From there, intelligent matching technology connects members with a provider who has availability and is best suited to serve their specific needs. I was surprised when I heard about her story, said a former Google employee. It provides a full range of care options for all types of mental healthcare needs, from preventative to severe. Part of that is offering video therapy or in-person therapy, so that people can do what works for them.. I felt alienated. <> Why? 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. We want to be able to offer targeted and effective approaches to everyone, says Ebersman. Fifty million Americans each year suffer from a diagnosable mental health condition such as depression or anxiety . 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. When it comes to clinical work, the company puts an emphasis on efficiency. Mental Health is a global challenge, Lucas Swisher, a general partner at Coatue said in a statement. The therapists said meaningful consent from patients is crucial, even though their names are not attached to the data. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. A third-party analysis shows Lyra can help reduce medical claims, improve utilization, and reduce spending. Google and Starbucks confirmed they receive data from Lyra in order to judge the services value to employees. 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. 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. She also worked at Dropbox, Google, and NBCUniversal. You cant just throw people in and expect them to see results., "We set the tone. Of the seven current and former Google, Facebook, and Starbucks employees who spoke to BuzzFeed News, all but one of them said they did not know the data from these surveys could be shared with employers in any form. . Veterinarians face higher rates of serious psychological distress and as many as one in 6 U.S. veterinarians have considered suicide, according to the CDC. Just as they have access to an acupuncturist or physical therapist, we encourage our employees to consider Lyra part of their holistic care team.. 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. 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 Health is a provider of comprehensive mental health care benefits for global employers that prides itself on its ability to "deliver fast, easy access to evidence-based, proven care options, with 83% of Lyra members showing improvement or recovery." . One-third of people couldnt find any mental health prescriber who would accept their insurance. 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 surveys, which use clinically accepted and standardized questions, are optional. 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. Today Lyras U.S. network includes more than 5,000 providers, and its global network, through a partnership with ICAS, includes 85,000 additional providers across 180 countries. 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 they decided to end treatment with that counselor and find another one on Lyras platform. 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. This process takes less than 10 minutes, with appointments available in as few as 24 hours. This raise brings Lyra's total funding to date to $680 million and values . 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. Behavioral health is one of the defining problems of our time. Amgen, Crunchbase, eBay, Ginger, Headspace, Hyatt, lyra health, Pinterest, Starbucks, Uber. [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. Coaches are employed directly by Ginger, and therapists and psychiatrists are contracted. You can read the conversation with McCarthy below, which has been edited for length and clarity. 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. To date, the five-year-old startup has raised more than $103 million in funding, according to the fundraising tracker Crunchbase. After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. The tech industrys growth-at-all-costs outlook may not translate well to a field as delicate as mental health. 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. Our aim is to revolutionize behavioral health care not only for employers, but for providers, too.. Starbucks did not respond to multiple requests for comment on Rojass situation, and Lyra declined to address it. 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. Her discomfort with the bonus system was her main reason for leaving Lyra. In an October op-ed for Insider, she called for more transparency in the relationship between third-party mental health providers and employers. 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. Our privacy policy is standard format and provides detailed information about our practices.. 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. 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. But on the flip side, both employees and employers are asking for help. Thats going to be based on the patient and my discretion.. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. 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. Provider recruitment and retention are essential to the care we provide members and the success of our organization.. 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 startup employs its own therapists while also tapping into a network of contractors. 1 0 obj Ms. Caccavo holds a B.S. And how can you get money? Lyra Health is , Health (3 days ago) WebLyra Health's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. Nominate Now, SPONSORED BY: One of the former therapists, Megha Reddy, said the bonus model can push therapists into churning out patients quickly. Their latest funding was raised on Jan 19, 2022 from a Series F round. Jan 19, 2022, 08:01 ET. 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. <>/Metadata 225 0 R/ViewerPreferences 226 0 R>> endobj Lyrahealth.com . Active, Closed, Last funding round type (e.g. Learn what 2,500 employees and 250 benefits leaders had to say about workforce mental health in our 2023 report. 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. 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. In one version of the survey viewed by BuzzFeed News that is hosted on research.net, a disclosure that explains how Lyra shares aggregated and anonymous outcomes data with employers appears on page three of five. 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. Stripe as its single payments platform gives Lyra the confidence and reliability necessary to scale its fast-growing business. After graduating from the UCSF School of Medicine, she completed her residency at Stanford and has a BA in economics from Harvard College. Lyra did not address these allegations and Facebook declined to comment. And that is generally absent from your experience in healthcare.. Senior Benefits and Well-being Program Manager. Lyra helps companies improve access to effective, high-quality mental health care for their employees. 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. 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. We roughly doubled our employer partners in 2020, and finished the year around 75 partners. 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. Lyra Health, which provides mental health benefits for large employers, became the latest healthcare technology startup to hit unicorn status on Tuesday, following a $110 million Series D round. We certainly look at it as a wonderful opportunity. Lyra helps companies improve access to effective mental health care for their employees. You can expect the trajectory to continue in 2021. 2023 Lyra Health, Inc. works in partnership with Lyra Clinical Associates P.C. The solution uses screening tools to identify people at risk of behavioral health issues and then engages with them to provide care services. Amelia Gilbert (AG): Lyra was founded by David Ebersman in 2015, previously serving as Chief Financial Officer at Facebook and Genentech. People tend to feel somewhat better with aggregation, but in the workplace is different, she said. See insights on Lyra Health including office locations, competitors, revenue, , Health (3 days ago) WebCompany profile page for Lyra Health Inc including stock price, company news, press releases, executives, board members, and contact information, Health (7 days ago) WebLyra Health. There are many startups who are looking at pieces of the challenge, and were really working to address it comprehensively, which is a big undertaking. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. Lyra Health. 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. He holds an AB in Economics and International Relations from Brown University. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. 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. News of the funding round was first reported by The Information. EDITOR'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 to $5.58 billion. 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. x][s~W5M $HVmI98q*:{:5gd_t AgnY I\}oZ?EuvVyo+nlxSUWmQceS|>>QL;>> 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. 11:47 am. Rojas, a 25-year-old shift supervisor in Buffalo, New York, had been dealing with gender dysphoria and body image problems, two issues he says compound each other like a snake eating its tail. So Rojas jumped at the coffee giants offer of 20 free counseling sessions from Lyra, a Silicon Valley darling cofounded and led by former Facebook CFO David Ebersman. One of the things thats so magical about Facebook is how the experience is completely personalized, Ebersman said when Lyra launched in 2015. But Lyra Health has raised $187 million in funding, garnering it a $2.3 billion. Companies who partner with Lyra Health for their employee assistance programs (EAP) usually purchase a set number of therapy sessions for each employee. 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. View contacts for Lyra Health to access new leads and connect with decision-makers. The companys HIPAA notice, also found at the bottom of its website, says Lyra shares patient data to support our business operations.. With 20,000 providers in 200+ countries and territories, our network supports 60+ unique care needs through culturally responsive, localized care. Still, some patients had not known about the data sharing. Lyras supporters cite good wages for therapists, a well-built software platform, and the awareness the company has brought to people who might not have otherwise sought therapy. 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. Take Ginger, for example. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. We set the tone, said one of them. Nominate a behavioral health future leader who is spearheading the transformation of one of the fastest-growing segments in the healthcare continuum. 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. Lyra Health's valuation in June 2021 was $4,600M. 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. So the bottom line is money.. Jenny excels at using technology to build highly scalable and innovative products with delightful user experiences. He said he had to constantly re-explain things hed gone over in previous sessions, which made him relive the same traumas every time he had to repeat them. 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. How long does it take to use Lyra? A state senate committee discussed the bill at a hearing last month. I'm a senior writer covering healthcare technology. Health (6 days ago) WebFierce Healthcare Fundraising TrackerDispatchHealth rakes in $330M; Care.ai banks $27M for ambient intelligence. 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. Members can. Untreated mental health conditions can lead to lower productivity and morale that can affect the overall work environment. But patients may feel compelled to complete them because the automated emails look like they are coming from their therapist. About Lyra Health. Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. Lyra Health has 5 employees at their 1 location and $890.1 m in total funding,. The care we provide helps people healand we have peer-reviewed research to prove it. Previously, Stephanie was an HR executive at Gusto, overseeing internal communications, people operations, total rewards, and people analytics. Take Ginger, for example. Lyra raised a series E round worth $187 million boosting its worth and spending budget. 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 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. 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, Lyra raises $75 million in Series C funding, 2020 list of the Worlds Most Innovative Companies, Limit the Use of My Sensitive Personal Information. The bill, called SB 5564, would prohibit employers from disciplining workers based on their decision to see or not see a therapist through an EAP. 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. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. 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 growing list of corporate clients includes eBay (Nasdaq: EBAY), Morgan Stanley (NYSE: MS), Uber (NYSE: UBER) and Zoom (Nasdaq: ZM). As a part-time employee working 20 hours a week at Lyra, Reddy said she was expected to see 12 to 20 patients a week with the goal of having a whole new slate of patients every six to 10 weeks. 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. 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. Lyra has demonstrated, through peer-reviewed research, that its model helps people improve their mental health conditions more quickly than traditional approaches. 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 . This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. He was previously president of markets at Cityblock, and formerly served as CFO and chief strategy officer of the Massachusetts Medicaid program. David founded Lyra to transform behavioral health and remove the barriers that prevent more people from getting the care they need. 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 process to access care usually starts online. Types of diversity represented in an organization, specifically of those who are founding members, currently the CEO, or have check-writing abilities in an investment firm. Stephanie is a graduate of Harvard College and holds an MBA from Harvard Business School. 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. We want to expand those options. Image by Nattanan Kanchanaprat from Pixabay | CC0. BHB is part of the Aging Media Network. The increase year over year was primarily driven by higher clinical development costs related to the Company's three ongoing . The added layer of sharing information with an employer makes it even more problematic. When company leadership was told about those hesitations, they were dismissive of the concerns, the former employees said. In 2020, we saw about 98% of our member provider interactions moved to telehealth. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. Jan 19, 2022, 08:00 ET. 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.
