Company’s enrollment momentum continued
through June
Catasys, Inc. (NASDAQ: CATS) (“Catasys” or the
“Company”), a leading AI-powered and telehealth-enabled,
virtualized outpatient healthcare treatment company, today
announced a three-year contract with a leading national health plan
for the accelerated expansion of its OnTrak-CI solution. This
nationwide, simultaneously-launched expansion ensures that eligible
Medicare Advantage members of the health plan will have access to
critical behavioral healthcare in an additional 13 states.
Mr. Terren Peizer, Chairman and CEO of Catasys, stated, “The
proven ROI and positive clinical outcomes of our OnTrakTM program
in two pilot markets prompted this health plan partner to change
their plans from a state-by-state rollout to a simultaneous launch
for their Medicare Advantage members. With nationwide anxiety
remaining at heightened levels, particularly among the Medicare
population, we look forward to providing critical behavioral
healthcare to these members, especially since many of them have
been avoiding or delaying care for chronic conditions, due to fears
of being exposed to the COVID-19 virus.”
Mr. Peizer continued, “This is our second national plan to roll
out our program across their national book of business, and while
this agreement was already incorporated into our financial outlook
for 2020, it does provide us greater visibility and confidence in
our ability to achieve our previously stated financial outlook for
the year. We look forward to the honor of serving even more members
in the OnTrak-CI program and to leverage our strong results with
this health plan into their other books of business.”
The Catasys business model scales rapidly to deliver integrated
healthcare solutions to the company’s rapidly growing member
population. The net enrollment momentum that Catasys saw in April
continued through May and through June, and the company is pleased
to see health plan partners embracing its whole health approach to
behavioral healthcare by awarding Catasys their business. As of
today, the company has surpassed 12,000 total enrolled members, up
approximately 40% sequentially from 8,600 at the end of Q1, and
management expects this national expansion will help further
accelerate enrollment in the back half of 2020. Catasys OnTrakTM
programs for substance use disorder, depression and anxiety are
well aligned to the new environment for delivering quality
healthcare, because they are entirely telephonic and staffed by a
nationwide virtual network of employee Member Engagement
Specialists, Care Coaches and Community Care Coordinators combined
with a credentialed, virtualized telehealth network of behavioral
health and medical providers.
About Catasys, Inc.
Catasys, Inc. is a leading AI and telehealth enabled,
virtualized outpatient healthcare treatment company, whose mission
is to help improve the health and save the lives of as many people
as possible. Its Catasys PRETM (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 aren’t getting the care they
need. By combining predictive analytics with human engagement,
Catasys delivers improved member health and validated outcomes and
savings to healthcare payers.
Catasys’ integrated, technology-enabled OnTrakTM solution, a
critical component of the Catasys PRE platform, is designed to
treat 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.
Catasys 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.
OnTrakTM 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 program improves member health and
delivers validated cost savings to healthcare payers of more than
50 percent for enrolled members. OnTrakTM is available to members
of leading national and regional health plans in 30 states and in
Washington, D.C.
Learn more at www.catasys.com.
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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200630005145/en/
Catasys, Inc. Ariel Davis Phone: 310-444-4346 Email:
ariel@catasys.com
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