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Business Wire 19-Sep-2023 8:00 AM
Ontrak Health (NASDAQ:OTRK), a leading AI-powered and telehealth-enabled healthcare company, announced today the successful deployment of the Axiom Systems TransSend Core EDI Gateway, a cutting-edge solution that simplifies the process of managing electronic data interchange (EDI) exchanges with trading partners while complying with federal requirements and best practices in the industry.
The TransSend Core EDI Gateway helps Ontrak Health optimize its HIPAA compliance and performance by enabling faster, cheaper, and more accurate data transactions for its providers and health plan customers.
The results of the deployment are impressive. In August 2023 alone, Ontrak Health successfully processed over 52 million claim data transactions. Extrapolating this data into a full year, Ontrak Health estimates that it will process well over half-a-billion claim data transactions with the TransSend Core EDI Gateway in support of new AI-data pipeline processes that have reduced legacy turn-around-times for prospective and current customer workloads from up to 8 days to just a matter of hours. In addition, Ontrak has realized savings of over 80% in annual data pipeline maintenance costs.
"The TransSend Core EDI Gateway is a game-changer for us. It not only simplifies and automates our EDI workflows, but also enables us to leverage advanced analytics and AI to identify and engage members who need our care the most. It's a vital component of our digital transformation strategy that aims to deliver better outcomes for our members and customers. We are very pleased with the results of the deployment and look forward to continuing our partnership with Axiom Systems," commented Arik Hill, Ontrak Health's Chief Information Officer.
"The TransSend Core EDI Gateway has been instrumental in improving our data quality and integrity. It has reduced errors, rejections, and delays in our data transactions, resulting in faster and more accurate AI-based member identification, outreach, engagement, and behavioral healthcare provider access. The TransSend Core EDI Gateway has given us a competitive edge in the market," added Esteban Nell, Ontrak Health's Vice President of Member & Production Data Operations.
"We are proud to partner with Ontrak Health, a leading behavioral health company that is transforming the health care journey for people with complex physical, mental and social care needs. Our TransSend Core EDI Gateway is designed to meet the needs of healthcare organizations like Ontrak Health, who require a flexible, scalable, and reliable solution to manage their EDI transactions. We congratulate Ontrak Health on their successful deployment and look forward to supporting their growth and innovation," said Richard Howe, CEO of Axiom Systems.
About Ontrak, Inc.
Ontrak, Inc. is a leading AI and telehealth-enabled healthcare company, whose mission is to help improve the health and save the lives of as many people as possible. Ontrak identifies, engages, activates, and provides care pathways to treatment for the most vulnerable members of the behavioral health population who would otherwise fall through the cracks of the healthcare system. We engage individuals with anxiety, depression, substance use disorder and chronic disease through personalized care coaching and customized care pathways that help them receive the treatment and advocacy they need, despite the socio-economic, medical and health system barriers that exacerbate the severity of their comorbid illnesses. The company's integrated intervention platform uses AI, predictive analytics and digital interfaces combined with dozens of care coach engagements to deliver improved member health, better healthcare system utilization, and durable outcomes and savings to healthcare payors.
About Axiom Systems
Axiom Systems is an information technology solutions firm providing an array of consulting services and products exclusively to the healthcare industry. Its products have been developed with one simple goal in mind: Simplifying HIPAA eCommerce. TransSend is one of its flagship products, currently used by some of the largest payors in the country to process over 30 million claim data transactions per year.
Axiom Systems has a diverse and loyal customer base that ranges in size from small to multi-million member managed care, health insurance and provider related organizations operating multiple lines of business. Axiom Systems serves various regional and national payer organizations, such as Blue Cross Blue Shield of Arizona, Blue Cross Blue Shield of Michigan, Blue Cross Blue Shield of North Carolina, Blue Cross Blue Shield of Tennessee, CareSource, Centene Corporation & Wellcare, EmblemHealth, Point32's Harvard Pilgrim Health Care & Tufts Health Plan, Kaiser Permanente, Molina Healthcare, UnitedHealthcare, WellPoint (formerly Amerigroup), and many more.
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. Forward-looking statements include for example statements regarding the number of claims data anticipated to be processed in the future and our ability to leverage advanced analytics and AI to identify and engage members. 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, dependence on key personnel and the ability to recruit, retain and develop a large and diverse workforce; high customer concentration and the ability of our customers to terminate our contracts for convenience; intense competition and substantial regulation in the health care industry; 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; the adequacy of our existing cash resources and anticipated capital commitments to enable us to continue as a going concern; our ability to raise additional capital when needed; lack of outcomes and statistically significant formal research studies; difficulty enrolling new members and maintaining existing members in our programs; the risk that the treatment programs might not be effective; difficulty in developing, exploiting and protecting proprietary technologies; general economic conditions, nationally and globally, and their effect on the market for our services, competitive pressures and trends in our industry and our ability to successfully compete with our competitors, and changes in laws, regulations, or policies. 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 based on information available to us on the date hereof, 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.