This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. 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. Nominate a behavioral health future leader who is spearheading the transformation of one of the fastest-growing segments in the healthcare continuum. I was surprised when I heard about her story, said a former Google employee. One of the things thats so magical about Facebook is how the experience is completely personalized, Ebersman said when Lyra launched in 2015. from Boston College Law School. 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. But if you look at what we did in 2020, it gives a good sense of both the need and the opportunity. 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. 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. In 2020, they launched a growth strategy that took their service global. Worldwide, 970 million people are living with mental health issues. 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 In 2019 alone, the company grew its network of therapists by more than 60%. Google declined to comment. 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. Also on Lyras agenda this year is nailing down more large employer clients, expanding its provider network and tackling some of the systematic problems in behavioral health, according to Andrew McCarthy, Lyras head of corporate marketing. BHB is part of the Aging Media Network. 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. He was inspired to create Lyra after a long struggle to find high-quality mental health support for a family member who needed help. 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. 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. People have no idea this is happening.. Part of that is offering video therapy or in-person therapy, so that people can do what works for them.. Its built on the foundation of really tackling a systemic problem in mental health care. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. We want to expand those options. 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. 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. It provides a full range of care options for all types of mental healthcare needs, from preventative to severe. 3 0 obj 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. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. For more information, visit lyrahealth.com and. We basically started an industry. 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. Were in a really strong financial position right now. Nominate Now, SPONSORED BY: 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 Health Pricing Plans & Cost Guide (Oct 2019) - ITQlick 1 0 obj 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. 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 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. 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 vs Modern Health vs Ginger: What's the Best Mental Health Platform Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. To date, the five-year-old startup has raised more than $103 million in funding, according to the fundraising tracker Crunchbase. 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. In December, Forbes reported that Cerebral had reclassified salaried therapists as contractors, making access to medical, vision, and dental benefits contingent on meeting quotas. Lyra Health revenue is $52.7M, valuation more than $1.1B We want to be able to offer targeted and effective approaches to everyone, says Ebersman. The name was changed to Lyra Health prior to the companys launch. Lyras provider network is unique to each market in which it operates. Theyre moving in a direction of offering a more robust offering that will really reduce symptoms of depression and anxiety and increase levels of productivity.. Stephanie is a graduate of Harvard College and holds an MBA from Harvard Business School. Behavioral health is one of the defining problems of our time. Arthur Caplan, head of the Division of Medical Ethics at the NYU Grossman School of Medicine, said a bonus system like the one used by Lyra makes him nervous. It could be a conflict of interest, he said. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. Obviously, as things open up, there will be people who want to meet in person, but its going to be a slow movement back to more in-person activities. Our typical cadence in working with these large organizations would be to have initial conversations at the beginning of the year, but really work into implementation in the latter part of Q3 and into Q4. One-third of people couldnt find any mental health prescriber who would accept their insurance. The San Francisco-based virtual behavioral health care system delivers text- and video-based mental health services to users, including behavioral health coaching, therapy and psychiatry. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. Lyra Health Helps Providers Improve, Capitalize On Employee Mental 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. Lyra Health Case Study | LinkedIn Sales Solutions The financial incentives create the potential for abuse, she said. The retail medicine continues to have business model centered on the product and controlling the pharmaceutical practice model. Lyra has tremendous respect for the clinical knowledge, experience, and expertise of our providers, Vanderhorst said in a statement. As the company continues its rapid expansion, Lyra can focus on its mission of transforming mental health care knowing . People tend to feel somewhat better with aggregation, but in the workplace is different, she said. All providers in the network are vetted ahead of time. Lyra is an employee wellness solution that enables employees to receive care for their emotional and mental well-being. Meanwhile, Lyra connects its members with partner providers who offer various levels of care in various settings. Lyra Health gains unicorn status as demand for teletherapy soars Turnover as a measure of success is certainly dubious in mental healthcare.. January 19, 2022. 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. Thats where one of Lyras flagship products comes in: Blended Care. Lyra: Coaching, Therapy, and Work Life Services . Prior to joining Lyra, she was the co-founder and chief medical officer at Vida Health. It feels different right now, he says. Lyra makes it easy to prove the ROI of your mental health investment. But on the flip side, both employees and employers are asking for help. Lyra Health's latest funding round was a Series G for $235M on January 19, 2022. %PDF-1.7 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. 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. 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. Our privacy policy is standard format and provides detailed information about our practices.. Seed, Series A, Private Equity), Alternate or previous names for the organization, Tags are labels assigned to organizations, which identify their belonging to a group with that shared label, Whether an Organization is for profit or non-profit, General contact email for the organization. Lyra Health's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. Products; . Lyra developed an AI-enabled technology platform to match patients with the providers best suited to treat their specific needs. Headspace and Ginger were founded in 2010 and 2011, respectively. 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. 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. 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. The tech industrys growth-at-all-costs outlook may not translate well to a field as delicate as mental 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. 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. The company covers more than one million U.S. employees and dependents. Every week my team meets, and we look at a group of providers to see how they measure up on different metrics to determine whether theyre still practicing evidence-based therapies, Schneider said. 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 is founded and receives $35 million in Series A funding, led by Greylock Partners and Venrock, Lyra launches Mental Health Coaching and Blended Care Therapy, and secures $45 million in Series B financing, with Tenaya Capital, Glynn Capital, Crown Ventures, and Casdin Capital, Lyra launches Blended Care Medication Management, Lyra raises $75 million in Series C funding, welcoming leading growth investors IVP and Meritech, Lyra named to Fast Companys 2020 list of the Worlds Most Innovative Companies, Lyra secures $110 million in Series D funding, led by Addition and including Adams Street and our existing investors, Lyra earns Forbes Best Product Healthcare Award 2020, Oprah named Lyra investor; Lyra raises $187 million in Series E funding and completes additional $200 million funding round, Lyra Health partners with ICAS World to deliver comprehensive mental health care globally, Lyra introduces Preventive Care suite, along several initiatives to address complex mental health diagnoses including Lyra Renew, Lyra DBT, and Lyra Concierge, Lyra completes $235M funding round, led by Dragoneer and including Salesforce Ventures and existing investor Coatue, Lyra acquires ICAS World and grows to 10 million members, Lyra launches Workforce Transformation and an expanded suite of offerings to support Whole-Family Mental Health. 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. Nominate a behavioral health future leader who is spearheading the transformation of one of the fastest-growing segments in the healthcare continuum. Employees have access to an exclusive, vetted, and trained network of providers. The company counts a wide range of industries among its client base, ranging from Morgan Stanley to Zoom Video Communications. Here are a few of our proudest moments. He also worked at General Catalyst, Bain Capital, and McKinsey. How Much Does Lyra Health Pay in 2023? (366 Salaries) The majority of providers in [our health plan and EAP] network just werent available, a benefits leader at eBay said. It was an opportunity for positive change.. How long does it take to use Lyra? Fifty million Americans each year suffer from a diagnosable mental health condition such as depression or anxiety . The biggest hurdle isnt treatmentits access. 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. Nov 22, 2022 04:30pm. and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. Lyra Health is changing mental health care in America - Fast Company 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. Before joining Lyra, Ms. Caccavo's private practice focused on health care litigation and regulatory counseling for large health insurers and healthcare providers. So the bottom line is money.. Theyve been data mining personal privacy information for years and for their own bottom line. 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. Lyra Health Introduces New Offerings to Support Whole Family Mental Health That employee said that culture was instilled as Ebersman began to bring in people who used to work at Facebook. Ms. Caccavo holds a B.S. And that is generally absent from your experience in healthcare.. 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. Glasson, who is suing Google after alleged pregnancy discrimination, had sought session notes from her Lyra therapist as part of the lawsuit. News of the funding round was first reported by The Information. That quickness was a big selling point for eBay, one of Lyras corporate partners. Lyra Health employees rate the overall compensation and . Cerebral did not respond to a request for comment. That funding helped push Lyras total valuation above $1 billion, making it one of a very few unicorns in the behavioral health spaces. 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. BuzzFeed News interviewed eight current and former Lyra therapists, and six of them said they did not know about the data sharing. 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. 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. He holds an AB in Economics and International Relations from Brown University. 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. Lyra Health's valuation in June 2021 was $4,600M. Some of Lyras corporate partners include Uber (NYSE: UBER), eBay (Nasdaq: EBAY) and Amgen (Nasdaq: AMGN), among others. Lyra Health Acquires ICAS World to Expand Its Mental Health Care 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 is a mental health solution with flexible care options and a convenient digital platform. x][s~W5M $HVmI98q*:{:5gd_t AgnY I\}oZ?EuvVyo+nlxSUWmQceS|>>QL;>> You cant just throw people in and expect them to see results., Vanderhorst, the Lyra spokesperson, didnt answer specific questions about the bonus system or what changes may have been made to it, but said in a statement, We take great care in creating a supportive and dynamic work experience for our providers as well as offering them fair compensation.. 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. Vanderhorst said new users must acknowledge both the privacy policy and HIPAA notice while setting up their accounts. 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. The surveys, which use clinically accepted and standardized questions, are optional. Lyra Health's Annual Report & Profile shows critical firmographic facts: What is the company's size? 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. 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 is actually people, said one former therapist. You can read the conversation with McCarthy below, which has been edited for length and clarity. The startup employs its own therapists while also tapping into a network of contractors. Get our top predictions based on third-party surveys. 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. 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. Lyra Health's 2020 revenue was $100M. They should be able to select whether they're willing for their outcomes to be reported, she said. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. The solution uses screening tools to identify people at risk of behavioral health issues and then engages with them to provide care services. Good mental healthcare is hard to come byeven with insurance. However, providers can be removed at any time if they fail to meet the startups standards. 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. Lyra Health and commercializing the behavioral health sector - FlowBank
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