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, Inc. (NASDAQ: OTRK) will report its Q2 2021 financial results on August 5, 2021, post-market closure. A conference call will follow at 1:30 PM PT / 4:30 PM ET, accessible via +1 (833) 519-1269 for U.S. participants and (914) 800-3841 internationally, using conference ID #8325624. Ontrak is a leader in AI-powered telehealth solutions, aimed at enhancing member health outcomes through its PRE™ platform. Their recent study showed a 64% reduction in hospitalizations for individuals with untreated behavioral health needs, indicating significant cost savings for healthcare payors.
Ontrak, Inc. (NASDAQ: OTRK) announced the registration of over 200 healthcare leaders for a presentation on the landmark behavioral health study titled "Treatment Effect of the Ontrak Program." This study outlines significant findings, including a $486 monthly cost saving per member and a 64% reduction in avoidable inpatient utilization. The results highlight Ontrak's coaching model, which enhances member engagement and improves health outcomes. The study is set for peer review in August, showcasing Ontrak's commitment to delivering validated results and cost savings to healthcare payors.
Ontrak, Inc. (NASDAQ: OTRK) has announced a new Master Services Agreement with Sentara Healthcare to expand its Ontrak program for Optima Health members, enhancing access to behavioral healthcare for Medicare and Medicaid members. The program has shown positive clinical outcomes with a 43% savings rate, leading to a significant ROI. A recent treatment study indicated a 64% reduction in inpatient hospitalizations for participants, alongside notable savings of $12,000 per member over two years. The initiative aims to address the mental health needs of those with chronic conditions.
Ontrak, Inc. (NASDAQ: OTRK) announced its participation in the RBC Capital Markets Global Healthcare Conference on May 18, 2021, at 3:05 p.m. Eastern Time. The Company specializes in AI and telehealth-driven healthcare solutions, aiming to improve health outcomes through its PRE™ platform. This platform predicts and engages members needing care for chronic diseases. A pivotal study indicated a 64% reduction in hospitalizations among participants, highlighting the effectiveness of Ontrak's programs, which also provide substantial cost savings for healthcare payors.
Ontrak, Inc. (NASDAQ: OTRK) reported strong Q1 2021 results, with revenues at $28.7 million, up 133% year-over-year. Operating loss improved to $(2.9) million from $(6.0) million, showcasing a better margin of (10)%. Adjusted EBITDA reached $1.9 million compared to a $(3.6) million loss last year. The net loss narrowed to $(5.5) million, or $(0.44) per share. Total enrolled members decreased to 12,376 due to planned disenrollments. The company revised 2021 revenue guidance to $80-85 million amid leadership changes and ongoing expansions.
Ontrak, Inc. (NASDAQ: OTRK, OTRKP) has declared its third quarterly cash dividend of $0.593750 per share for the 9.50% Series A Cumulative Perpetual Preferred Stock. This dividend, amounting to 9.50% of the $25.00 liquidation preference, is payable on May 30, 2021, to shareholders on record as of May 15, 2021. Ontrak aims to improve healthcare outcomes through its innovative PRE™ platform, engaging members with chronic diseases and delivering significant cost savings for healthcare payers.
Ontrak, Inc. (NASDAQ: OTRK) announced a study demonstrating significant improvements in healthcare outcomes through its program. The research indicated a 64% reduction in inpatient hospitalizations and an average savings of $486 per member per month for those completing the 12-month program, totaling nearly $12,000 over two years. The study involved 900 participants and analyzed healthcare utilization before and after enrollment. CEO Jonathan Mayhew emphasized the program's potential to reduce avoidable healthcare costs, noting that individuals with untreated behavioral health conditions account for a disproportionate share of healthcare expenses.
Ontrak, Inc. (NASDAQ: OTRK) will report its Q1 2021 financial results on May 6, 2021, after market close. A conference call will be held at 1:30 p.m. PT / 4:30 p.m. ET. Ontrak is an AI-powered, telehealth-enabled healthcare company focused on improving health outcomes for members with behavioral conditions affecting chronic diseases. Its PRE™ platform combines predictive analytics with human engagement, resulting in cost savings of 40-50% for healthcare payers.
Ontrak, Inc. (NASDAQ: OTRK) recently announced an updated contract with Health Alliance Medical Plans, extending their partnership which began in 2015. This collaboration aims to enhance access to behavioral healthcare for Commercial and Medicare members. The Ontrak program, focusing on vulnerable patients with behavioral and chronic conditions, has shown a 40-50% reduction in healthcare costs, according to a 2020 Milliman study. Ontrak integrates telehealth solutions to engage members and improve health outcomes, demonstrating a commitment to tackling overlooked healthcare needs.
Ontrak (NASDAQ: OTRK) announced a national contract with LifeStance Health to enhance behavioral health services. This partnership will provide Ontrak’s clients access to over 3,000 clinicians across 370 centers, expanding Ontrak’s network to over 15,000 behavioral health providers. The collaboration aims to improve member engagement and healthcare transparency, addressing behavioral health comorbidities that lead to poor health outcomes. Ontrak’s PRE™ platform utilizes AI to enhance member care, delivering significant savings to healthcare payers.
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