McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. Part of that is offering video therapy or in-person therapy, so that people can do what works for them.. 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. 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. Nominate Now, SPONSORED BY: I would say 90% of the members who are engaged with the Ginger app are engaged with our mental health coaches, Singh previously told BHB. 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. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . This is actually people, Reddy said. A year after switching to Lyra, employee engagement was up seven times over the former EAP. Burlingame, California, United States 501-1000 Series F Private www.lyrahealth.com 23,038 Highlights Acquisitions 1 Total Funding Amount $910.1M Contacts 456 Employee Profiles 18 Investors 35 Similar Companies 44 Find More Contacts for Lyra Health 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. Lyra isnt the only company in the mental health space facing questions about what its doing with anonymous user data. find the right personalized care, match with the right provider for their needs, and feel motivated and supported throughout the entire treatment journey. 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. Burlingame, Calif.-based Lyra Health, which just raised $200 million at a $4.6 billion valuation, is cashing in by filling the void: offering mental health benefits to large employers that actually work. Our privacy policy is standard format and provides detailed information about our practices.. Here are a few of our proudest moments. Good mental healthcare is hard to come byeven with insurance. Some Lyra therapists were not aware Lyra shares outcomes data with employers, either. Learn what 2,500 employees and 250 benefits leaders had to say about workforce mental health in our 2023 report. We basically started an industry., Ebersman has said he wants to bring some of Facebooks data-centric approach to mental health. 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]. So they decided to end treatment with that counselor and find another one on Lyras platform. Lyra helps companies improve access to effective mental health care for their employees. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. Well keep those [numbers] to ourselves right now. Lyras concierge member experience ensures every employee receives high-quality care that makes a genuine difference in their lives. The move comes amid a broader mental health venture capital funding boom, as investors poured $1.5 billion into companies to help address the psychological fallout of the pandemic. Its built on the foundation of really tackling a systemic problem in mental health care. All providers in the network are vetted ahead of time. Lyra Health Business Model Their latest funding was raised on Jan 19, 2022 from a Series F round. Adams Street's Growth Equity Team is proud to announce an investment in Lyra, a mental health provider that is transforming behavioral healthcare through technology with a human touch.. A Market in Need of Disruption. 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. While it provides both in-person and online therapy, its telehealth-first. Where the organization is headquartered (e.g. This isnt an assembly line. 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. However, it was not a randomized clinical trial, which means the results suggest but cant directly link Lyras platform to the observed improvement. Amgen, Crunchbase, eBay, Ginger, Headspace, Hyatt, lyra health, Pinterest, Starbucks, Uber. You see that in the buildout of our provider network and in the buildout of our platform, which was really about redefining access. BURLINGAME, Calif., Jan. 19, 2022 /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has . Reddy, who worked at Lyra until 2019, said the system can encourage questionable behavior, and could incentivize therapists to not see a patient for more than a certain number of sessions. The pandemic highlighted this need that I think we're experiencing and companies continue to take it very seriously.. PDF 2020 Mental Health Resource Guide endobj Behavioral health is one of the defining problems of our time. The companys latest capital infusion, led by investment firm Coatue Management with Sands Capital and other existing investors participating, doubles Lyras $2.3 billion valuation from a $186.7 million January 2021 funding roundand will be the biggest mental healthtech deal in 2021. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. 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. Google declined to comment. Lyra developed an AI-enabled technology platform to match patients with the providers best suited to treat their specific needs. The focus right now is on building a great company to solve those problems, working with our customers, and through them, all of our members. Lyra Health. One of the biggest challenges in the $280 billion behavioral health market is access, given that only a fraction of the people that actually need care, get it, says Thomas Bremner, partner at Adams Street Partners. That starts with really building a provider network, focusing on quality care, redefining access and transforming how mental health care is paid for, so that we can build and expand that provider network. x][s~W5M $HVmI98q*:{:5gd_t AgnY I\}oZ?EuvVyo+nlxSUWmQceS|>>QL;>> 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. 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. 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. 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. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. Jan 19, 2022, 08:00 ET. 2023 Lyra Health, Inc. works in partnership with Lyra Clinical Associates P.C. Lyras solution combines one-on-one video sessions with digital exercises to reinforce cognitive behavioral therapy lessons. Lyras model is relatively unique when you compare it to other startups offering employee mental health benefits. Behavioral Unicorn Lyra Health Eyes More Corporate Customers, Continued Prior to Lyra, Sean worked at Castlight Health, the National Economic Council, and the Brookings Institution. 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. And there was a 30% uptick in thoughts of suicide. When we looked at spring to fall from 2020, when compared to the months prior, there was an 80% increase in weekly engagement with our provider network. Lyras 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. News of the funding round was first reported by The Information. Because of Covid, economic uncertainty, and conversations around racial injustice, people are really struggling even more, and it's an important time to invest in a service that really will be there for their employees when they need it, says Ebersman, who previously served as chief financial officer of Genentech and Facebook. Lyras platform helps members identify the particular services that are available and that they are best suited for through an algorithmic process known as intelligent matching technology, which pairs users with therapists, coaches or physicians specializing in mental health or addiction treatment care. He also serves on the board of Momentive. I work really hard at Starbucks and I want to get every benefit I possibly can, Rojas said. I'm a senior writer covering healthcare technology. We certainly look at it as a wonderful opportunity. With Lyra, more people get better, significantly improve, and achieve lasting results. The moment is now to offer better mental health services., Full coverage and live updates on the Coronavirus. 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. It would also make it illegal for an employer to obtain individually identifiable information about an employee. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . 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. Previously, she worked in book and magazine publishing before becoming a tv reporter. 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. She is a board certified internal medicine physician. One of the keys to the companys success is using clinical measurement tools to establish improvement over time. 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. Lyra Health cofounder and CEO David Ebersman. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. 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. 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. Just as they have access to an acupuncturist or physical therapist, we encourage our employees to consider Lyra part of their holistic care team.. How Lyra Health hit $52.7M Revenue with 2M customers in 2022. Lyra Health Helps Providers Improve, Capitalize On Employee Mental Lyra Health's Annual Report & Profile shows critical firmographic facts: What is the company's size? Glasson, who is based in Seattle, filed a complaint against her therapist, and the situation is now under investigation by the Washington State Department of Health, according to emails viewed by BuzzFeed News. The therapists said meaningful consent from patients is crucial, even though their names are not attached to the data. It can get dicey in terms of ethics, Reddy said. Starbucks did not respond to multiple requests for comment on Rojass situation, and Lyra declined to address it. This isnt an assembly line. The company says the data sharing complies with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), which regulates the use of health information. 3 0 obj For more information, visit lyrahealth.com and. Before joining Lyra, Ms. Caccavo's private practice focused on health care litigation and regulatory counseling for large health insurers and healthcare providers. Five years later, Lyra is rapidly expanding, and by the end of this month expects to have delivered its one-millionth session. The company covers more than one million U.S. employees and dependents. 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. Benefits Consultants | Lyra Health Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. The average Lyra Health salary ranges from approximately $44,556 per year for an Operations Associate to $232,748 per year for a Partnerships Director. Lyra Health Hits $1.1 Billion Valuation, As Coronavirus Boosts - Forbes per-member-per-year reduction in health care claims costs. Data collection was a key issue for some therapists during the early days of the company, according to three former Lyra employees. 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. Discover job postings and attract candidates across the post-acute and senior care continuum. 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. And how can you get money? Lyra: Coaching, Therapy, and Work Life Services . Matt leads finance and corporate development at Lyra. Vanderhorst said providers are the ones that determine how many sessions a patient needs. VCA Animal Hospitals, which operates more than 1,000 locations in the U.S., Canada and Japan, first engaged Lyra in a pilot program in January 2020, as part of a broader push at the company to offer well-being programs to its more than 30,000 employees. 11:47 am. Lyra blends the best providers, advanced technology, and a steadfast commitment to quality care for all. 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. Lyra Health - Crunchbase Company Profile & Funding We have an established platform where people are increasingly comfortable to interact with applications that help them find a provider, [and] to interact with applications and exercises that are actually part of their care journey. Nominate Now, SPONSORED BY: In December, Forbes reported that Cerebral had reclassified salaried therapists as contractors, making access to medical, vision, and dental benefits contingent on meeting quotas. As more people entrust this burgeoning class of therapy apps with their well-being, the tech industrys growth-at-all-costs outlook may not translate well to a field as delicate as mental health. They should be able to select whether they're willing for their outcomes to be reported, she said. "Reigns but does not govern": A reflection on professionalism and the 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. Fifty million Americans each year suffer from a diagnosable mental health condition such as depression or anxiety . Headspace and Ginger were founded in 2010 and 2011, respectively. 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. Google then demanded and received the notes as well. The financial incentives create the potential for abuse, she said. Funding. 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. Google and Starbucks confirmed they receive data from Lyra in order to judge the services value to employees. The companys HIPAA notice, also found at the bottom of its website, says Lyra shares patient data to support our business operations.. Cerebral did not respond to a request for comment. That quickness was a big selling point for eBay, one of Lyras corporate partners. 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 Valleys data-absorbed ethos to the discipline of therapy. The employee response has been overwhelmingly positive, says Baldwin, especially as the company works to make seeking mental health services more mainstream. Lyra's platform helps members identify the particular services that are available and that they are best suited for through an algorithmic process known as intelligent matching technology, which pairs users with therapists, coaches or physicians specializing in mental health or addiction treatment care. The increase year over year was primarily driven by higher clinical development costs related to the Company's three ongoing . Our sense is that companies believe that mental health is an important topic today and into the future, says Lyra Health cofounder and CEO David Ebersman, who previously served as the CFO of Facebook and before that Genentech. 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. He holds an MBA from Harvard Business School and a BA in chemistry from Princeton University. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. Along with technology, Jennys passion lies in growing people and teams to tackle challenges with creative solutions. SPONSORED BY: Talkspace is valued at $1.4 billion, Teladoc is valued at $24.1 billion including its acquisition of BetterHelp. People will be more comfortable with accessing care in new ways, and were certainly hopeful that thats going to mean more people get the care they need. One such customer is Genentech, which began partnering with Lyra in October 2018. Stephanie is a graduate of Harvard College and holds an MBA from Harvard Business School. Turnover as a measure of success is certainly dubious in mental healthcare.. Investors were becoming increasingly aware of the scope and depth of the transformation of behavioral health care. 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. About Lyra Health Get our top predictions based on third-party surveys. 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. Join Lyra and hundreds of HR leaders for our two-day, in-person conference to "break through" the tough issues surrounding workforce mental health. Vanderhorst said new users must acknowledge both the privacy policy and HIPAA notice while setting up their accounts. See insights on Lyra Health including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Lyra Health has raised a total of $910.1M in funding over 8 rounds. Lyra Health expands as wellness demand increases - Protocol It is classified as operating in the Management, Scientific & Technical Consulting Services industry. Their latest funding was raised on Jan 19, 2022 from a Series F round. 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. 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. Other mental health startups have also reportedly incentivized productivity from therapists. We set the tone, said one of them. 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. This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. Feeling stressed and overwhelmed last January, Daniel Rojas decided to take advantage of a benefit Starbucks often touts for its employees around the country: free therapy through Lyra Health, a mental health startup that provides counseling services for some of the biggest companies in the world.
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