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.
On April 13, 2023, Ontrak, Inc. received a compliance notice from Nasdaq indicating that its 9.50% Series A Cumulative Perpetual Preferred Stock (OTRKP) failed to meet the minimum bid price requirement of $1.00 per share for the last 30 consecutive business days. The notice does not immediately affect the stock’s listing but gives the company a 180-day grace period, until October 10, 2023, to regain compliance by achieving a minimum closing bid price of $1.00 for at least 10 consecutive business days. The company is actively monitoring its stock price and exploring options to meet the requirement, though there is no guarantee of compliance.
Ontrak, Inc. (NASDAQ: OTRK) has expanded its Active Outreach Pool (AOP) for the Wholehealth+ program to nearly 9,000 members, a 100% increase compared to previous averages. This growth is attributed to refined predictive algorithms, a Medicaid plan's new member cohort, and a Virginia health plan's commitment to increase membership. The AOP is a key performance indicator as enrollment typically generates revenue, with a 25-45% enrollment rate annually. Members benefit from significant clinical outcomes, including a 66% reduction in hospitalizations and $12,000 in gross savings per member over two years, enhancing the program's ROI for customers.
Ontrak Health (NASDAQ: OTRK) announced a partnership with MyndYou, utilizing its AI-powered platform MyEleanor to enhance member engagement and address mental health needs. A successful pilot program demonstrated a 38% re-engagement rate with Ontrak's behavioral health services. MyEleanor's accurate machine learning models (99%) facilitate effective conversations, supporting patient health and reducing medical costs. The partnership aims to expand MyEleanor’s reach, improving care coordination and outcomes.
Ontrak, Inc. (NASDAQ: OTRK) reported Q4 2022 revenue of $2.5 million, an 83% decrease year-over-year, with a full-year revenue of $14.5 million. The company faced a net loss of $51.6 million for 2022, with a diluted net loss per share of $(2.60). Despite a significant revenue decline, operating losses improved from $(44.1) million in 2022 compared to $(28.0) million in 2021. The company announced a new partnership with Lyssn and amendments with Optima Health to enhance care for high-acuity members. For 2023, Ontrak expects revenue between $12 to $14 million, reflecting ongoing efforts to increase enrollment and program expansions.
Ontrak Health (NASDAQ: OTRK) has partnered with Lyssn, leveraging AI to enhance Motivational Interviewing (MI) during coaching sessions. This collaboration will enable Ontrak's Care Coaches to receive real-time feedback on their MI techniques, aligning with best practices for improved client outcomes. Dr. Judith Feld, CMO of Ontrak, described this partnership as a breakthrough that boosts engagement and satisfaction among members. Furthermore, the partnership aims to enhance healthcare outcomes and reduce costs through effective MI adherence, marking a significant advancement in Ontrak Health's service delivery.
Ontrak, Inc. (NASDAQ: OTRK) announced it will report its fourth-quarter 2022 financial results on March 15, 2023, after market close. Management will host a conference call at 1:30 p.m. Pacific Time. The call will discuss the company's performance and provide insights into its operations in AI-powered and telehealth-enabled healthcare. Ontrak focuses on improving health outcomes for vulnerable behavioral health populations, leveraging AI and personalized coaching to drive member engagement and better healthcare utilization.
Ontrak, Inc. (NASDAQ: OTRK) announced its participation in the upcoming Healthcare IT Virtual Conference hosted by Maxim Group. Management will present on Wednesday, January 25, 2023, at 10:00 a.m. Eastern Time, accessible via M-Vest. Ontrak focuses on improving the health of vulnerable populations through AI-driven, customized care. Their platform identifies and engages individuals facing mental health challenges, including anxiety, depression, and substance use disorder, providing personalized coaching and pathways to treatment. For more details, visit Ontrak Health's website.
Ontrak, Inc. (OTRK) has integrated PHQ-9 and GAD-7 assessments into its Wholehealth+ program to enhance mental health care tracking. Initial results show that after six months, 30% of members experienced significant anxiety reduction, while 55% reported a notable decrease in depressive symptoms. These assessments help in monitoring treatment effectiveness and assessing patient progress, allowing for tailored healthcare interventions. The initiative reinforces Ontrak's commitment to utilizing AI and telehealth in addressing behavioral health issues through personalized care coaching.
Ontrak, Inc. (NASDAQ: OTRK) has signed an amendment with Optima Health to enhance its Wholehealth+ care program targeting high-acuity, cost-prohibitive members in their commercial line. This agreement leverages Ontrak’s AI-enabled Advanced Engagement System for real-time feedback and improved health outcomes. Expected to launch in January 2023, the amendment could boost Ontrak's outreach by 10-15%. Both organizations emphasize member health improvements as central to the partnership.
Ontrak, Inc. (NASDAQ: OTRK) announced the publication of its Treatment Effect Study in the American Journal of Managed Care. The study reports a significant $485 PMPM savings over 24 months, mainly from a 66% reduction in inpatient visits among 900 members enrolled in the Ontrak WholeHealth+ program. Key findings include sustained savings, increased office visits, and a push toward integrating behavioral health interventions in the healthcare system to support value-based care. These results validate Ontrak's approach to improving healthcare outcomes.
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