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. The need in mental health care continues to be significant, and were really optimistic about the level of engagement that large employers have in looking at mental health care as something they need to address in new ways. Facebook and Morgan Stanley declined to comment. You may opt-out by. 1 0 obj The surveys, which use clinically accepted and standardized questions, are optional. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. 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. We pay great attention to the practices and the quality of the providers and really aspire to a world where we would be comfortable sending a friend or family member to any provider in our network, says Ebersman. Lyra helps companies improve access to effective mental health care for their employees. Discover job postings and attract candidates across the post-acute and senior care continuum. 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. One-third of people couldnt find any mental health prescriber who would accept their insurance. Lyra Health scores $235M and a new acquisitionbut it's not the only 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. SPONSORED BY: Still, some patients had not known about the data sharing. Senior Benefits and Well-being Program Manager. The employee response has been overwhelmingly positive, says Baldwin, especially as the company works to make seeking mental health services more mainstream. This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. Lyra Health's latest post-money valuation is from January 2022. 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. Cerebral did not respond to a request for comment. 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. 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. 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. We want to expand those options. Gingers coaches stay with the member as they move throughout the continuum. Lyra health is a $2 billion behavioral health company that tackles mental health issues at the company level. In 2020, they launched a growth strategy that took their service global. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. Talkspace is valued at $1.4 billion, Teladoc is valued at $24.1 billion including its acquisition of BetterHelp. Connie leads product, clinical operations, and research at Lyra. Turnover as a measure of success is certainly dubious in mental healthcare.. Image by Nattanan Kanchanaprat from Pixabay | CC0. You can get started at VMware.lyrahealth.com or, if you have questions, contact Lyra's care team at [email protected] or (844) 377-7481. And there was a 30% uptick in thoughts of suicide. In an October op-ed for Insider, she called for more transparency in the relationship between third-party mental health providers and employers. Matt leads finance and corporate development at Lyra. BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . Lyra Frequently Asked Questions (FAQ) What is Lyra Health? - Synopsys We basically started an industry. x][s~W5M $HVmI98q*:{:5gd_t AgnY I\}oZ?EuvVyo+nlxSUWmQceS|>>QL;>> While engineering and data teams were valued for their input, people on the clinical team were treated like second-class citizens, one of the former employees said. Thats going to be based on the patient and my discretion.. 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. 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 The startup employs its own therapists while also tapping into a network of contractors. Lyra Health Ex-Therapists Warn Of Ethical Conflicts - BuzzFeed News I'm a senior writer covering healthcare technology. 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. Adams Street's Growth Equity Team is proud to announce an investment in Lyra, a mental health provider that is transforming behavioral healthcare through technology with a human touch.. A Market in Need of Disruption. Now Lyra is looking to dramatically expand its offerings on a global scale post-pandemic. BHB is part of the Aging Media Network. This isnt an assembly line. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. SPONSORED BY: She holds a CS degree from University of Toronto. People tend to feel somewhat better with aggregation, but in the workplace is different, she said. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. 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. Lyra, which offers an easy-to-use digital platform to connect people with mental health providers, has around 1.5 million members so far, adding more than 800,000 people since the start of the pandemic. Lyra is currently working with employers representing 1 million covered lives across the U.S. With our streamlined model, Lyra is able to secure members fast access to care with superior clinical outcomes. Employers are so fed up with subpar mental health benefits that they are willing to pay extra for a hand-picked network of providers that will help their employees. 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. Better access to therapy, of course, is a good thing. 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. Lyra Health Completes $200M Funding Round to Transform Mental Health 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's Annual Report & Profile shows critical firmographic facts: What is the company's size? David founded Lyra to transform behavioral health and remove the barriers that prevent more people from getting the care they need. One of the former therapists, Megha Reddy, said the bonus model can push therapists into churning out patients quickly. It is classified as operating in the Management, Scientific & Technical Consulting Services industry. The company has anecdotally heard partnering providers see more client referrals as a result of the relationship. Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. Health (7 days ago) WebLyra 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 , Health (5 days ago) WebLyra, which offers an easy-to-use digital platform to connect people with mental health providers, has around 1.5 million members so , Health (5 days ago) WebLyra Health offers its mental health platform to companies as a benefit for their employees. Photo: Lacheev/Getty Images. 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. McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. 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. The care we provide helps people healand we have peer-reviewed research to prove it. Amgen, Crunchbase, eBay, Ginger, Headspace, Hyatt, lyra health, Pinterest, Starbucks, Uber. Lyra also announced that Kerry Chandler, chief human resources office at the global entertainment and sports company Endeavor, would join the board of directors. When it comes to clinical work, the company puts an emphasis on efficiency. 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. Lyra Health Introduces New Offerings to Support Whole Family Mental Health 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. The Series E funding really allows us to further accelerate a number of areas that weve already been focused on. One of the keys to the companys success is using clinical measurement tools to establish improvement over time. Lyra Health gets $235M, soars to $5.58B valuation with new acquisition How long does it take to use Lyra? 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 . With 20,000 providers in 200+ countries and territories, our network supports 60+ unique care needs through culturally responsive, localized care. The biggest hurdle isnt treatmentits access. Lyra Health, a behavioral health benefits platform for employers, shared today it has closed a $200 million financing round led by Coatue. That being said, our focus right now is [on] solving the broken behavioral health system, and we have a very strong financial position thats going to allow us to continue to expand our investments. We certainly look at it as a wonderful opportunity. He later jumped to Facebook, where he served as CFO, as well as a board member for Castlight Health. Network with thought leaders and discover solutions to todays tough issues in workforce mental health. 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.. Lyra Health expands as wellness demand increases - Protocol 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. 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 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.
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