Founder and Majority Shareholder, Terren
Peizer, named Executive Chairman
Mayhew brings proven public company leadership
experience with multi-billion-dollar businesses
Ontrak, Inc (NASDAQ: OTRK) (“Ontrak” or the “Company”), a
leading AI-powered and telehealth-enabled, virtualized healthcare
company, today announced the appointment of CVS Health (NYSE: CVS)
Executive Vice President and Chief Transformation Officer Jonathan
Mayhew as Ontrak Chief Executive Officer effective April 12, 2021.
Terren Peizer, who founded the company 17 years ago and served as
CEO and Chairman through the company’s launch and expansion of
national health plan contracts, was named Executive Chairman.
Peizer will continue to serve as Chairman of the Ontrak Board of
Directors and remains majority shareholder.
“It’s been a tremendous honor to serve as CEO of Ontrak since
founding the company, and I’m incredibly proud of the
accomplishments of our 700-person team,” said Terren Peizer,
Chairman and CEO. “I have long looked forward to handing over the
CEO reins to an executive of Jonathan’s stature, and the Ontrak
Board of Directors and I are confident that he is the right leader
to build upon our growth trajectory and scale the business.
Jonathan is a seasoned leader with deep experience building and
leading multi-billion-dollar businesses, strong relationships with
C-Suite executives in the healthcare industry, and a proven track
record of delivering record growth. I very much look forward to
supporting Jonathan. In my new role as Executive Chairman, I will
continue to focus on our capital formation and shareholder
value-added transactions, drive our mission-driven culture, and
collaborate with Jonathan on our long-term growth strategy.
Jonathan will assume day-to-day leadership of Ontrak on April
12.”
Jonathan Mayhew stated, “Ontrak is a high growth, high potential
company with a very exciting future. The company has
industry-leading engagement and member satisfaction scores,
third-party validated savings and ROI, and lasting clinical
outcomes with the most challenging care-avoidant, high acuity
members that represent 44% of the health industry’s medical
expense. This is an irresistible opportunity for me to lead a
company with an exceptionally talented team and to develop an
integrated intervention platform for behavioral health powered by
the market’s best engagement engine.”
As Executive Vice President CVS Health and Chief Transformation
Officer until April 2021, Mayhew had enterprise-wide oversight of
the entire portfolio of CVS business transformation initiatives and
played a key role in shaping CVS Health’s integrated value story.
Previously, he was President of U.S. Markets for the Aetna Health
Care Business (HCB), where he was responsible for $52B in revenue
and $4.3B in operating income for all commercial and Medicare lines
of business. He was also responsible for commercial and Medicare
sales and account management, all provider contracting and provider
relations activities (including joint ventures and high-performance
network arrangements). Under Mayhew’s leadership, the Aetna Markets
Organization achieved record growth (of 18% in Medicare; and 4% in
commercial), and launched innovative, customer-focused solutions to
17 million medical members nationwide, resulting in unprecedented
national account sales and retention. Prior to joining Aetna,
Mayhew was a founding principal, CEO and President of Freedom
Disability. Mayhew also held senior leadership roles at Cigna,
where he served as Senior Vice President of Product, Marketing and
Strategy for the enterprise, and President of the Northeast
Region.
About Ontrak, Inc.
Ontrak, Inc. (f/k/a Catasys, Inc.) is a leading AI and
telehealth enabled, virtualized healthcare company, whose mission
is to help improve the health and save the lives of as many people
as possible. The company’s PRE™ (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 are not getting the care they
need. By combining predictive analytics with human engagement,
Ontrak delivers improved member health and validated outcomes and
savings to healthcare payers.
The company’s integrated, technology-enabled Ontrak™ programs, a
critical component of the PRE platform, are designed to provide
healthcare solutions to 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.
Ontrak 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.
Ontrak 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 company’s programs improve member health
and deliver validated cost savings to healthcare payers of between
40 and 50 percent for enrolled members.
Learn more at www.ontrak-inc.com
Cautionary Note Regarding 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. Forward
looking statements may include statements regarding our proprietary
IP and technological innovation allowing us to identify, engage,
and create lasting behavior change in the lives of those with
unaddressed behavioral health conditions and chronic disease. 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/20210316005262/en/
Investors: Caroline Paul
Gilmartin Group investors@ontrak-inc.com
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