Subsequent to 3-Year Contract Awarded to Ontrak in June 2020, Company is now Enrolling Medicare Advantage Members in 13 Additional States
SANTA MONICA, Calif.--(BUSINESS WIRE)--Ontrak, Inc (NASDAQ: OTRK) (“Ontrak” or the “Company”), a leading AI-powered and telehealth-enabled, virtualized outpatient healthcare treatment company, today announced the launch of its Ontrak-CI solution for Medicare Advantage members of this National Health Plan in a simultaneous 13-state expansion.
The strong results delivered by Ontrak in successful pilots, which demonstrated an ROI and Net Promoter Score (NPS) above expectations, led to the subsequent signing of a contract in June 2020 to serve this National Health Plan’s Medicare Advantage members. The Ontrak go-live date was originally targeted for early July, 2020, however, changes in data management and delivery across all external vendors for this health plan forced an Ontrak launch delay until October, 2020.
Mr. Terren Peizer, Chairman and CEO of Ontrak, stated, “This is the second national health plan to roll out our Ontrak program across their national book of business. While the expansion of business with the nation’s largest health plans is rarely a rapid process, we were able to establish a trusted partnership with this health plan during the additional 9 months that it took to overcome some of their 2019 enterprise reorganization and 2020 data integration challenges. With anxiety approaching record highs nationwide, particularly among the Medicare population, we look forward to providing critical behavioral healthcare to these members and to leveraging our strong ROI and clinical outcomes for this health plan into their other books of business. We share a mutual commitment to finding the best solutions to address the growing mental health crisis in America.”
OntrakTM solutions for substance use disorder, depression and anxiety are well aligned to the new environment for delivering quality healthcare, because they are entirely telephonic and staffed by a nationwide virtual network of employee Member Engagement Specialists, Care Coaches and Community Care Coordinators combined with one of the nation’s largest, credentialed, telehealth networks of behavioral health and medical providers.
About Ontrak, Inc.
Ontrak, Inc. (f/k/a Catasys, Inc.) is a leading AI and telehealth enabled, virtualized outpatient healthcare treatment company, whose mission is to help improve the health and save the lives of as many people as possible. The company’s PRE™ (Predict-Recommend-Engage) platform predicts people whose chronic disease will improve with behavior change, recommends effective care pathways that people are willing to follow, and engages people who aren’t getting the care they need. By combining predictive analytics with human engagement, Ontrak delivers improved member health and validated outcomes and savings to healthcare payers.
The company’s integrated, technology-enabled Ontrak™ solutions, a critical component of the PRE platform, are designed to treat members with behavioral conditions that cause or exacerbate chronic medical conditions such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure, which result in high medical costs.
Ontrak has a unique ability to engage these members, who do not otherwise seek behavioral healthcare, leveraging proprietary enrollment capabilities built on deep insights into the drivers of care avoidance.
Ontrak integrates evidence-based psychosocial and medical interventions delivered either in-person or via telehealth, along with care coaching and in-market Community Care Coordinators who address the social and environmental determinants of health, including loneliness. The company’s programs improve member health and deliver validated cost savings to healthcare payers of more than 50 percent for enrolled members. Ontrak solutions are available to members of leading national and regional health plans in 30 states and in Washington, D.C.
Learn more at www.ontrak-inc.com
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control, which may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in regulations or issuance of new regulations or interpretations, limited operating history, our inability to execute our business plan, increase our revenue and achieve profitability, lower than anticipated eligible members under our contracts, our inability to recognize revenue, lack of outcomes and statistically significant formal research studies, difficulty enrolling new members and maintaining existing members in our programs, the risk that treatment programs might not be effective, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and substantial regulation in the health care industry, the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern, our ability to raise additional capital when needed and our liquidity. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plan," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties we face, please refer to our most recent Securities and Exchange Commission filings which are available on its website at http://www.sec.gov. Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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