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.
Fiscal year 2024 · change from previous year
Development 2019–2024
Business
Share of revenueIntegrated behavioral health engagement program for eligible health plan members.
A la carte care coaching and ongoing support for members not eligible for WholeHealth+.
Support services and related member engagement offerings for health plan customers.
Analytics-driven identification of eligible members and outreach to enroll them in programs.
Customers
Ontrak sells primarily to health plan customers, including commercial insurers, Medicare Advantage plans, Medicaid plans, and dual-eligible programs. These customers buy the service to identify members with untreated behavioral health needs, improve engagement, and support care coordination for covered populations.
Buy WholeHealth+ and related services for employer-funded insured members to improve engagement and care coordination.
Includes Medicare Advantage, Medicaid, and dual-eligible populations that use Ontrak programs for higher-need members.
Access the program through health plan customers for covered employees and dependents.
Purchase targeted programs for specific member cohorts and local markets.
Strategy
Ontrak’s strategy centers on expanding the number of eligible members within existing health plan customers and signing new plan relationships. It also emphasizes improving enrollment, increasing engagement, and broadening its offering through segmented solutions such as WholeHealth+ and Ontrak Engage.
Higher eligible populations increase the addressable base for enrollment and recurring program fees.
New customer wins diversify revenue sources and expand the installed base of covered members.
The business model depends on converting identified members into enrolled participants.
Segmented offerings allow the company to serve members who are not eligible for the core program.
Geography
Ontrak is headquartered in the United States and serves U.S. health plan customers and their insured members. Its operating footprint is tied to the locations of its health plan partners and the member populations they cover, including regional and multi-state programs.
Risks
Ontrak depends on a small number of health plan customers and on the ability to enroll eligible members, so contract losses or lower enrollment can quickly affect revenue. The company also faces financing and going-concern risk, along with execution risk tied to member outreach, contract renewals, and state approvals for government programs.
The business has required external financing and secured debt to fund operations.
Exposure: Corporate financing
Revenue is tied to health plan contracts and enrolled members, so losing a plan reduces the active member base.
Exposure: Health plan customer base
The company recognizes revenue over the enrollment period, making conversion of callable outreach into enrolled members critical.
Exposure: WholeHealth+ and Engage programs
Government-funded programs and Medicaid offerings depend on approvals and compliance requirements.
Exposure: Medicaid and Medicare Advantage programs
Health plans can source behavioral health engagement and care-coaching services from other vendors.
Exposure: Behavioral health services market
Accounting
Judgemental itemsDifferent contract structures require different recognition patterns and can shift revenue between periods.
Impact: Affects quarterly revenue timing and comparability
Shortfalls under guaranteed invoice arrangements may be recognized when performance obligations are satisfied or when invoicing thresholds are met.
Impact: Can create revenue catch-up or deferral effects
Revenue depends on enrolled members, so changes in membership directly affect reported results.
Impact: Creates seasonality and quarter-to-quarter volatility
Interest expense and financing proceeds affect reported losses and cash flow.
Impact: Influences leverage and liquidity presentation
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Last updated: 24/09/2026