It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today . Lyra Health revenue is $52.7M, valuation more than $1.1B Jun 14, 2021, 08:00 ET. 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.. Lyra Health Introduces New Offerings to Support Whole Family Mental Health It was an opportunity for positive change.. 2023 Lyra Health, Inc. works in partnership with Lyra Clinical Associates P.C. 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. 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. Lyras model is relatively unique when you compare it to other startups offering employee mental health benefits. 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. This is actually people, Reddy said. 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. For more information, visit lyrahealth.com and. Lyra isnt the only company in the mental health space facing questions about what its doing with anonymous user data. Some Lyra therapists were not aware Lyra shares outcomes data with employers, either. endobj In 2019 alone, the company grew its network of therapists by more than 60%. We want to expand those options. 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. Lyra Health gets $235M, soars to $5.58B valuation with new acquisition Lyra helps companies improve access to effective mental health care for their employees. 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. Lyra 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 and lifestyles, including in-person, video conferencing, and text messaging 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. 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 also announced that Kerry Chandler, chief human resources office at the global entertainment and sports company Endeavor, would join the board of directors. Take Ginger, for example. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. Our privacy policy is standard format and provides detailed information about our practices.. Why? 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. That is a component of our goals around expanding our provider network, both in numbers and diversity. 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. 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. Providers | Lyra Health Take Ginger, for example. 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. 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 . While coaches are becoming increasingly common in mental health startups, critics worry about variability in training and effectiveness, since these coaches dont undergo licensing programs like other mental health providers. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. 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. Cerebral did not respond to a request for comment. Products; . Diversity Spotlight (US Headquarters Only), Edit Lists Featuring This Company Section, Pelican Products Partners with Lyra Health to Expand Mental Health Services for Employees, Forecast: 15 Startups We Think Could Go Public In 2023, Telehealth Startups Pivot (Yet Again) As Employer Benefits Get Reevaluated In Layoff-Looming Economy, Western US Information Technology Female Founded Companies, Health Care Late Stage Companies With More Than 10 Employees, West Coast Information Services Female Founded Companies. 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. Lyra Health. 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. 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. 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. A year after switching to Lyra, employee engagement was up seven times over the former EAP. Despite federal laws requiring health insurers to reimburse mental health and medical services at the same rates, the unfortunate truth is many insurance networks have terrible coverage with outdated provider directories and unintelligible benefits. However, it was not a randomized clinical trial, which means the results suggest but cant directly link Lyras platform to the observed improvement. The company, which has raised $700 million in funding to date, generates revenue through deals with high-profile companies, using anonymized patient data to prove it provides worthwhile benefits. 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. Lyra Health is funded by 35 investors. He also serves on the board of Momentive. Photo: Lacheev/Getty Images. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Lyra Health - Funding, Financials, Valuation & Investors Lyra Frequently Asked Questions (FAQ) What is Lyra Health? - Synopsys Learn More. Better than 80% of providers that you would get through your traditional health care plans are only available on paper. The $110 million Series D raise comes on the heels of a $75 million Series C closed in March. 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. People tend to feel somewhat better with aggregation, but in the workplace is different, she said. Lyra Health and commercializing the behavioral health sector - FlowBank You can read the conversation with McCarthy below, which has been edited for length and clarity. Sign up for a free trial to see Lyra Health's valuations in January 2022, January 2021, August 2020 and more. Junto Health Lyra has raised around $275 million to date. per-member-per-year reduction in health care claims costs. Clinicians can use the data to help shape their treatment, but theres another reason Lyra pushes the surveys: The company shares aggregated and anonymized data about patient outcomes with employers to illustrate the effectiveness of its services. Kyle Coward is a former mental health professional with more than a decade of experience as a freelance writer. You see that in the buildout of our provider network and in the buildout of our platform, which was really about redefining access. The original plan was to offer users unlimited therapy sessions, two former early employees said, though that policy was later changed. That quickness was a big selling point for eBay, one of Lyras corporate partners. Lyra Health - Wiki | Golden Lyra Health. All providers in the network are vetted ahead of time. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. 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. Rates of anxiety, depression, and general mental health challenges are increasing around the world, and we believe Lyra has the opportunity to offer care to a large portion of the population that historically has been unable to access it.. 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. 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. By data. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. Amgen, Crunchbase, eBay, Ginger, Headspace, Hyatt, lyra health, Pinterest, Starbucks, Uber. After graduating from the UCSF School of Medicine, she completed her residency at Stanford and has a BA in economics from Harvard College. Divaldo Pereira de Lyra Jr 6 Affiliations 1 . 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 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. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. 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. 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. Nominate a behavioral health future leader who is spearheading the transformation of one of the fastest-growing segments in the healthcare continuum. He was inspired to create Lyra after a long struggle to find high-quality mental health support for a family member who needed help. Members can. 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. 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. SaaS, Android, Cloud Computing, Medical Device). 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. And you have confidence that when your people reach out for care, Lyra will help them feel better so they can stay productive and engaged. 1 0 obj Lyra shows no signs of slowing down in the new year. Lyra blends the best providers, advanced technology, and a steadfast commitment to quality care for all. Lyrahealth.com . David founded Lyra to transform behavioral health and remove the barriers that prevent more people from getting the care they need. Contact Richard Nieva at richard.nieva@buzzfeed.com. But on the flip side, both employees and employers are asking for help. 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. Still, some patients had not known about the data sharing. 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. Where the organization is headquartered (e.g. Stephanie leads people operations, recruiting, total rewards, and HR business partners at Lyra. from Duke University and earned her J.D. Thats our plan for the foreseeable future. Leading Global Workforce Mental Health Care | Lyra Health Lyra Health Company Profile - Craft 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. We certainly look at it as a wonderful opportunity. Google does not access the medical records of people using Lyra Health, and we have no special access, Google spokesperson Jennifer Rodstrom said in a statement. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. By 2022, Lyra plans to offer coaching, therapy and medication across one global platform to all users. Other mental health companies, including Ginger, Modern Health, and Cerebral, have also become workplace staples, especially throughout a global pandemic. Starbucks did not respond to multiple requests for comment on Rojass situation, and Lyra declined to address it. How Lyra Health hit $52.7M Revenue with 2M customers in 2022. The Series E funding really allows us to further accelerate a number of areas that weve already been focused on. 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. Mental Health is a global challenge, Lucas Swisher, a general partner at Coatue said in a statement. BuzzFeed News interviewed eight current and former Lyra therapists, and six of them said they did not know about the data sharing. 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. 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. When company leadership was told about those hesitations, they were dismissive of the concerns, the former employees said. Lyra Health's latest post-money valuation is from January 2022. This process takes less than 10 minutes, with appointments available in as few as 24 hours. But when they use it on their employees, thats a whole different thing. The company has also had a history of its clinicians feeling overlooked, two former employees said. One of the former therapists, Megha Reddy, said the bonus model can push therapists into churning out patients quickly.