Ontrak extends partnership with Sentara Health Plans through 2027

MIAMI - Ontrak, Inc. (NASDAQ: OTRK), a company specializing in AI-powered and telehealth-enabled behavioral healthcare, has announced a three-year extension of its strategic partnership with Sentara Health Plans in Virginia, now set to continue through December 2027. According to InvestingPro data, the company’s stock has shown a significant 12% return over the last week, though it currently trades at $1.57, well below its 52-week high of $16.05.

This extension builds on a series of expansions carried out in 2024, which saw Ontrak’s services extend to a broader range of Sentara’s Commercial membership. The company’s WholeHealth+ and Engage solutions have been implemented to address not only behavioral health needs but also social determinants of health for Sentara Health Plans members. With the latest expansion, Ontrak will also introduce its Quality solution aimed at closing HEDIS gaps in care. Despite these developments, InvestingPro analysis indicates the company is currently operating with moderate debt levels and faces challenges with cash burn. InvestingPro subscribers can access 10+ additional key insights about Ontrak’s financial health and market position.

Mary Lou Osborne, Ontrak Health’s President and Chief Commercial Officer, commented on the sustained collaboration, highlighting the mutual commitment to deliver effective behavioral health solutions that enhance member engagement and health outcomes.

Ontrak Health’s mission is to support vulnerable members of the behavioral health population, using its integrated intervention platform that combines AI, predictive analytics, and digital interfaces alongside personalized care coaching. The company’s approach is designed to navigate socioeconomic and healthcare system barriers, providing treatment and advocacy for individuals with anxiety, depression, substance use disorder, and chronic disease.

Sentara Health, a not-for-profit healthcare delivery system, has been recognized nationally for clinical quality and safety, as well as for innovation and patient care. The health system operates 12 hospitals and serves over one million members through Sentara Health Plans in Virginia and Florida.

The extension of Ontrak’s partnership with Sentara Health Plans is expected to continue the provision of enhanced healthcare services to members, with a focus on improving behavioral health management and outcomes. The information for this announcement is based on a press release statement. For comprehensive analysis of Ontrak’s financial health, market position, and detailed Fair Value estimates, investors can access the full Pro Research Report, available exclusively on InvestingPro.

In other recent news, Ontrak, Inc. has announced a significant partnership with Intermountain Health, which is expected to lead to a substantial increase in its revenue projections. This collaboration is anticipated to boost Ontrak’s annualized revenue from existing customers by approximately 25%. As a result, the company has adjusted its forecasted annualized revenue to a range of $14 million to $16 million, up from the previous estimate of $11 million to $13 million. This development marks a strategic move for Ontrak as it seeks to expand its Wholehealth+ solution to Medicare Advantage members. The agreement with Intermountain Health is part of Ontrak’s efforts to broaden its service offerings and customer base in the healthcare market. The company’s Chief Financial Officer, James J. Park, has confirmed the details of this partnership in an 8-K filing with the Securities and Exchange Commission. This recent development may attract attention from investors interested in Ontrak’s growth potential and revenue prospects.

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