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.
Overview
Ontrak Inc is a technology-enabled, artificial intelligence powered company specializing in behavioral healthcare. The company uses an innovative PRE (Predict-Recommend-Engage) platform to provide a virtualized outpatient treatment approach, blending in-person and telehealth intervention services for health plans and third-party payors. By leveraging claim-based analytics and predictive modeling, Ontrak identifies health plan members at risk of chronic disease exacerbation due to unaddressed behavioral health issues.
Core Business and Technology
At the heart of Ontrak's services is its sophisticated platform that integrates predictive analytics with evidence-based psychosocial and medical interventions. The platform operates by:
- Predicting: Utilizing advanced algorithms to determine which members are likely to benefit most from behavioral interventions.
- Recommending: Generating personalized care pathways designed to align with patients’ willingness to change their health behaviors.
- Engaging: Actively reaching out to those who have not been receiving appropriate care, ensuring that they are connected to vital health services.
This integrated approach not only enhances patient engagement but also addresses the broader social and environmental determinants of health, ultimately aiming to improve symptom management and overall well-being.
Targeted Health Conditions and Integrated Care Approach
Ontrak focuses on managing chronic conditions that are frequently worsened by behavioral health challenges. These include common yet complex illnesses such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure. The company’s comprehensive strategy involves combining technology-driven predictive insights with traditional care coordination, where care coaches and community care coordinators help bridge the gap between medical advice and practical, day-to-day patient support.
Industry Position and Operational Model
Operating at the intersection of healthcare and advanced analytics, Ontrak occupies a unique niche in the market. Its model is built on extensive data integration, real-time analytics, and a deep understanding of behavioral health dynamics. By offering a hybrid service delivery model that encompasses both in-person and telehealth interactions, the company effectively addresses the varied needs of a diverse patient population. This makes Ontrak a significant player in the digital health and chronic disease management space, without relying on transient market trends or short-term financial metrics.
Expertise and Operational Credibility
Ontrak demonstrates its expertise in leveraging artificial intelligence to transform traditional healthcare delivery. Its evidence-based approach combines rigorous analytical methodologies with a hands-on care delivery model that is rooted in real-world outcomes. The company continuously refines its care pathways, drawing on extensive clinical data and stakeholder feedback, ensuring that its interventions are both scientifically sound and practically effective.
Conclusion
The comprehensive model employed by Ontrak Inc not only highlights its deep expertise in behavioral healthcare but also its commitment to using technology to bridge critical gaps in chronic disease management. Investors and industry observers can note that the company’s operational framework is built on robust analytics, integrated care strategies, and an unwavering focus on improving patient outcomes through balanced and informed interventions.
Ontrak, Inc. (NASDAQ: OTRK) has announced its participation in the Inaugural Gilmartin Group Emerging Growth Company Showcase, set for August 31, 2022, at 1:00 p.m. ET. The virtual event will feature a presentation by company management. Interested parties can access the live webcast here, and an archived version will be available on the company’s website, highlighting Ontrak's mission to improve healthcare for vulnerable populations using AI and telehealth solutions.
Ontrak, Inc. (NASDAQ: OTRK) reported Q2 2022 revenue of $3.9 million, an 85% decrease from the previous year, with a net loss of $15.1 million ($0.83 per share).
To manage its finances, the company fully repaid a $19.2 million loan, with a $5 million draw from its Keep Well Agreement.
Ontrak raised $3.5 million via a registered direct offering and partnered with Eleos for AI integration, reflecting progress in their sales pipeline with 19 health plan prospects.
The company forecasts 2022 revenue between $14 million and $16 million.
Ontrak, Inc. (NASDAQ: OTRK) has completed a registered direct offering, raising approximately
Ontrak, Inc. (NASDAQ: OTRK) announced a securities purchase agreement for a registered direct offering of its common stock at $0.80 per share, raising approximately $4.0 million before fees. The offering, expected to close by August 4, 2022, aims to fund working capital and reduce debt. Roth Capital Partners serves as the exclusive placement agent. The shares are being offered under a previously filed shelf registration statement with the SEC.
Ontrak, Inc. (NASDAQ: OTRK) announced it will release its financial results for Q2 2022 on August 9, 2022, after market close. The company will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results. As a leading AI and telehealth-enabled healthcare provider, Ontrak focuses on improving behavioral health outcomes for vulnerable populations through personalized care pathways and predictive analytics.
Ontrak, Inc. (NASDAQ: OTRK) has appointed Dr. Judith Feld as the new Chief Medical Officer, succeeding Dr. Robert Accordino, who leaves to focus on his private practice. Dr. Feld, who joined the company in 2019, has played a key role in developing Ontrak's clinical model aimed at engaging hard-to-reach health plan members. With over 30 years of experience and multiple accolades, she aims to enhance the health outcomes of members and improve services for health plan customers. The transition is seen as a positive step for Ontrak as it emphasizes internal talent and continuity in leadership.
Ontrak, Inc. (NASDAQ: OTRK) announced the resignation of CEO Jonathan Mayhew effective August 12, 2022, due to family health reasons. Founder Terren Peizer will assume the CEO role, focusing on strategic direction and capital initiatives. The company promoted several executives, including Brandon LaVerne to Co-President and COO, and Mary Lou Osborne to Co-President and Chief Commercial Officer. Historical revenue growth includes $2.7 million in 2015 to $84.1 million in 2021. Peizer's investment arm remains the largest shareholder.
Ontrak, Inc. (NASDAQ: OTRK), a leader in AI-powered telehealth, will participate in the Lytham Partners Summer 2022 Investor Conference. The presentation will be accessible from June 21, 2022, at 9:00 a.m. Eastern Time, via the company's website. Ontrak's mission focuses on enhancing healthcare for vulnerable populations facing mental health issues, including anxiety and substance use disorders. Their robust platform combines AI and personalized care pathways to improve member health and optimize healthcare utilization.
Ontrak Health (NASDAQ: OTRK) and Eleos Health announce a partnership to integrate their AI platforms, aiming to enhance member care in behavioral health. This collaboration will reduce administrative tasks and improve insights into treatment sessions. Eleos' voice-to-insights technology will streamline documentation, cutting completion time by up to 40%. This integration is expected to provide Ontrak's care teams with better visibility into patient needs and treatment effectiveness, ultimately supporting its mission to improve clinical outcomes for vulnerable populations.
Ontrak, Inc. (OTRK) reported Q1 2022 revenue of $5.3 million, an 82% decline year-over-year. The operating loss widened to $(13.1 million), compared to $(2.9 million) in Q1 2021. Adjusted EBITDA also fell to $(9.2 million) from $1.9 million year-over-year. The company highlighted a sales pipeline and plans to borrow up to $25 million from Acuitas Capital. Total enrolled members reached 2,867. Ontrak anticipates revenue for the full year 2022 between $25 million and $30 million.
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