Ontrak, Inc.

Ontrak, Inc. is a U.S.-based behavioral health services company that works with health plan customers to identify and engage members with untreated behavioral health conditions. Its services are delivered through the Ontrak program and related solutions, including WholeHealth+, Ontrak Engage, and Ontrak Access, which are designed for insured populations across commercial and government health plans.

−158,5 %

62,9 %

−235,0 %

−14,9 %

1.09

1.09

— Ontrak, Inc.
%
WholeHealth+55% Integrated behavioral health engagement program for eligible health plan members.
Ontrak Engage20% A la carte care coaching and ongoing support for members not eligible for WholeHealth+.
Ontrak Access10% Support services and related member engagement offerings for health plan customers.
Member identification and outreach15% Analytics-driven identification of eligible members and outreach to enroll them in programs.

Ontrak sells primarily to health plan customers, including commercial insurers, Medicare Advantage plans, Medicaid...

  • Commercial health plansprimary

    Buy WholeHealth+ and related services for employer-funded insured members to improve engagement and care coordination.

  • Government-funded health plansprimary

    Includes Medicare Advantage, Medicaid, and dual-eligible populations that use Ontrak programs for higher-need members.

  • Self-insured employer groupssecondary

    Access the program through health plan customers for covered employees and dependents.

  • Regional and specialty health planssecondary

    Purchase targeted programs for specific member cohorts and local markets.

Ontrak is headquartered in the United States and serves U.S. health plan customers and their insured members...

  • •United States is the core market for all customer relationships
  • •Programs are delivered through U.S. health plan networks and member populations
  • •Exposure includes Mid-Atlantic, Southeast, Northeast, and New York programs
  • •Government plan activity ties the business to state-level Medicaid approvals
  • •Geography matters because customer contracts are linked to local plan footprints

Ontrak’s strategy centers on expanding the number of eligible members within existing health plan customers and signing...

01
Grow eligible member pools within existing customersshort-term

Higher eligible populations increase the addressable base for enrollment and recurring program fees.

02
Win new health plan contractsmedium-term

New customer wins diversify revenue sources and expand the installed base of covered members.

03
Increase engagement and enrollment efficiencyshort-term

The business model depends on converting identified members into enrolled participants.

04
Broaden product segmentationmedium-term

Segmented offerings allow the company to serve members who are not eligible for the core program.

Ontrak depends on a small number of health plan customers and on the ability to enroll eligible members, so contract...

critical

Liquidity and going-concern pressure

The business has required external financing and secured debt to fund operations.

Scope
Corporate financing
Materiality
high
high

Customer non-renewal or contract loss

Revenue is tied to health plan contracts and enrolled members, so losing a plan reduces the active member base.

Scope
Health plan customer base
Materiality
high
high

Member enrollment shortfalls

The company recognizes revenue over the enrollment period, making conversion of callable outreach into enrolled members critical.

Scope
WholeHealth+ and Engage programs
Materiality
high
medium

Regulatory and state approval risk

Government-funded programs and Medicaid offerings depend on approvals and compliance requirements.

Scope
Medicaid and Medicare Advantage programs
Materiality
medium
medium

Competitive pressure in care management

Health plans can source behavioral health engagement and care-coaching services from other vendors.

Scope
Behavioral health services market
Materiality
medium
Revenue recognition over time vs point in time
Affects quarterly revenue timing and comparability
Minimum guarantee accounting
Can create revenue catch-up or deferral effects
Member enrollment and disenrollment timing
Creates seasonality and quarter-to-quarter volatility
Debt and secured financing
Influences leverage and liquidity presentation

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: 29/04/2026