SANTA MONICA, Calif.--(BUSINESS WIRE)--Ontrak, Inc. (NASDAQ: OTRK) (“Ontrak” or the “Company”), a leading AI-powered and telehealth-enabled, virtualized healthcare company, today announced a national contract with LifeStance Health, one of the nation’s largest providers of outpatient mental health care. As part of the relationship, LifeStance Health will leverage Ontrak’s leading analytics and patient engagement platform to address behavioral health comorbidities that contribute to poor outcomes and unnecessary healthcare spending.
“Our health plan customers urgently need access to quality behavioral health providers for their members,” stated Terren Peizer, Ontrak Chairman and CEO. “Our new relationship with LifeStance Health is intended to address this customer need for members of our Ontrak program through the addition of more than 3,000 behavioral health clinicians, both virtually and in-person at 370 centers nationwide. This gives us a total of more than 15,000 contractual relationships with behavioral health providers across our entire network which, to our knowledge, constitutes the largest behavioral health specialist network in the country. At Ontrak we know that connecting members with behavioral clinical experts for rapid assessments and diagnosis is critically important, but it’s not enough. Payers and primary care physicians are too often in a position where they do not know whether their patients have received treatment. We are working to 'close the loop' by developing solutions intended to make the member’s clinical journey transparent to the member, their provider and their PCP over time, and believe this expanded relationship is a key part of such efforts.”
“At LifeStance Health, we’re focused on increasing access to mental health services and reducing the barriers to care nationwide,” said Michael Lester, CEO, LifeStance Health. “We couldn’t ask for a better partner in Ontrak to help support our mission, and we look forward to working together as LifeStance continues to expand its national footprint.”
Ontrak heightens engagement through a coordinated approach in an effort to ensure that member progress and behavioral health clinical notes are visible to the member’s Ontrak team. Ontrak care coaches coordinate each member’s care across interventions and providers. In 2020, Ontrak members rated Ontrak contracted providers with a Net Promoter Score of 71.
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 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 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 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 between 40 and 50 percent for enrolled members.
Learn more at www.ontrak-inc.com
About LifeStance Health
Founded in 2017, LifeStance Health is one of the nation’s largest providers of virtual and in-person outpatient mental health care for children, adolescents and adults experiencing a variety of mental health conditions. The company delivers personalized, data-driven and comprehensive care to help patients stay healthy and employs over 3,000 psychiatrists, advanced practice nurses, psychologists and therapists. LifeStance Health currently operates across 27 states and over 370 centers. To learn more, please visit www.LifeStance.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.
