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For conditions like anxiety and depression, it uses a blended care model that pairs virtual therapist visits with online videos and exercises to reinforce lessons between sessions. Prior to joining Lyra he was the Chief Financial Officer at Genentech and Facebook. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. It obviously put a lot of pressure on Lyra to expand our provider network more quickly and to build out our capabilities for scaling in 2020, and so weve had to respond and accelerate in response to that combination of awareness and demand. Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. 3 0 obj 4 0 obj Lyra Pricing, Features, Reviews & Alternatives | GetApp But if you look at what we did in 2020, it gives a good sense of both the need and the opportunity. Lyra Health gets $235M, soars to $5.58B valuation with new acquisition 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. We roughly doubled our employer partners in 2020, and finished the year around 75 partners. If you look from tip to tail, the challenge begins with access to providers. Employees have access to an exclusive, vetted, and trained network of providers. Some of Lyras corporate partners include Uber (NYSE: UBER), eBay (Nasdaq: EBAY) and Amgen (Nasdaq: AMGN), among others. Research and development expenses for the fourth quarter and full year ended December 31, 2022 were $9.5 million and $38.8 million, respectively, compared to $10.3 million and $29.7 million for the same periods in 2021. Lyra Health cofounder and CEO David Ebersman. Lyra Health's Annual Report & Profile shows critical firmographic facts: What is the company's size? Their latest funding was raised on Jan 19, 2022 from a Series F round. Benefits Consultants | Lyra Health We serve these very large, US-based, multinational organizations, and one of the problems theyre trying to solve is how to deliver mental health care to a global employee population. This is actually people, said one former therapist. This isnt an assembly line. Lyra would not exist if it were not for the incredibly talented and caring providers with whom we partner, Renee Schneider, vice president of clinical quality at Lyra told Behavioral Health Business. Developer of a behavioral health technology designed to provide analytics and screening tools to identify people who can benefit from behavioral health care. You can find information easily about the providers and coaches, and then you can quickly do online scheduling, she says, which is particularly important for employees working different shifts at 24-hour hospitals. They expanded their tech stack, including LinkedIn Sales Navigator to help them balance this period of extreme growth with their commitment to providing members-first personalized service. Untreated mental health conditions can lead to lower productivity and morale that can affect the overall work environment. PDF 2020 Mental Health Resource Guide <> Lyra Health is changing mental health care in America - Fast Company SaaS, Android, Cloud Computing, Medical Device). While engineering and data teams were valued for their input, people on the clinical team were treated like second-class citizens, one of the former employees said. Our aim is to revolutionize behavioral health care not only for employers, but for providers, too.. 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. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. 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. Theyve been data mining personal privacy information for years and for their own bottom line. Most benefits are rolled out in a Q4 timeframe as part of an open enrollment scheme at large organizations. 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. It can get dicey in terms of ethics, Reddy said. LYRA HEALTH Revenue, Growth & Competitor Profile - IncFact.com Meet the technologists, mental health experts, and business leaders driving the strategy behind Lyra. Health (3 days ago) WebLyras co-founder and CEO, David Ebersman, left his job as Metas chief financial officer in 2014 to tackle the problem by making it easier to find and get treatment and using technology to make it smarter, more personalized, and more effective. 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. The company frequently cites a retrospective study of 385 Lyra patients published in the Journal of Medical Internet Research, which found its blended model helped 83% of participants improve anxiety or depression over a 6-week period. We set the tone, said one of them. The startups in-house therapists are entitled to bonuses based on productivity, two former Lyra staff therapists told BuzzFeed News, which is measured through a range of goals, including symptoms improving over time based on patient surveys. Mental wellness platform Lyra Health is raising up to - TechCrunch Here are a few of our proudest moments. I think [companies] are seeing that some of the benefits that have been traditionally offered are just not making the changes in employees lives that they might want, Schneider said. Its built on the foundation of really tackling a systemic problem in mental health care. Lyra Health scores $235M and a new acquisitionbut it's not the only The company, which has raised $700 million in funding to date, generates revenue through deals with high-profile companies, using anonymized patient data to prove it provides worthwhile benefits. Lyra Health Completes $200M Funding Round to Transform Mental Health "Reigns but does not govern": A reflection on professionalism and the Products; . I was surprised when I heard about her story, said a former Google employee. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . Innovative talent drives the aging industry forward. Lyras policies have at least some people wary about seeking therapy through their employers. Instead, it reads: Your responses are confidential and are not shared with the employer sponsoring your Lyra benefit. Lyra declined to answer questions about how it currently discloses to patients that it shares outcomes data with employers. % You see that in the buildout of our provider network and in the buildout of our platform, which was really about redefining access. Arthur Caplan, head of the Division of Medical Ethics at the NYU Grossman School of Medicine, said a bonus system like the one used by Lyra makes him nervous. It could be a conflict of interest, he said. ", The bottom line is, this is a business. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. He holds an MBA from Harvard Business School and a BA in chemistry from Princeton University. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . Learn what 2,500 employees and 250 benefits leaders had to say about workforce mental health in our 2023 report. 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. Get our top predictions based on third-party surveys. Photo: Lacheev/Getty Images. But while other apps engage in similar practices when it comes to data policies and productivity incentives, Lyra Health bears some of the responsibility because it was a pioneer in the space, two former employees said. 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. Prior to Lyra, Jenny spent over 16 years as an engineer and a leader building large-scale CRM platforms. This raise brings Lyra's total funding to date to $680 million and values . And how can you get money? For Lyra Health, a mental health care benefits startup with unicorn status, not only has the company weathered the headwinds of the economic downturn, but thrived in them as well. You need to use technology to drive scalability without also losing the kind of personalization and the human touch, says Bremner. 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. Lyra's co-founder and CEO, David Ebersman, left his job as Meta's chief financial officer in 2014 to tackle the problem by making it easier to find and get treatment and using technology to make it smarter, more personalized, and more effective. Lyra's matching technology and innovative digital platform connect members to a curated network of top therapists and coaches, which results in 3x more people receiving care and 7x better outcomes than traditional plans and EAPs. Its shocking to me, said a former Google employee, who said she didnt remember a data disclosure while filling out the surveys. /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today . BURLINGAME, Calif. , Jan. 19, 2022. 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 (BuzzFeed has a relationship with Ginger to offer mental health benefits to employees.). Lyra Health. Lyra providers have: Opportunities to work with diverse communities and social concerns Ongoing learning about racial, ethnic, social, and cultural identities A work environment that reflects attitudes of respect, openness, sensitivity, and acceptance A voice in shaping culturally responsive practices Resources Get to know us better 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]. For many providers, partnering with Lyra means they can spend less time advertising their business and creating new referral streams and more time doing what they are passionate about, which is providing evidence-based therapy for patients, Schneider said. You can expect the trajectory to continue in 2021. Rates of anxiety, depression, and general mental health challenges are increasing around the world, and we believe Lyra has the opportunity to offer care to a large portion of the population that historically has been unable to access it.. 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. Their latest funding was raised on Jan 19, 2022 from a Series F round. Lyra Frequently Asked Questions (FAQ) What is Lyra Health? - Synopsys I felt alienated. Prior to Lyra, Sean worked at Castlight Health, the National Economic Council, and the Brookings Institution. McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. Lyras model is relatively unique when you compare it to other startups offering employee mental health benefits. Lyra Health, which provides mental health benefits for large employers, became the latest healthcare technology startup to hit unicorn status on Tuesday, following a $110 million Series D round. News of the funding round was first reported by The Information. When they attempted to find someone else, though, they said a Lyra rep told them in a video call that their issues were too advanced for the companys care. 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. The majority of companies that purchase Ginger opt for their full system-based approach, allowing members access to various levels of remote care. After Glassons experience with her therapist was reported by the New York Times in July, some Google workers became less likely to use the EAP services provided by Lyra, said the Alphabet Workers Union, which represents workers for Google and its parent company. 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. This means international expansion and investment in more clinical services, as well as expanding the companys market segment beyond large employers and aiming at government and commercial health plans. After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. All providers in the network are vetted ahead of time. That employee said that culture was instilled as Ebersman began to bring in people who used to work at Facebook. Lyra is for everyonefamilies, couples, adults, teens, and children as young as 2. SPONSORED BY: In 2019 alone, the company grew its network of therapists by more than 60%. Lyra Health - Funding, Financials, Valuation & Investors BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . As the company continues its rapid expansion, Lyra can focus on its mission of transforming mental health care knowing . Read the article below in order to calculate the total cost of ownership (TCO), which includes: customization, data migration, training, hardware, maintenance, upgrades, and more. Still, some patients had not known about the data sharing. We believe that choice is important and that people need to have options in how theyre going to manage their mental health concerns, Schneider told BHB. Image by Nattanan Kanchanaprat from Pixabay | CC0. 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. Lyra Health on LinkedIn: Leading Global Workforce Mental Health Care By Nick Jaworski / May 13, 2021 Telehealth is all the rage since the start of the pandemic with many startup providers receiving sky-high valuations. Lyra is a mental health solution with flexible care options and a convenient digital platform. It's unusual for a mental health care company to achieve unicorn statuslet alone a $2 billion-plus valuation. Contact Richard Nieva at richard.nieva@buzzfeed.com. 1 0 obj More than half of people surveyed by the National Alliance on Mental Illness said when searching for a psychiatrist the doctors they called weren't accepting new patients or did not accept their insurance. surveyed by the National Alliance on Mental Illness. Lyra onboards, Health (1 days ago) WebEDITOR'S NOTE: This story has been updated to reflect Lyra He Mental health benefits provider Lyra Health grabbed $235 million in a series G round that boosted its valuation , Health (2 days ago) WebLyra helps companies improve access to effective, high-quality mental health care for their employees. A study published in the Journal of Medical Internet Research, led by Lyras director of clinical product Anita Lungu, recorded a significant decrease in anxiety or depression symptoms after 5 sessions among 385 patients, although it did not include a control group. While the regular Lyra health benefit offers services for the whole family, the next step will be using this latest funding round to expand the Blended Care model to include services both for adolescents and couples. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. To date, the five-year-old startup has raised more than $103 million in funding, according to the fundraising tracker Crunchbase. I work really hard at Starbucks and I want to get every benefit I possibly can, Rojas said. Jan 19, 2022, 08:00 ET. Were in a really strong financial position right now. Loris.ai, the partner company to the nonprofit Crisis Text Line, is contending with criticism after Politico reported that it uses anonymous but sensitive data drawn from conversations on the text-based suicide hotline for business purposes. 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. 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. Our Impact | Lyra Health Additionally, the company raked in another impressive funding haul in January, raising $187 million in a Series E round led by the venture capital firm Addition, along with participation by Baillie Gifford, Durable Capital Partners, Fidelity Management & Research Co. and other previous investors. The latest R&D info about Lyra Health, Inc.: pipelines, patents The average Lyra Health hourly pay ranges from approximately $25 per hour for a Client Support Specialist to $33 per hour for a Therapist. The majority of providers in [our health plan and EAP] network just werent available, a benefits leader at eBay said. Lyra helps companies improve access to effective mental health care for their employees. Thats our plan for the foreseeable future. In 2020, we saw about 98% of our member provider interactions moved to telehealth. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. Lyra has raised around $275 million to date. I felt like I was being cheated.. The San Francisco-based virtual behavioral health care system delivers text- and video-based mental health services to users, including behavioral health coaching, therapy and psychiatry. With Lyra, you only pay for the care your employees receive. BURLINGAME, Calif., Jan. 19, 2022 /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has . Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. For more information, visit lyrahealth.com and. Based in Burlingame, California, Lyra Health is a digital technology company that helps workplaces connect employees and their families to behavioral health services, partnering with behavioral health providers to make it possible. One such customer is Genentech, which began partnering with Lyra in October 2018. Take Ginger, for example. The company has also had a history of its clinicians feeling overlooked, two former employees said. 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. Emerson Collective and Salesforce Ventures are the most recent investors. Glasson, who is suing Google after alleged pregnancy discrimination, had sought session notes from her Lyra therapist as part of the lawsuit. Total amount raised across all funding rounds, Total number of Crunchbase contacts associated with this organization, Total number of employee profiles an organization has on Crunchbase, Total number of investment firms and individual investors, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. SPONSORED BY: Nov 22, 2022 04:30pm. 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. Why? Lyra Health - Wiki | Golden When it comes to clinical work, the company puts an emphasis on efficiency. Thats where one of Lyras flagship products comes in: Blended Care. 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. With 20,000 providers in 200+ countries and territories, our network supports 60+ unique care needs through culturally responsive, localized care. Other mental health startups have also reportedly incentivized productivity from therapists. People have no idea this is happening.. That quickness was a big selling point for eBay, one of Lyras corporate partners. See insights on Lyra Health including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 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. He later jumped to Facebook, where he served as CFO, as well as a board member for Castlight Health. While some other digital health startups opt to employ clinicians themselves, Burlingame, California-based Lyra contracts with providers, most of whom then offer psychotherapy in exchange for a fee. 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. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. Discover job postings and attract candidates across the post-acute and senior care continuum. Sands Capital and the company's existing investors also participated in the raise. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. One-third of people couldnt find any mental health prescriber who would accept their insurance. In the latest development, it emerged that Lyra Health, a platform that focuses on providing workforces with mental health care, has filed paperwork to raise a $175 million Series E at a $2.25 . Lee Fixels new venture firm Addition led the round and was joined by Adams Street Partners, along with existing investors, including former Starbucks CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock Partners, IVP, Meritech Capital Partners, Providence Ventures and Tenaya Capital. With care for the full spectrum of mental health issues, from stress to suicidality, your people can show up fully for their families, their jobs, and their daily lives. David founded Lyra to transform behavioral health and remove the barriers that prevent more people from getting the care they need. Lyra helps companies improve access to effective, high-quality mental health care for their employees. Junto Health Google and Starbucks confirmed they receive data from Lyra in order to judge the services value to employees. from Boston College Law School. 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. 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. Ebersman declined to give specific revenue numbers but said the company significantly exceeded an earlier estimate provided to Forbes of $100 million in revenue by the end of 2020. Cerebral did not respond to a request for comment. Lyra, which offers an easy-to-use digital platform to connect people with mental health providers, has around 1.5 million members so far, adding more than 800,000 people since the start of the pandemic. Lyra blends the best providers, advanced technology, and a steadfast commitment to quality care for all. Members can. So the bottom line is money, said one former Lyra employee who worked on the companys clinical team.