A third-party analysis shows Lyra can help reduce medical claims, improve utilization, and reduce spending. Prior to Lyra, Jenny spent over 16 years as an engineer and a leader building large-scale CRM platforms. Nominate Now, SPONSORED BY: Lyra makes it easy to prove the ROI of your mental health investment. Her discomfort with the bonus system was her main reason for leaving Lyra. 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. The rep suggested he seek long-term treatment elsewhere and left him to figure it out on his own. MAY 16 & 17 | The Presidio of San Francisco, CA. We basically started an industry., Ebersman has said he wants to bring some of Facebooks data-centric approach to mental health. Thats going to be based on the patient and my discretion.. Innovative talent drives the aging industry forward. Senior Benefits and Well-being Program Manager. . Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. 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. Lyra Health. However, it was not a randomized clinical trial, which means the results suggest but cant directly link Lyras platform to the observed improvement. 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. 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. 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. Employees have access to an exclusive, vetted, and trained network of providers. The news: Digital mental health company Lyra Health raised $235 million in Series F funding, vaulting its valuation to $5.585 billion. Lyra has raised $680 million to date and first hit unicorn status in 2020. From there, intelligent matching technology connects members with a provider who has availability and is best suited to serve their specific needs. 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 Health scales with Stripe, easily handling 200% growth in payment transactions. One-third of people couldnt find any mental health prescriber who would accept their insurance. 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. 2 0 obj But one digital health company who boasts impressive corporate partners of its own is taking a different approach. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. We set the tone, said one of them. Good mental healthcare is hard to come byeven with insurance. Other mental health startups have also reportedly incentivized productivity from therapists. 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. 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. Thats our plan for the foreseeable future. SPONSORED BY: Kocher and Roberts continue to serve on the board, while Bravata left the company. This isnt an assembly line. Jan 19, 2022, 08:01 ET. With Lyra, you only pay for the care your employees receive. It provides a full range of care options for all types of mental healthcare needs, from preventative to severe. 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. 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. Its built on the foundation of really tackling a systemic problem in mental health care. But if you look at what we did in 2020, it gives a good sense of both the need and the opportunity. 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. This raise brings Lyra's total funding to date to $680 million and values . 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. Health (6 days ago) WebFierce Healthcare Fundraising TrackerDispatchHealth rakes in $330M; Care.ai banks $27M for ambient intelligence. The original plan was to offer users unlimited therapy sessions, two former early employees said, though that policy was later changed. 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. Health (4 days ago) WebBurlingame, 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 , Health (2 days ago) WebHow Lyra Health hit $52.7M Revenue with 2M customers in 2022. 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. BHB is part of the Aging Media Network. Provider recruitment and retention are essential to the care we provide members and the success of our organization.. The number one thing is continued interest in new partnerships to drive better solutions for people [accessing] mental health care, and were continuing to see a lot of interest from large enterprises. How long does it take to use Lyra? [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. 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. That quickness was a big selling point for eBay, one of Lyras corporate partners. You cant just throw people in and expect them to see results., "We set the tone. Google declined to comment. 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 This process takes less than 10 minutes, with appointments available in as few as 24 hours. This is actually people, Reddy said. Lyra Health employees rate the overall compensation and . Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. Join Lyra and hundreds of HR leaders for our two-day, in-person conference to "break through" the tough issues surrounding workforce mental health. They should be able to select whether they're willing for their outcomes to be reported, she said. 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. 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. Learn what 2,500 employees and 250 benefits leaders had to say about workforce mental health in our 2023 report. <>/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>> McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. Lyra Health, a mental health benefits provider, raised $235 million in a Series F funding round, the company announced Wednesday. Worldwide, 970 million people are living with mental health issues. Glasson, who is suing Google after alleged pregnancy discrimination, had sought session notes from her Lyra therapist as part of the lawsuit. Some Lyra therapists were not aware Lyra shares outcomes data with employers, either. 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. 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. Lyra also offers mental health coaching which are sessions for patients with mild symptoms that do not rise to a clinical diagnosis as more of a preventative measure. 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. The process to access care usually starts online. 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]. 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 is an employer-sponsored benefit that connects employees, spouses, and their dependents to mental and emotional health care that is effective, convenient, and personalized. While therapy and psychiatry are available through Ginger, coaching is the companys most popular level of care, according to co-founder and COO Karan Singh. 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. 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. 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. /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today . We basically started an industry. It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. Lyra is an employee wellness solution that enables employees to receive care for their emotional and mental well-being. Another version of the survey accessed through Googles internal Lyra portal and viewed by BuzzFeed News does not explicitly say that outcomes data will be shared. 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. <> Lyra raised a series E round worth $187 million boosting its worth and spending budget. 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. Along with technology, Jennys passion lies in growing people and teams to tackle challenges with creative solutions. Lyra did not address these allegations and Facebook declined to comment. By 2022, Lyra plans to offer coaching, therapy and medication across one global platform to all users. 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.