Ontrak Extends 6 Year Business Partnership With Health Alliance Medical Plans for Commercial and Medicare Business
Ontrak, Inc (NASDAQ: OTRK) ("Ontrak" or the "Company"), a leading AI-powered and telehealth-enabled, virtualized healthcare company, today announced the signature of an updated contract with Health Alliance Medical Plans ("Health Alliance"). The contract extends the partnership with Ontrak that began in 2015 to ensure that Commercial and Medicare members of the plan have access to critical behavioral healthcare.
Dr. Chester Ho, Chief Medical Officer of Health Alliance Medical Plans, stated: "Health Alliance and Ontrak have built a strong partnership that is deeply rooted in member outcomes, teamwork, and partnership. They have proven that the Ontrak program works to make a difference for those vulnerable members with both behavioral health and chronic medical conditions. I look forward to seeing what else we can create together for our members and continue being one of Ontrak's innovation partners of choice."
"We are honored to continue our 6-year partnership with Dr. Ho and his team at Health Alliance," said Terren Peizer, Ontrak Chairman and CEO. "As pioneers in the behavioral healthcare market, we focus on identifying and engaging those who are most reluctant to seek care and least likely to sign up for a self-help app. In a 2020 Milliman study those with untreated behavioral health conditions and chronic disease represented 5.7% of the total population and 44% of total healthcare costs. This vulnerable population of "overlooked patients" are our focus and the cost savings for Health Alliance Medical Plans are consistent with the 40-50% cost reduction results that we see across our book of business. We are delighted to be able to provide much needed behavioral healthcare and lasting clinical outcomes for Health Alliance Commercial and Medicare members."
OntrakTM solutions for substance use disorder, depression and anxiety are well aligned to the new environment for delivering quality healthcare, because they are telephonic and staffed by a nationwide virtual network of employee Member Engagement Specialists and Care Coaches combined with one of the nation's largest 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 healthcare company, whose mission is to help improve the health and save the lives of as many people as possible. The company's RE™ (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 are not 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™ programs, a critical component of the PRE platform, are designed to provide healthcare solutions to 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 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 between 40 and 50 percent for enrolled members.
Learn more at www.ontrak-inc.com
Cautionary Note Regarding Forward-Looking Statements
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. Forward looking statements may include statements regarding our proprietary IP and technological innovation allowing us to identify, engage, and create lasting behavior change in the lives of those with unaddressed behavioral health conditions and chronic disease. 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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