Lyras platform takes users through a brief triage process, during which members are asked about their presenting problems, from clinical symptoms to severity of issues. Some Lyra therapists were not aware Lyra shares outcomes data with employers, either. Benefits Consultants | Lyra Health Theyve been data mining personal privacy information for years and for their own bottom line. Investors were becoming increasingly aware of the scope and depth of the transformation of behavioral health care. Leading Global Workforce Mental Health Care | Lyra Health Junto Health The company has anecdotally heard partnering providers see more client referrals as a result of the relationship. Pay-for-results pricing model Forget the sunk costs associated with traditional EAPs that require you to pay for a service your employees may not even use. But on the flip side, both employees and employers are asking for help. This means Lyra will now hold the first and second spots for largest deals in the space this year, following its round in January, according to private market capital data company PitchBook. Some patients and therapists didnt mind the data being shared anonymously, since it might be valuable for a company to know if its workforce is depressed or riddled with anxiety. What we saw in the first half of 20 was organizations coming to us having very rapid conversations, and then wanting to bring Lyra online for their organizations within a couple of weeks after choosing us as their mental health care provider. The original plan was to offer users unlimited therapy sessions, two former early employees said, though that policy was later changed. Around 50 million people in the U.S. have a mental health condition, and the Covid-19 pandemic is exacerbating two of the most common: anxiety and depression. Health (7 days ago) WebLyra supports your people with: Instant access to individualized care, from self-guided programs and mental health coaching to therapy and medication management Care options that suit personal preferences , Health (5 days ago) WebLyra, which offers an easy-to-use digital platform to connect people with mental health providers, has around 1.5 million members so , Health (5 days ago) WebLyra Health offers its mental health platform to companies as a benefit for their employees. Then, in December, Keiser pre-filed legislation that aims to give workers more rights when it comes to EAPs. Prior to Lyra, Jenny spent over 16 years as an engineer and a leader building large-scale CRM platforms. Some of Lyras corporate partners include Uber (NYSE: UBER), eBay (Nasdaq: EBAY) and Amgen (Nasdaq: AMGN), among others. Recently, multinational risk manager Willis Towers Watson (Nasdaq: WLTW) announced an agreement with Lyra to make the company a preferred provider of services to employees of Willis Towers Watsons clients. If theres a positive take away from 2020, its going to be around that awareness [with] these large organizations and the acceptance in the general population for new methodologies and new approaches [to care]. Tech giants like Facebook and Google often weather criticism for taking liberties with peoples personal information, but the business model behind startups such as Lyra has received less scrutiny. Her discomfort with the bonus system was her main reason for leaving Lyra. While a randomized controlled trial would be needed to truly determine clinical effectiveness, the study suggests that Lyras teletherapy model could potentially achieve faster results than the typical 12 to 16 weeks of standard treatment. This feature is in beta and may change with future updates. Lyra is currently working with employers representing 1 million covered lives across the U.S. With our streamlined model, Lyra is able to secure members fast access to care with superior clinical outcomes. That type of acceleration has been really inspiring to see. Especially as 2020 proved that things like racial trauma are very important [in] mental health care, were making sure that were delivering a network that has the diversity to match the population. If you look from tip to tail, the challenge begins with access to providers. It feels different right now, he says. Mental wellness platform Lyra Health is raising up to - TechCrunch Other mental health companies, including Ginger, Modern Health, and Cerebral, have also become workplace staples, especially throughout a global pandemic. It can get dicey in terms of ethics, Reddy said. Stephanie leads people operations, recruiting, total rewards, and HR business partners at Lyra. Most benefits are rolled out in a Q4 timeframe as part of an open enrollment scheme at large organizations. From there, we have a thorough vetting interview that we do with any prospective provider, and we really pressure test their understanding and ability to deliver evidence-based therapy.. You can expect the trajectory to continue in 2021. We set the tone, said one of them. We pay great attention to the practices and the quality of the providers and really aspire to a world where we would be comfortable sending a friend or family member to any provider in our network, says Ebersman. human resources software automation company Rippling, study published in the Journal of Medical Internet Research. <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 16 0 R 17 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Jun 14, 2021, 08:00 ET. Lyra's matching technology and innovative digital platform connect members to a curated network of top therapists , Health (6 days ago) WebLyras model is relatively unique when you compare it to other startups offering employee mental health benefits. It provides a full range of care options for all types of mental healthcare needs, from preventative to severe. Other mental health startups have also reportedly incentivized productivity from therapists. Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. 2023 State of Workforce Mental Health Report, Why Culturally Responsive Care Must Be Part of Your Mental Health Benefits Strategy, Diversity, Equity, Inclusion, and Belonging, Limit the Use of My Sensitive Personal Information, Instant access to individualized care, from self-guided programs and mental health coaching to therapy and medication management, Care options that suit personal preferences and lifestyles, including in-person, video conferencing, and text messaging, 24/7 access to our in-house concierge care navigator team to help guide their mental health journey, Compassion and understanding from providers with diverse backgrounds, who are trained in culturally responsive care. One of the things that we saw in the early part of 2020 as COVID unfolded was a sense of urgency for delivering mental health care from significant employers. The Burlingame, California-based company expects to hit more than $100 million in revenue by the end of the year, and the latest funding round brings its valuation to $1.1 billion, according to a company representative. Lyra Health Case Study | LinkedIn Sales Solutions Lyra helps companies improve access to effective mental health care for their employees. But patients may feel compelled to complete them because the automated emails look like they are coming from their therapist. Lyra Health's latest funding round was a Series G for $235M on January 19, 2022. Before the pandemic, the trends were shifting in favor of both increased use of telemedicine and behavioral health services, but no one could have predicted just how rapid the acceleration would be. Part of that is offering video therapy or in-person therapy, so that people can do what works for them.. Were in a really strong financial position right now. from Boston College Law School. See insights on Lyra Health including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. They said concerns about data sharing made it difficult to recruit therapists to work with Lyra when the company was getting started. While more and more employers are offering mental health benefits, that doesnt always translate into opportunities for traditional behavioral health providers. She is a board certified internal medicine physician. Lyra has raised $680 million to date and first hit unicorn status in 2020. Previously, Stephanie was an HR executive at Gusto, overseeing internal communications, people operations, total rewards, and people analytics. 4 0 obj While it provides both in-person and online therapy, its telehealth-first. Lyra Health and commercializing the behavioral health sector - FlowBank But when they use it on their employees, thats a whole different thing. Developer of a behavioral health technology designed to provide analytics and screening tools to , Health (6 days ago) WebAfter swirling media reports over the last few weeks that Lyra Health was raising a massive amount of new funding, the Burlingame-based mental health benefits , Health (3 days ago) WebLyra is a mental health solution with flexible care options and a convenient digital platform. Many companies opt to provide the benefits through app-based solutions that specialize in remote coaching and stress-reduction, with trendy startups like Headspace and Ginger winning business from corporate giants such as Starbucks (Nasdaq: SBUX), Pinterest (NYSE: PINS) and Hyatt (NYSE: H), among others. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. The need in mental health care continues to be significant, and were really optimistic about the level of engagement that large employers have in looking at mental health care as something they need to address in new ways. (Annual sales and employees) Companies who partner with Lyra Health for their employee assistance programs (EAP) usually purchase a set number of therapy sessions for each employee. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. We basically started an industry. And there was a 30% uptick in thoughts of suicide. Not only did we see an escalation of need, but also the severity has really grown in a way [so] that accessibility has become more of an urgent issue than ever before. Our typical cadence in working with these large organizations would be to have initial conversations at the beginning of the year, but really work into implementation in the latter part of Q3 and into Q4. Lyra Health - Crunchbase Company Profile & Funding [With] an IPO, obviously its a wonderful milestone for any company, and it has a lot of benefits not only from a financial standpoint but from a visibility standpoint. I was surprised when I heard about her story, said a former Google employee. Lyra cofounder and CEO David Ebersman says customers are looking to launch the platform right away, instead of waiting for the typical January 1 fiscal year cycle for health benefits. You need to use technology to drive scalability without also losing the kind of personalization and the human touch, says Bremner. Along with the raise, which brought the company's total funding to more than $910 million, Lyra Health also . But Lyra Health has raised $187 million in funding, garnering it a $2.3 billion. When a company hires Lyra to be an Employee Assistance Program (EAP), its employees are typically given a set number of free sessions per year to see a counselor. It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. While coaches are becoming increasingly common in mental health startups, critics worry about variability in training and effectiveness, since these coaches dont undergo licensing programs like other mental health providers. Outcomes data is so central to Lyras philosophy that the companys previous name was Outcome Health, according to an internal document viewed by BuzzFeed News. As demand accelerates, we remain committed to delivering clinically proven, outcomes-based mental healthcare for employees and their dependents across all facets of mental health., Ebersman founded Lyra Health seven years ago in Burlingame, California, about 20 miles south of San Francisco. The retail medicine continues to have business model centered on the product and controlling the pharmaceutical practice model. SUCCESS STORY Lyra Health is the leading provider of global workforce mental health care benefits. BURLINGAME, Calif., Sept. 2, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for global employers, today announced the first technology . We intentionally named our program Lyra Mental Wellness to help reduce the stigma around seeking mental health care, the company said in a statement. Lyras prominence raises questions about whether a high-flying Silicon Valley startups need to justify its reported $4.6 billion valuation conflicts with its ability to provide quality mental health services. Members can. How Much Does Lyra Health Pay in 2023? (366 Salaries) Developer of a behavioral health technology designed to provide analytics and screening tools to identify people who can benefit from behavioral health care. Glassons former therapist didnt respond to multiple requests for comment. That being said, our focus right now is [on] solving the broken behavioral health system, and we have a very strong financial position thats going to allow us to continue to expand our investments. Funding. By 2022, Lyra plans to offer coaching, therapy and medication across one global platform to all users. Connie leads product, clinical operations, and research at Lyra. Innovative talent drives the aging industry forward. Our huge technology companies don't hold personal privacy with the same regard that I think they should, Keiser told BuzzFeed News. Lyra did not address these allegations and Facebook declined to comment. Its customers span a range of industries and sizes, including eBay, Genentech, Uber and VCA Animal Hospitals. It plans to use the funds to fuel its global expansion efforts. After employees use all of their free sessions, they can continue seeing their Lyra therapist by paying out of pocket or through health insurance. To collect data on the progress of treatment, Lyra periodically sends patients outcomes surveys. The questionnaires inquire, for example, about things like anxiety or irritability over the last two weeks, asking patients to rank their intensity from 0 to 3, according to surveys viewed by BuzzFeed News. So the bottom line is money, said one former Lyra employee who worked on the companys clinical team. Nov 22, 2022 04:30pm. Lyra Health's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. Facebook and Morgan Stanley declined to comment. Divaldo Pereira de Lyra Jr 6 Affiliations 1 . (Lyra declined to make Ebersman available for an interview.). So they decided to end treatment with that counselor and find another one on Lyras platform. Untreated mental health conditions can lead to lower productivity and morale that can affect the overall work environment. This process takes less than 10 minutes, with appointments available in as few as 24 hours. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. ", The bottom line is, this is a business. News of the funding round was first reported by The Information. When shes not reporting, Bailey likes exploring Chicago for brunch spots and workout classes. Five years later, Lyra is rapidly expanding, and by the end of this month expects to have delivered its one-millionth session. Why? Lyra Health - Funding, Financials, Valuation & Investors Lyra Health is funded by 35 investors. Lyra vs Modern Health vs Ginger: What's the Best Mental Health Platform And you have confidence that when your people reach out for care, Lyra will help them feel better so they can stay productive and engaged. <>/Metadata 225 0 R/ViewerPreferences 226 0 R>> Lyrahealth.com . Lyras solution combines one-on-one video sessions with digital exercises to reinforce cognitive behavioral therapy lessons. The company said customers can expect around 10% of their employees to see a provider in the first 12 months and hopes to continue growing this number. /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today . Were trying to tackle transforming the mental health care system overall, and that is a very significant challenge. The news: Digital mental health company Lyra Health raised $235 million in Series F funding, vaulting its valuation to $5.585 billion. Lyra whose juggernaut slate of corporate clients also includes Google, Facebook parent Meta, and Morgan Stanley is one of the leaders in a wave of startups focusing on mental health, applying Silicon Valley's data-absorbed ethos to the discipline of therapy. Covid wasn't the beginning of the mental health epidemic that we face. Jan 19, 2022, 08:00 ET. A state senate committee discussed the bill at a hearing last month. Lyra Health Pricing Plans & Cost Guide (Oct 2019) - ITQlick What will employees expect in 2022? BuzzFeed News spoke to seven current and former Google, Facebook, and Starbucks employees who saw Lyra therapists and were upset about the sharing of outcomes data. Receive industry updates and breaking news from Behavioral Health Business, more employers are offering mental health benefits, according to the fundraising tracker Crunchbase, Payers Must Create Infrastructure to Support Behavioral Health Providers Moving Towards Value-Based Care Contracting, CVS Health to Staff MinuteClinic Locations with Licensed Mental Health Providers, As UnitedHealth Group Looks to Deploy Capital on Provider Acquisitions, More Behavioral Health Deals Could Be Coming. find the right personalized care, match with the right provider for their needs, and feel motivated and supported throughout the entire treatment journey. I'm a senior writer covering healthcare technology. Lyra Health Saves Employers Roughly $2,300 per Participant and Reduces He also serves on the board of Momentive. Their latest funding was raised on Jan 19, 2022 from a Series F round. He later jumped to Facebook, where he served as CFO, as well as a board member for Castlight Health. View contacts for Lyra Health to access new leads and connect with decision-makers. Lyra supports your people with: Instant access to individualized care, from self-guided programs and mental health coaching to therapy and medication management Care options that suit personal preferences and lifestyles, including in-person, video conferencing, and text messaging In 2020, we saw about 98% of our member provider interactions moved to telehealth. How Lyra Health hit $52.7M Revenue with 2M customers in 2022. Lyra raised a series E round worth $187 million boosting its worth and spending budget. Network with thought leaders and discover solutions to todays tough issues in workforce mental health. All rights reserved | Email: [emailprotected], Government employee health association geha, Jefferies london health care conference 2022, Advent health shared services phone number, Best short term health insurance colorado, Maxhealth bradenton physicians patient portal. Lyra Health has raised a total of $910.1M in funding over 8 rounds. The veterinary profession as a whole has some really unique challenges, says VCAs director of associate well-being Johanna Baldwin, including compassion fatigue and burnout. Lyra Health's 2020 revenue was $100M. In 2015, Ebersman cofounded Lyra Health with two Venrock partners and Castlight investors, Bob Kocher and Bryan Roberts, as well as Dena Bravata, Castlights chief medical officer. It would also make it illegal for an employer to obtain individually identifiable information about an employee. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. The process to access care usually starts online. Depression and anxiety disorders lead to $1 trillion in lost productivity worldwide each year, according to the World Health Organizationand that was before the Covid-19 pandemic. Lyra is an employee wellness solution that enables employees to receive care for their emotional and mental well-being. Lyra Health Introduces New Offerings to Support Whole Family Mental Health Nov 22, 2022 04:30pm. Jan 19, 2022, 08:01 ET. BURLINGAME, Calif., Jan. 19, 2022 /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has . A year after switching to Lyra, employee engagement was up seven times over the former EAP. Since then, more than 300 leading companies have partnered to offer Lyras mental health benefits to their employees, including Meta, Pinterest, and Starbucks, giving more than 13 million people access to life-changing care. Clinicians can use the data to help shape their treatment, but theres another reason Lyra pushes the surveys: The company shares aggregated and anonymized data about patient outcomes with employers to illustrate the effectiveness of its services. Image by Nattanan Kanchanaprat from Pixabay | CC0. The therapists said meaningful consent from patients is crucial, even though their names are not attached to the data. Its really difficult just to find a provider thats going to be available for an appointment, [or] a provider thats offering the kind of services you need. Through our clinician-led workshops, interactive online courses, and other tools, Lyras experts will help you decrease stigma, address tough challenges such as employee burnout, and embrace diversity, equity, inclusion, and belonging. The San Francisco , Health (5 days ago) WebLyra whose juggernaut slate of corporate clients also includes Google, Facebook parent Meta, and Morgan Stanley is one of the leaders in a wave of startups focusing on mental health, applying , Health (2 days ago) WebLyras tools and services are compliant with HIPAA laws. Sign up for a free trial to see Lyra Health's valuations in January 2022, January 2021, August 2020 and more. Jenny excels at using technology to build highly scalable and innovative products with delightful user experiences. We are working on accessibility, which just means that anyone who needs care can get into Lyra Health, regardless of any differences and abilities that they have. Lyra drives tangible results Employee Engagement 10x engagement compared to traditional EAP services Employees in Care 10% of eligible employees receive care with a Lyra provider Improved Workforce Health 88% of Lyra members clinically improve or recover from symptoms of anxiety and depression* *based on the PHQ-9 and GAD-7 clinical measures The company counts a wide range of industries among its client base, ranging from Morgan Stanley to Zoom Video Communications. Gingers coaches stay with the member as they move throughout the continuum. PDF 2020 Mental Health Resource Guide We want to expand those options. The former Facebook executive, who was previously the financial chief at Genentech before arriving at Mark Zuckerbergs social network, said he decided to start Lyra after having a difficult experience finding care for a family member. Some of the people who spoke to BuzzFeed News for this story did so under the condition of anonymity because they feared repercussions from their employers or former employers. Active, Closed, Last funding round type (e.g. The rep suggested he seek long-term treatment elsewhere and left him to figure it out on his own. That is a component of our goals around expanding our provider network, both in numbers and diversity. About Lyra Health Headspace and Ginger were founded in 2010 and 2011, respectively. Contact Richard Nieva at richard.nieva@buzzfeed.com. Kocher and Roberts continue to serve on the board, while Bravata left the company. Prior to Lyra, Sean worked at Castlight Health, the National Economic Council, and the Brookings Institution. January 19, 2022. Diversity Spotlight (US Headquarters Only), Edit Lists Featuring This Company Section, Pelican Products Partners with Lyra Health to Expand Mental Health Services for Employees, Forecast: 15 Startups We Think Could Go Public In 2023, Telehealth Startups Pivot (Yet Again) As Employer Benefits Get Reevaluated In Layoff-Looming Economy, Western US Information Technology Female Founded Companies, Health Care Late Stage Companies With More Than 10 Employees, West Coast Information Services Female Founded Companies. Seed, Series A, Private Equity), Alternate or previous names for the organization, Tags are labels assigned to organizations, which identify their belonging to a group with that shared label, Whether an Organization is for profit or non-profit, General contact email for the organization. When comparing to other top Mental Health vendors, on a scale between 1 to 10 (10 is the most expensive to implement), Lyra Health is rated 3.8. LYRA HEALTH Revenue, Growth & Competitor Profile - IncFact.com Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. Starbucks bills its Lyra benefit as mental healthcare for a wide-range of needs, from mild to complex. But Rojass experience reveals one way patients can feel underserved by a startup aiming to be a model for modern mental healthcare. In interviews with BuzzFeed News, 18 users, therapists, and former Lyra employees voiced concerns about some of the companys business practices, including its productivity-based bonus structure for therapists and its use of patient data.