm not optimistic Walgreens will be able to compete on that level. Amazon lacks Walgreens' thousand locations, but that doesn't mean it can't offer in-person care.

In 2022, Amazon was in the bidding for Signify Health, a home healthcare company that CVS Health ended up acquiring for $8 billion. Amazon has been showing an increasing interest in healthcare. If it expands its footprint to have greater access to patients, it could diminish the advantage Walgreens may think it has in offering personalized care.

Walgreens isn't a stock most investors should take a chance on right now

Walgreens may turn things around, but a lot depends on its healthcare strategy. Given that uncertainty, investors are better off staying away from what has become an increasingly risky stock to own over the years.

In just the past 12 months, Walgreens has lost close to half its value while also slashing its dividend payments. Unless you're a contrarian investor who is OK with a lot of risk and uncertainty, Walgreens is a stock you'll probably want to avoid right now, given the challenges the business is facing.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool recommends CVS Health. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.