Welcome to our dedicated page for Ontrak news (Ticker: OTRK), a resource for investors and traders seeking the latest updates and insights on Ontrak stock.
Ontrak, Inc. (symbol: OTRK) is a leading provider of artificial intelligence-powered, virtualized outpatient healthcare treatment services. The company specializes in delivering in-person and telehealth interventions aimed at health plans and third-party payors. Ontrak’s core platform, Ontrak PRE (Predict-Recommend-Engage), leverages sophisticated AI algorithms to predict which individuals with chronic diseases would benefit from behavioral changes. It then recommends care pathways that these individuals are likely to follow and actively engages those who are not receiving the necessary care.
The company’s hallmark program, Ontrak, is designed to address unaddressed behavioral health conditions that exacerbate chronic medical diseases, such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure. By integrating evidence-based psychosocial and medical interventions, delivered either in-person or via telehealth, along with care coaching and community care coordination, Ontrak aims to improve health outcomes and reduce healthcare costs.
Ontrak’s mission is to improve health and save lives by providing personalized care programs that utilize claim-based analytics and predictive modeling. This results in analytic insights that enhance the delivery of their programs. The company’s OntrakTM solutions, part of the PRE platform, are specifically designed to treat members with behavioral conditions that lead to chronic medical conditions.
Recently, Ontrak has expanded its reach through strategic partnerships and collaborations aimed at broadening the scope of its services and enhancing its technological capabilities. The company is continually involved in various projects that focus on improving their AI algorithms and expanding their intervention programs.
As of the latest updates, Ontrak has reported significant milestones, such as new health plan integrations and advancements in their AI technology, which promise to further the impact of their healthcare solutions. Investors and stakeholders can stay updated on Ontrak’s financial performance, recent achievements, and ongoing projects through regular news releases and corporate communications.
Ontrak Health reported Q3 2024 financial results showing revenue of $2.6 million, down 31% year-over-year, with an operating loss of $(5.1) million. The company secured two new regional health plan customers and four health plan expansions since January, covering Medicaid, HARP, Commercial, and Marketplace segments. Total enrolled members in WholeHealth+ program reached 2,007 at Q3 end. The company implemented a 1-for-15 reverse stock split effective September 23, 2024. A significant customer representing 68% of Q3 revenue notified intent to discontinue services after December 2024. For Q4 2024, revenue guidance is projected between $2.9-$3.2 million.
Ontrak Health (NASDAQ: OTRK) announced an expansion of its partnership with Sentara Health Plans in Virginia. The expansion includes offering their Engage solution to Commercial fully insured and self-funded members, as well as extending services to Marketplace membership. This represents a six-fold increase in eligible members for Ontrak solutions. The Engage solution provides coaching support for physical and behavioral health challenges, addressing social needs and HEDIS care gaps. This expansion follows the WholeHealth+ partnership announced earlier this year, with outreach to the new targeted population beginning this week.
Ontrak Health (NASDAQ: OTRK) has scheduled its 2024 third quarter financial results announcement for November 13, 2024, after market close. The company will host a conference call at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time on the same day. Participants can access the call by pre-registering online or joining via audio webcast at the company's investor relations website. A replay will be available for approximately 90 days after the call.
Ontrak Health (NASDAQ: OTRK) has expanded its partnership with a major Northeast regional health plan, implementing its Ontrak Quality solution to address behavioral health metrics according to HEDIS standards. This initiative aims to enhance patient outcomes and help the health plan achieve national quality benchmarks.
The Ontrak Quality service will broaden access to behavioral healthcare services for Commercial, Medicaid, and HARP members not enrolled in the WholeHealth+ program. This expansion complements the recently launched WholeHealth+ solution with the same customer.
Mary Lou Osborne, Chief Commercial Officer of Ontrak Health, emphasized the company's commitment to bridging critical care gaps in behavioral health and driving improved health outcomes using advanced AI capabilities and proven engagement techniques.
Ontrak Inc (NASDAQ: OTRK) announced a 1-for-15 reverse stock split effective September 23, 2024. This move aims to increase the bid price of common stock to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The stock will continue trading under the symbol 'OTRK' with a new CUSIP number. The split will reduce outstanding shares from approximately 48.0 million to 3.2 million. No fractional shares will be issued; fractional interests will be rounded up to the next whole share. The split will not change stockholders' ownership percentages or voting power, except for minor adjustments due to fractional share treatment. Proportionate adjustments will be made to stock options, incentive plans, and warrants.
Ontrak Health (NASDAQ: OTRK) has reported significant improvements in members' quality of life based on data from the Recovering Quality of Life (ReQoL) measure. Key findings include:
- 58% of Medicaid and 29% of Commercial members reported poorer quality of life compared to the general population at baseline
- 35% of Medicaid and 18% of Commercial members showed significant improvements in ReQoL scores after subsequent assessments
These improvements align with positive trends in Depression and Anxiety measures (PHQ-9 and GAD-7) within Ontrak's WholeHealth+ program. The ReQoL tool has proven valuable in uncovering hidden struggles and tracking clinical progress, enhancing the effectiveness of Ontrak's tech-enabled personalized interventions.
Ontrak Health (NASDAQ: OTRK), an AI-powered behavioral healthcare company, announced its Chief Innovation Officer, Brianna Brennan, will speak at two major healthcare events on September 25, 2024. She will present at the Becker's Healthcare Webinar on holistic member journeys and health plan ROI at 12:30 PM ET. Topics include maximizing value-based care models and creating a 360-degree view of members.
Later, Brennan will participate in a panel discussion at the Women's Health Innovation Summit USA in Boston at 4:30 PM ET, focusing on AI's potential in behavioral health for women. Ontrak Health uses AI, predictive analytics, and digital interfaces to improve healthcare outcomes for vulnerable populations with mental health and chronic conditions.
Ontrak Health (NASDAQ: OTRK) has launched Ontrak Quality, a new product designed to help healthcare organizations improve quality measures and boost performance scores. This AI-powered solution aims to close gaps in care, impacting reimbursement rates, star ratings, and patient outcomes. Key features include:
- Advanced data analytics to identify high-risk patients
- Integrated patient outreach and engagement
- Care coordination and EHR integration
- Real-time quality improvement dashboard
- Scalable ecosystem supporting various quality measures
The product addresses HEDIS and Star Ratings, with initial successes in areas like diabetes screening and mental health follow-ups. This standalone solution expands Ontrak's Total Addressable Market, complementing its existing product portfolio.
Ontrak Health (NASDAQ: OTRK) has partnered with MosaicVoice to integrate AI-powered voice technology into healthcare delivery. This collaboration aims to create a more connected and patient-centric healthcare ecosystem. The partnership will leverage MosaicVoice's advanced features, including:
- Real-time, dynamic AI guidance for compliant and personalized patient interactions
- Post-call quality assurance automation for efficient care team focus
- Performance insights and reporting for optimized care delivery
The integration of this technology is expected to enhance Ontrak's evidence-based model built on the Comprehensive Healthcare Integration (CHI) framework, potentially improving health outcomes and patient engagement.
Ontrak Health (NASDAQ: OTRK) has achieved HITRUST Risk-based, 2-year (r2) certification for its Ontrak Advanced Engagement System, specifically for customer data exchange elements. This certification underscores Ontrak's commitment to data security and regulatory compliance in healthcare. The HITRUST CSF® certification combines healthcare-specific security, privacy, and regulatory requirements from frameworks like HIPAA, NIST, ISO, and COBIT.
The certification applies to Ontrak's Axiom TransSend platform and AWS infrastructure, ensuring a secure environment for handling customer data. Arik Hill, Ontrak's Chief Information Officer, emphasized that this certification represents their promise to safeguard customer data with the utmost care and according to the highest industry standards.
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