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 announced its expected Q2 2024 financial results. Revenue is projected at $2.5 million, down 17% YoY. Operating loss is expected to improve by 13% to $(4.0) million, while Adjusted EBITDA is anticipated to decline 8% to $(3.3) million. The net loss is forecasted at $(10.3) million, or $(0.19) per share.
Recent highlights include a new contract with a large northeast regional health plan, potentially doubling their outreach pool. Formal evaluation results show a cost-saving of $721 per member per month. Furthermore, the company adopted the Comprehensive Healthcare Integration (CHI) framework. The outlook for Q3 2024 estimates revenue between $2.4 million and $2.8 million. A conference call is scheduled for 4:30 pm ET today.
Ontrak, Inc. (NASDAQ: OTRK) has announced a 2-year strategic partnership with a large, regional health plan in the Northeast. The partnership aims to deliver Ontrak's WholeHealth+ solution to members in New York with chronic comorbidities and unaddressed behavioral health conditions. This AI-powered and telehealth-enabled solution uses advanced data analytics and risk assessment tools to identify high-cost, complex members and provide personalized care coaching support.
The partnership is expected to approximately double Ontrak's current outreach pool of eligible members, covering multiple lines of business including Medicaid, HARP, and Commercial HMO. Additionally, Ontrak will provide its Engage solution for members not eligible for WholeHealth+ but who would benefit from ongoing care coaching. The companies are working towards launching Ontrak Health's solutions for eligible members within 60 days.
Ontrak Health (NASDAQ: OTRK), an AI-powered and telehealth-enabled healthcare company, has announced it will release its 2024 second quarter financial results on August 8, 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 to discuss the results.
Interested participants can register online for dial-in information or access the live audio webcast at the company's investor relations website. A replay of the call will be available for approximately 90 days after the event. This announcement provides investors and analysts with the opportunity to review Ontrak's financial performance and engage with company management.
Ontrak Health (NASDAQ: OTRK) has announced impressive results from a study evaluating its WholeHealth+ program's impact on a Medicaid health plan customer's medical costs. The 36-month retrospective observational study revealed statistically significant savings in gross all-cause medical costs:
1. $721 PMPM over 24 months for program graduates
2. $508 PMPM for non-graduates enrolled for at least 5 months (average 8.2 months)
These findings validate the effectiveness of Ontrak's program in reducing avoidable healthcare expenditures and improving patient outcomes. The WholeHealth+ program focuses on identifying high-cost, complex Medicaid members with chronic comorbidities and unaddressed behavioral health conditions, providing personalized care coaching and support.
Ontrak Health (NASDAQ: OTRK) has adopted the Comprehensive Healthcare Integration (CHI) framework to enhance its care delivery model. This AI-powered behavioral healthcare company aims to improve integrated, whole-person care by addressing physical health, behavioral health, and social determinants of health. The CHI framework, developed by the National Council for Mental Wellbeing in 2022, provides a foundation for implementing and measuring integrated healthcare services.
Ontrak's implementation of CHI includes eight domains: screening and referral, prevention and treatment, continuing care management, self-management support, multidisciplinary teamwork, systematic measurement, linkage with community services, and financial sustainability. The company reports significant outcomes, including a 2.0x ROI, 62% reduction in inpatient utilization, 32% decrease in ER visits, and 28% net cost savings. Additionally, Ontrak has achieved improvements in GAD-7 and PHQ-9 scores and maintains a high NPS of 68.
Ontrak Health (NASDAQ: OTRK) reported Q1 2024 financial results, showing a 6% year-over-year revenue increase to $2.7 million. The operating loss decreased by 41% to $4.3 million, and adjusted EBITDA improved by 38% to a loss of $3.4 million. Net loss for the quarter was $4.5 million, or $0.11 per share. The company secured approval from Florida's AHCA to serve Community Care Plan's adult Medicaid population. Enrollment in the WholeHealth+ program was 1,521 by the end of Q1. In recent developments, Ontrak partnered with Acuitas Capital for potential funding up to $12 million and announced the expansion of its WholeHealth+ program. The company's revenue outlook for Q2 2024 is between $2.4 million and $2.8 million.
Ontrak Health, a leading AI-powered and telehealth-enabled behavioral healthcare company, announced a new contract with Community Care Plan to provide behavioral health solutions to its adult Medicaid population in South Florida. The partnership includes delivering solutions such as Ontrak WholeHealth+, Ontrak Engage, Ontrak Access, Ontrak Quality Support, and Ontrak Member Portal to improve clinical outcomes and reduce costs. The company anticipates reaching new eligible members and expanding its outreach pool by approximately 10% in the next 30 to 60 days.
Ontrak Health, a leading AI-powered and telehealth-enabled healthcare company, will report its financial results for the first quarter of 2024 on May 14, 2024. The company will host a conference call for investors and analysts to discuss the results. Participants can access the call online or via live webcast. A replay will be available for on-demand listening.
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