lyra health business model

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. But four sessions in, Rojas, who uses he/they pronouns, felt frustrated with the progress of their treatment. 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. The majority of companies that purchase Ginger opt for their full system-based approach, allowing members access to various levels of remote care. The therapists said meaningful consent from patients is crucial, even though their names are not attached to the data. Around one in four U.S. adults suffer from a diagnosable mental health condition and depression is one of the leading causes of disability worldwide. In an October op-ed for Insider, she called for more transparency in the relationship between third-party mental health providers and employers. He holds an Honours degree from Wits University and an MA in Clinical Psychology from the University of Natal. find the right personalized care, match with the right provider for their needs, and feel motivated and supported throughout the entire treatment journey. Other mental health startups have also reportedly incentivized productivity from therapists. Jan 19, 2022, 08:01 ET. Kocher and Roberts continue to serve on the board, while Bravata left the company. Lyra Health has raised a total of $910.1M in funding over 8 rounds. 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. However, providers can be removed at any time if they fail to meet the startups standards. 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. When shes not reporting, Bailey likes exploring Chicago for brunch spots and workout classes. As COVID-19 continues to wreak havoc on the economy, funding for digital behavioral health companies has remained robust, largely because the nations mental health has worsened amid the pandemic. 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. Lyra helps companies improve access to effective mental health care for their employees. He started his career as a clinical psychologist and has spent the last three decades managing large-scale corporate mental health services in complex, culturally diverse geographies. Were in a really strong financial position right now. Now Lyra is looking to dramatically expand its offerings on a global scale post-pandemic. /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today . 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. To ensure autonomy and professional strengthening, it is necessary that pharmacy recognizes itself as a clinical profession and develops a stable professional identity. Behavioral Health Business (BHB) is the leading source for news and information . Image by Nattanan Kanchanaprat from Pixabay | CC0. BuzzFeed News interviewed eight current and former Lyra therapists, and six of them said they did not know about the data sharing. 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. Lyras solution combines one-on-one video sessions with digital exercises to reinforce cognitive behavioral therapy lessons. 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. This is actually people, said one former therapist. Share. Lyra offers its customers access to a curated network of both virtual and in-person mental health providers, along with a virtual platform that aims to help people get better faster through evidence-based methods like cognitive behavioral therapy. 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. Lyra Health. Provider recruitment and retention are essential to the care we provide members and the success of our organization.. Her discomfort with the bonus system was her main reason for leaving Lyra. per-member-per-year reduction in health care claims costs. Is Telehealth Even a Viable Business Model? Thats where one of Lyras flagship products comes in: Blended Care. To date, the five-year-old startup has raised more than $103 million in funding, according to the fundraising tracker Crunchbase. 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. She holds a CS degree from University of Toronto. Glasson, who is suing Google after alleged pregnancy discrimination, had sought session notes from her Lyra therapist as part of the lawsuit. Nominate Now, SPONSORED BY: Lyras provider network is unique to each market in which it operates. We want to be able to offer targeted and effective approaches to everyone, says Ebersman. 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. He holds an AB in Economics and International Relations from Brown University. 4 0 obj We have a database that houses information on providers and allows us to very quickly ascertain who in a given geography is most likely practicing evidence-based therapy, Schneider said. Meanwhile, Lyra connects its members with partner providers who offer various levels of care in various settings. 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. One former Facebook employee, who worked on privacy initiatives at the tech giant, was concerned the data could be abused even if aggregated and anonymized. It's unusual for a mental health care company to achieve unicorn statuslet alone a $2 billion-plus valuation. In 2019 alone, the company grew its network of therapists by more than 60%. We're excited to be in a position where we can invest in leveraging the scale we already have and knowledge from working with hundreds of thousands of patients, says Ebersman. Discover job postings and attract candidates across the post-acute and senior care continuum. I understand that employers want to measure the efficacy of their programs, the former employee said, but its completely inappropriate to share such sensitive data. 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. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. He holds an MBA from Harvard Business School and a BA in chemistry from Princeton University. ", The bottom line is, this is a business. If you look from tip to tail, the challenge begins with access to providers. surveyed by the National Alliance on Mental Illness. 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'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. 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. <> The moment is now to offer better mental health services., Full coverage and live updates on the Coronavirus. Receive industry updates and breaking news from Behavioral Health Business, Image by Nattanan Kanchanaprat from Pixabay, and raised about $185 million across two different funding rounds, Embark CEO: Time, Evidence Are First Steps to Building Trust with Payers, CARD, Magellan Health, Cortica Execs: the Challenge of Value-Based Care Is Getting Everybody on the Same Page, Digital Point Solutions Positioned for Value-Based Contracting, But Payers, EAPs and Providers Lack Consensus. 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. We want to expand those options. Kyle Coward is a former mental health professional with more than a decade of experience as a freelance writer. 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 is a component of our goals around expanding our provider network, both in numbers and diversity. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. 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. Lyra Health. Jenny excels at using technology to build highly scalable and innovative products with delightful user experiences. 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. Stephanie is a graduate of Harvard College and holds an MBA from Harvard Business School. 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. 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. Theyve been data mining personal privacy information for years and for their own bottom line. 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]. 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. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. The startup employs its own therapists while also tapping into a network of contractors. One of the keys to the companys success is using clinical measurement tools to establish improvement over time. It plans to use the funds to fuel its global expansion efforts. Lyras growing list of corporate clients includes eBay (Nasdaq: EBAY), Morgan Stanley (NYSE: MS), Uber (NYSE: UBER) and Zoom (Nasdaq: ZM). After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. 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. Learn More. 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. By 2022, Lyra plans to offer coaching, therapy and medication across one global platform to all users. <>/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>> Some of Lyras corporate partners include Uber (NYSE: UBER), eBay (Nasdaq: EBAY) and Amgen (Nasdaq: AMGN), among others. As the company continues its rapid expansion, Lyra can focus on its mission of transforming mental health care knowing . It would also make it illegal for an employer to obtain individually identifiable information about an employee. 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. SPONSORED BY: I had no idea they were doing that., Lyra defended how it communicates its privacy practices to patients. 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. BHB is part of the Aging Media Network. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . 3 0 obj Why? Thats our plan for the foreseeable future. This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. The news: Digital mental health company Lyra Health raised $235 million in Series F funding, vaulting its valuation to $5.585 billion. The company has anecdotally heard partnering providers see more client referrals as a result of the relationship. Take Ginger, for example. Matt leads finance and corporate development at Lyra. Lyra is an employer-sponsored benefit that connects employees, spouses, and their dependents to mental and emotional health care that is effective, convenient, and personalized. Funding. 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. The $110 million Series D raise comes on the heels of a $75 million Series C closed in March. Lyra Health has raised a total of $910.1M in funding over 8 rounds. Lyra is an alumnus of this years Forbes Next Billion-Dollar Startups list and is the third company from the 2020 list to cross the $1 billion dollar valuation mark, along with AI-powered sales startup Gong and human resources software automation company Rippling. Lyrahealth.com . As employers grapple with the fallout of the coronavirus pandemic, theres a reckoning taking place in human resources departments around the country: the need for better mental healthcare for employees. Jan 19, 2022, 08:00 ET. View contacts for Lyra Health to access new leads and connect with decision-makers. 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. In 2020, we saw about 98% of our member provider interactions moved to telehealth. Jun 14, 2021, 08:00 ET. 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. He was previously president of markets at Cityblock, and formerly served as CFO and chief strategy officer of the Massachusetts Medicaid program. And there was a lot of interest in Lyra, because when folks looked around, they saw that we are the [kind of] company thats tackling the systemic problem in mental health care. You can get started at VMware.lyrahealth.com or, if you have questions, contact Lyra's care team at care@lyrahealth.com or (844) 377-7481. See insights on Lyra Health including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. 2 0 obj We basically started an industry., Ebersman has said he wants to bring some of Facebooks data-centric approach to mental health. After consulting with Glasson, Washington State Sen. Karen Keiser sent a letter in November to the states secretary of health about the potential conflict between employees and employers that participate in EAPs, according to a copy of the letter viewed by BuzzFeed News. The bottom line is, this is a business. Sign up for a free trial to see Lyra Health's valuations in January 2022, January 2021, August 2020 and more. Lyra is an alumnus of this year's Forbes Next Billion-Dollar Startups list and is the third company from the 2020 list to cross the $1 billion. This is actually people, Reddy said. That type of acceleration has been really inspiring to see. Facebook and Morgan Stanley declined to comment. The company has also had a history of its clinicians feeling overlooked, two former employees said. endobj Sands Capital and the company's existing investors also participated in the raise. Lyra Health's valuation in June 2021 was $4,600M. 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. Data collection was a key issue for some therapists during the early days of the company, according to three former Lyra employees. The process to access care usually starts online. Chelsey Glasson, a former Google and Facebook employee, has recently sounded the alarm on EAPs like Lyra and the potential conflict of interest that could occur when your employer pays for your therapist. But one digital health company who boasts impressive corporate partners of its own is taking a different approach. We certainly look at it as a wonderful opportunity. Lyra has raised $680 million to date and first hit unicorn status in 2020. In 2020, we saw almost instantaneously a shift [to] telehealth and telecare counseling. 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. Before joining Lyra, Ms. Caccavo's private practice focused on health care litigation and regulatory counseling for large health insurers and healthcare providers. I work really hard at Starbucks and I want to get every benefit I possibly can, Rojas said. Along with the raise, which brought the company's total funding to more than $910 million, Lyra Health also . 11:47 am. The company counts a wide range of industries among its client base, ranging from Morgan Stanley to Zoom Video Communications. Health (3 days ago) WebLyra'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. 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. The companys HIPAA notice, also found at the bottom of its website, says Lyra shares patient data to support our business operations.. He later jumped to Facebook, where he served as CFO, as well as a board member for Castlight Health. and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. Coaches are employed directly by Ginger, and therapists and psychiatrists are contracted. This feature is in beta and may change with future updates. We similarly expanded members with access to care to over 2 million. 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. Here are a few of our proudest moments. The majority of providers in [our health plan and EAP] network just werent available, a benefits leader at eBay said. Lyra Health's latest post-money valuation is from January 2022. Lyra developed an AI-enabled technology platform to match patients with the providers best suited to treat their specific needs. Before they made the switch, employees were complaining they couldnt get timely access to care. See insights on Lyra Health including office locations, competitors, revenue, , Health (3 days ago) WebCompany profile page for Lyra Health Inc including stock price, company news, press releases, executives, board members, and contact information, Health (7 days ago) WebLyra Health. Lyra: Coaching, Therapy, and Work Life Services . People tend to feel somewhat better with aggregation, but in the workplace is different, she said. When it comes to clinical work, the company puts an emphasis on efficiency. Active, Closed, Last funding round type (e.g. Since our founding in 2015, weve achieved many accomplishments together as a team. 2023 Lyra Health, Inc. works in partnership with Lyra Clinical Associates P.C. Since then, a spokesperson says the biotech has seen a sevenfold increase in the use of its employee assistance program. The surveys, which use clinically accepted and standardized questions, are optional. Previously, she worked in book and magazine publishing before becoming a tv reporter. Along with technology, Jennys passion lies in growing people and teams to tackle challenges with creative solutions. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. Other mental health companies, including Ginger, Modern Health, and Cerebral, have also become workplace staples, especially throughout a global pandemic. 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. Youre not going to dictate to me when a patient is supposed to feel better based on numbers. High-flying startup Lyra Health banked $200 million in new funding to raise its valuation to a reported $4.6 billion. 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. Using technology to solve healthcare problems is a natural fit for Ebersman, who spent fifteen years in various executive roles at the biotechnology Genentech, including chief financial officer. And that is generally absent from your experience in healthcare.. The original plan was to offer users unlimited therapy sessions, two former early employees said, though that policy was later changed. Please invest in us.. 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. But if you look at what we did in 2020, it gives a good sense of both the need and the opportunity. 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. The average person when starting care in 2020 is feeling more anxious and more depressed than we've seen in any prior year, says Ebersman. Employees have access to an exclusive, vetted, and trained network of providers. It feels different right now, he says. The clinicians on Lyras platform specialize in evidence-based blended care therapy, a mix of in-person or live-video sessions and digital lessons and other content. However, it was not a randomized clinical trial, which means the results suggest but cant directly link Lyras platform to the observed improvement. 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. Network with thought leaders and discover solutions to todays tough issues in workforce mental health. 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. While Lyra has grown steadily since its founding in 2015, 2020 was quite the breakout year for Lyra, which more than doubled its customer base to over 2 million members and raised about $185 million across two different funding rounds. 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. While it provides both in-person and online therapy, its telehealth-first. 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

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