Q1 2024 Ontrak Inc Earnings Call Transcript
Key Points
- Ontrak Inc (OTRK) has successfully secured a subcontractor role with Community Care Plan to serve the adult Medicaid population in Florida, expecting to increase its outreach pool by 10%.
- The company highlighted a significant opportunity for growth with the Community Care Plan, which is expanding its reach across Florida, potentially increasing Ontrak's target outreach pool organically.
- Ontrak Inc (OTRK) reported a strong Net Promoter Score of 77, indicating high customer satisfaction and superior patient experience compared to the healthcare industry benchmark of 58.
- The company demonstrated effective member engagement, with over 60% of enrollees joining the Whole Health Plus program after just one conversation, showcasing efficient and effective outreach strategies.
- Ontrak Inc (OTRK) has shown robust health utilization outcomes, reducing emergency room visits by 32%, inpatient admissions by 62%, and overall medical costs by 43%, indicating strong performance in enhancing health outcomes and reducing costs.
- Despite new enrollments, Ontrak Inc (OTRK) experienced a net decrease of 237 members in the first quarter due to higher disenrollment rates, which rose to 22% compared to previous quarters.
- The company's revenue per health plan enrolled member per month decreased from $546 in Q4 of 2023 to $504 in Q1 of 2024, indicating a drop in revenue efficiency.
- Ontrak Inc (OTRK)'s gross margin slightly declined from 66.5% in the first quarter of the previous year to 63.6% in the current quarter, reflecting some challenges in maintaining profitability levels.
- The company's cash flow from operations was negative $3.3 million, although it showed improvement from the previous year, it still indicates challenges in cash flow management.
- Ontrak Inc (OTRK) is facing uncertainties with potential new client contracts, as final agreements and expansions with two prominent health plans are still under negotiation and pending finalization.
Good day, and thank you for standing by, and welcome to the Ontrak Health First Quarter 2024 call. At this time, all participants are in listen only mode after the speakers' presentation, there will be a question and answer session to ask a question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised.
To withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ryan hosted. Please go ahead.
Thank you, operator, and thank you all for participating in today's call. Joining me today are Brandon LaVerne, Chief Executive Officer and Chief Operating Officer, Mary Osborne, President and Chief Commercial Officer, and James Park, Chief Financial Officer.
Earlier today, Ontrak released financial results for the quarter ending March 31, 2024. A copy of the press release is available
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