lyra health business model

Lyra helps companies improve access to effective, high-quality mental health care for their employees. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. 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 Valley's data-absorbed ethos to the discipline of therapy. Lyras 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. I work really hard at Starbucks and I want to get every benefit I possibly can, Rojas said. Lyras model is relatively unique when you compare it to other startups offering employee mental health benefits. The original plan was to offer users unlimited therapy sessions, two former early employees said, though that policy was later changed. He holds an Honours degree from Wits University and an MA in Clinical Psychology from the University of Natal. from Duke University and earned her J.D. 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. 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. Photo: Lacheev/Getty Images. from Boston College Law School. Innovative talent drives the aging industry forward. 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. BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . Were in a really strong financial position right now. 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. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. For more information, visit lyrahealth.com and. Some Lyra therapists were not aware Lyra shares outcomes data with employers, either. Lyra Health has raised a total of $910.1M in funding over 8 rounds. 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. Thats where one of Lyras flagship products comes in: Blended Care. Prior to joining Lyra he was the Chief Financial Officer at Genentech and Facebook. After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. The name was changed to Lyra Health prior to the companys launch. Our huge technology companies don't hold personal privacy with the same regard that I think they should, Keiser told BuzzFeed News. Lyras provider network is key to improving access to care. 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. This feature is in beta and may change with future updates. 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. Please invest in us.. A study published in the Journal of Medical Internet Research, led by Lyras director of clinical product Anita Lungu, recorded a significant decrease in anxiety or depression symptoms after 5 sessions among 385 patients, although it did not include a control group. It would also make it illegal for an employer to obtain individually identifiable information about an employee. With Lyra, more people get better, significantly improve, and achieve lasting results. Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. But four sessions in, Rojas, who uses he/they pronouns, felt frustrated with the progress of their treatment. Now Lyra is looking to dramatically expand its offerings on a global scale post-pandemic. Providers who pass Lyras test are then invited to join its network. 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. But when they use it on their employees, thats a whole different thing. Mental Health is a global challenge, Lucas Swisher, a general partner at Coatue said in a statement. 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. Lyra Health's 2020 revenue was $100M. BURLINGAME, Calif., Jan. 19, 2022 /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has . Jan 19, 2022, 08:01 ET. By saying, Look how successful we are. He was previously president of markets at Cityblock, and formerly served as CFO and chief strategy officer of the Massachusetts Medicaid program. Lyra has tremendous respect for the clinical knowledge, experience, and expertise of our providers, Vanderhorst said in a statement. Before joining Lyra, Ms. Caccavo's private practice focused on health care litigation and regulatory counseling for large health insurers and healthcare providers. Kyle Coward is a former mental health professional with more than a decade of experience as a freelance writer. Previously, she worked in book and magazine publishing before becoming a tv reporter. 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. You can expect the trajectory to continue in 2021. Take Ginger, for example. 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. 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. 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. 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. 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. It really shed a lot of light on the relationship that the counselor has with the company. . Behavioral Health Business recently spoke with McCarthy, to learn more about the companys 2021 growth targets and unicorn status. The employee response has been overwhelmingly positive, says Baldwin, especially as the company works to make seeking mental health services more mainstream. Divaldo Pereira de Lyra Jr 6 Affiliations 1 . The biggest hurdle isnt treatmentits access. Lyras policies have at least some people wary about seeking therapy through their employers. He was inspired to create Lyra after a long struggle to find high-quality mental health support for a family member who needed help. Discover job postings and attract candidates across the post-acute and senior care continuum. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. Well keep those [numbers] to ourselves right now. Were trying to tackle transforming the mental health care system overall, and that is a very significant challenge. Stephanie leads people operations, recruiting, total rewards, and HR business partners at Lyra. 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. 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. 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. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. Their latest funding was raised on Jan 19, 2022 from a Series F round. Active, Closed, Last funding round type (e.g. Members can. 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. One of the keys to the companys success is using clinical measurement tools to establish improvement over time. 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. McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. 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. In 2020, they launched a growth strategy that took their service global. 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. Theyve been data mining personal privacy information for years and for their own bottom line. Behavioral health is one of the defining problems of our time. endobj But one former Lyra therapist says patients should get to choose what they want shared. When it comes to clinical work, the company puts an emphasis on efficiency. 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. 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 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. One-third of people couldnt find any mental health prescriber who would accept their insurance. 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. Prior to Lyra, Jenny spent over 16 years as an engineer and a leader building large-scale CRM platforms. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. Amelia Gilbert (AG): Lyra was founded by David Ebersman in 2015, previously serving as Chief Financial Officer at Facebook and Genentech. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. 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. 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. 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. He also serves on the board of Momentive. So the bottom line is money, said one former Lyra employee who worked on the companys clinical team. Emerson Collective and Salesforce Ventures are the most recent investors. 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. 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. <> 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. Before they made the switch, employees were complaining they couldnt get timely access to care. Other mental health startups have also reportedly incentivized productivity from therapists. 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. 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. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . Meanwhile, Lyra connects its members with partner providers who offer various levels of care in various settings. %PDF-1.7 Stripe as its single payments platform gives Lyra the confidence and reliability necessary to scale its fast-growing business. 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. 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. She holds a CS degree from University of Toronto. From there, we have a thorough vetting interview that we do with any prospective provider, and we really pressure test their understanding and ability to deliver evidence-based therapy..

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