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. reports corporate developments for a behavioral healthcare issuer that built AI-powered and telehealth-enabled programs for health-plan populations. Recurring news themes include financial results, Ontrak program membership, WholeHealth+ and Engage solution updates, the Advanced Engagement System, Medicaid provider designation, NCQA credentialing verification recertification, customer relationships, financing commitments, securities offerings, governance matters and listing-status changes following the company’s cessation of operations.
Ontrak (NASDAQ: OTRK, OTRKP) has initiated an underwritten public offering of its Series A Cumulative Perpetual Preferred Stock, priced at $25.00 per share. Lead managers include B. Riley Securities and Ladenburg Thalmann. The company anticipates granting underwriters a 30-day option to acquire an additional 15% of the shares sold. Proceeds will fund a segregated dividend account for Series A dividends until August 2022 and support general corporate needs, including working capital and tech investments.
Ontrak, Inc. (NASDAQ: OTRK) announced the declaration of its first quarterly cash dividend for the 9.50% Series A Cumulative Perpetual Preferred Stock. This dividend amounts to $0.6333333 per share, payable on November 30, 2020, to shareholders of record by November 15, 2020. The Series A Preferred Stock, which has a liquidation preference of $25.00 per share, will benefit investors seeking income. Ontrak aims to enhance health outcomes through its AI-driven PRE™ platform, addressing chronic conditions with a focus on behavioral health.
Ontrak (NASDAQ: OTRK) announced a 3-year research agreement with the Veterans Health Administration to assess intensive care coaching for Veterans at high suicide risk post-psychiatric discharge. This initiative aims to leverage AI tools developed by Dr. Ronald Kessler of Harvard Medical School. The study will involve 850 patients across 6 selected VHA hospitals, addressing a critical public health issue, as suicide rates have risen significantly since the pandemic. Ontrak’s AI-driven platform focuses on improving behavioral health among Veterans, who have a suicide rate double that of non-Veterans.
Ontrak, Inc. (NASDAQ: OTRK) has announced the renewal of its contract with a leading health insurance provider in Texas for its Ontrak-C solution. Following a successful two-year pilot program, the contract has been expanded to include anxiety and depression treatment for Medicaid members. The company aims to improve healthcare delivery through its telehealth-enabled services, addressing rising anxiety levels among the Medicaid and Medicare population. Ontrak's programs reportedly save healthcare payers more than 50% for enrolled members while providing integrated clinical and behavioral health services.
Ontrak, Inc. (NASDAQ: OTRK) has acquired LifeDojo Inc., a science-backed behavior change platform. This strategic move is aimed at enhancing Ontrak's capabilities in telehealth and AI-powered healthcare services. LifeDojo's platform focuses on member-centric behavioral health solutions, benefiting clients in over 16 countries. The acquisition is expected to significantly increase Ontrak's addressable market by up to 100%, providing enhanced digital tools and remote monitoring capabilities, thus addressing a growing demand for comprehensive behavioral health services.
Ontrak, Inc. (NASDAQ: OTRK) announced it will release its third quarter 2020 financial results on November 5, 2020, after market close. A conference call will follow at 1:30 PM PT/4:30 PM ET. Ontrak leverages its AI-powered PRE™ platform for engaging chronic disease patients to improve health outcomes and reduce healthcare costs. The company operates across 30 states and D.C., offering solutions that save healthcare payers over 50% for enrolled members. For more details, visit www.ontrak-inc.com.
Ontrak, Inc (NASDAQ: OTRK) has launched its Ontrak-CI solution for Medicare Advantage members across a 13-state expansion. The rollout follows successful pilot results, demonstrating strong ROI and high Net Promoter Scores (NPS). Originally set for July 2020, the launch was delayed to October 2020 due to data management challenges. CEO Terren Peizer emphasized the importance of addressing the mental health crisis, especially among Medicare members. Ontrak integrates telehealth solutions to engage patients with chronic conditions, delivering significant cost savings for healthcare payers.
Ontrak, Inc. (NASDAQ: OTRK) released a report titled "The Overlooked Patient", highlighting barriers that prevent Americans from accessing behavioral healthcare. The report reveals that 5.7% of commercially insured individuals incur 44% of healthcare costs due to behavioral health issues. Ontrak emphasizes the necessity of addressing these issues to save approximately $68 billion in healthcare costs, leveraging strategies that enhance engagement and healthcare access.