How Lyra Health hit $52.7M Revenue with 2M customers in 2022. And that is generally absent from your experience in healthcare.. You may opt-out by. Members can. I felt like I was being cheated.. The process to access care usually starts online. People have no idea this is happening.. Lyras policies have at least some people wary about seeking therapy through their employers. 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. Jennifer King, privacy and data policy fellow at the Stanford University Institute for Human-Centered Artificial Intelligence, said theres the legal process of gathering consent, and then theres the moral question of making sure people fully understand. 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. 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. After that, Glasson said, her therapist called and indicated she was no longer comfortable seeing her. In 2020, we saw about 98% of our member provider interactions moved to telehealth. 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and medical services at the same rates, the unfortunate truth is many insurance networks have terrible coverage with outdated provider directories and unintelligible benefits. Lyras concierge member experience ensures every employee receives high-quality care that makes a genuine difference in their lives. It was an opportunity for positive change.. Lyra shows no signs of slowing down in the new year. Jun 14, 2021, 08:00 ET. 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. He later jumped to Facebook, where he served as CFO, as well as a board member for Castlight Health. [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. 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. It is classified as operating in the Management, Scientific & Technical Consulting Services industry. Loris.ai, the partner company to the nonprofit Crisis Text Line, is contending with criticism after Politico reported that it uses anonymous but sensitive data drawn from conversations on the text-based suicide hotline for business purposes. Where the organization is headquartered (e.g. Lyra Health cofounder and CEO David Ebersman. 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. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . Stripe as its single payments platform gives Lyra the confidence and reliability necessary to scale its fast-growing business. The startup employs its own therapists while also tapping into a network of contractors. He also fancies himself as an amateur pastry chef who isnt shy of showing off his White Sox fandom in the office. Emerson Collective and Salesforce Ventures are the most recent investors. 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." . Kyle Coward is a former mental health professional with more than a decade of experience as a freelance writer. That funding helped push Lyras total valuation above $1 billion, making it one of a very few unicorns in the behavioral health spaces. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. 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 actually work. 4 0 obj 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 $29.7 million for the same periods in 2021. I work really hard at Starbucks and I want to get every benefit I possibly can, Rojas said. In December, Forbes reported that Cerebral had reclassified salaried therapists as contractors, making access to medical, vision, and dental benefits contingent on meeting quotas. endobj I'm a senior writer covering healthcare technology. He said he had to constantly re-explain things hed gone over in previous sessions, which made him relive the same traumas every time he had to repeat them. The employee response has been overwhelmingly positive, says Baldwin, especially as the company works to make seeking mental health services more mainstream. You see that in the buildout of our provider network and in the buildout of our platform, which was really about redefining access. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. Innovative talent drives the aging industry forward. He was previously president of markets at Cityblock, and formerly served as CFO and chief strategy officer of the Massachusetts Medicaid program. After graduating from the UCSF School of Medicine, she completed her residency at Stanford and has a BA in economics from Harvard College. 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. Performance guarantees The increase year over year was primarily driven by higher clinical development costs related to the Company's three ongoing . Nov 22, 2022 04:30pm. With Lyra, you only pay for the care your employees receive. Fierce Healthcare Fundraising TrackerDispatchHealth rakes in $330M; Care.ai banks $27M for ambient intelligence. 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. You cant just throw people in and expect them to see results., "We set the tone. This is actually people, Reddy said. Facebook, Google, and Morgan Stanley declined to comment on Lyras bonus structure, and Starbucks did not respond to multiple requests for comment. Lyra Health's 2020 revenue was $100M. Nominate Now, SPONSORED BY: Other mental health companies, including Ginger, Modern Health, and Cerebral, have also become workplace staples, especially throughout a global pandemic. surveyed by the National Alliance on Mental Illness. 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. So the bottom line is money.. 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. While more and more employers are offering mental health benefits, that doesnt always translate into opportunities for traditional behavioral health providers. Lyra has demonstrated, through peer-reviewed research, that its model helps people improve their mental health conditions more quickly than traditional approaches. Take Ginger, for example. endobj Image by Nattanan Kanchanaprat from Pixabay | CC0. 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. Investors were becoming increasingly aware of the scope and depth of the transformation of behavioral health care. The pandemic highlighted this need that I think we're experiencing and companies continue to take it very seriously.. Lyra Health's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. Since our founding in 2015, weve achieved many accomplishments together as a team. x][s~W5M $HVmI98q*:{:5gd_t AgnY I\}oZ?EuvVyo+nlxSUWmQceS|>>QL;>> He holds an MBA from Harvard Business School and a BA in chemistry from Princeton University. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. BHB is part of the Aging Media Network. Vanderhorst said new users must acknowledge both the privacy policy and HIPAA notice while setting up their accounts. While a randomized controlled trial would be needed to truly determine clinical effectiveness, the study suggests that Lyras teletherapy model could potentially achieve faster results than the typical 12 to 16 weeks of standard treatment. BURLINGAME, Calif., Jan. 19, 2022 /PRNewswire/ -- Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has . 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. Pay-for-results pricing model Forget the sunk costs associated with traditional EAPs that require you to pay for a service your employees may not even use. He holds an Honours degree from Wits University and an MA in Clinical Psychology from the University of Natal. 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. 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. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . stream Category: Health Detail Health 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. Around one in four U.S. adults suffer from a diagnosable mental health condition and depression is one of the leading causes of disability worldwide. 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. 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. 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. Lyra raised a series E round worth $187 million boosting its worth and spending budget. Its shocking to me, said a former Google employee, who said she didnt remember a data disclosure while filling out the surveys. 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. It's unusual for a mental health care company to achieve unicorn statuslet alone a $2 billion-plus valuation. 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. 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. One of the things that we saw in the early part of 2020 as COVID unfolded was a sense of urgency for delivering mental health care from significant employers. 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.. 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. People tend to feel somewhat better with aggregation, but in the workplace is different, she said. 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. 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. In Lyras privacy policy, the company says it can use personal information to comply with our legal obligations., Its all inappropriate and unethical, Glasson said of Lyras business practices. 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. The $110 million Series D raise comes on the heels of a $75 million Series C closed in March. Join Lyra and hundreds of HR leaders for our two-day, in-person conference to "break through" the tough issues surrounding workforce mental health. You can read the conversation with McCarthy below, which has been edited for length and clarity. While it provides both in-person and online therapy, its telehealth-first. Prior to Lyra, Sean worked at Castlight Health, the National Economic Council, and the Brookings Institution. The majority of providers in [our health plan and EAP] network just werent available, a benefits leader at eBay said. Providers who pass Lyras test are then invited to join its network. Well keep those [numbers] to ourselves right now. The Series E funding really allows us to further accelerate a number of areas that weve already been focused on. Lyra Health cofounder and CEO David Ebersman. I felt alienated. That employee said that culture was instilled as Ebersman began to bring in people who used to work at Facebook. Divaldo Pereira de Lyra Jr 6 Affiliations 1 . Lyra will work towards being the comprehensive solution that I think this part of the healthcare system deserves., This is a BETA experience. The bottom line is, this is a business. View contacts for Lyra Health to access new leads and connect with decision-makers. Lyra Health, a behavioral health benefits platform for employers, shared today it has closed a $200 million financing round led by Coatue. Meet the technologists, mental health experts, and business leaders driving the strategy behind Lyra. So the bottom line is money, said one former Lyra employee who worked on the companys clinical team. Still, some patients had not known about the data sharing. All providers in the network are vetted ahead of time. It provides a full range of care options for all types of mental healthcare , Health (8 days ago) WebLyra Health has 5 employees at their 1 location and $890.1 m in total funding,. In 2020, they launched a growth strategy that took their service global. This is actually people, said one former therapist. 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. Lyra offers its customers access to a curated network of both virtual and in-person mental health providers, along with a virtual platform that aims to help people get better faster through evidence-based methods like cognitive behavioral therapy. Products; . 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. Prior to joining Lyra, she was the co-founder and chief medical officer at Vida Health. Lyra Health, a mental health benefits provider, raised $235 million in a Series F funding round, the company announced Wednesday. 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. This was done so that our best and most productive therapists have the opportunity to earn more, CEO Kyle Robertson said in response. Lyra has raised around $275 million to date. % 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. Lyra Health employees rate the overall compensation and . 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. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. 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. Photo: Lacheev/Getty Images. 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. When it comes to clinical work, the company puts an emphasis on efficiency. This raise brings Lyra's total funding to date to $680 million and values . 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. That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. Nominate a behavioral health future leader who is spearheading the transformation of one of the fastest-growing segments in the healthcare continuum. Senior Benefits and Well-being Program Manager. We want to expand those options. 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. Its built on the foundation of really tackling a systemic problem in mental health care. However, providers can be removed at any time if they fail to meet the startups standards. Its customers span a range of industries and sizes, including eBay, Genentech, Uber and VCA Animal Hospitals. It can get dicey in terms of ethics, Reddy said. Data collection was a key issue for some therapists during the early days of the company, according to three former Lyra employees. 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. He also serves on the board of Momentive. Just as they have access to an acupuncturist or physical therapist, we encourage our employees to consider Lyra part of their holistic care team.. Companies who partner with Lyra Health for their employee assistance programs (EAP) usually purchase a set number of therapy sessions for each employee. (Lyra declined to make Ebersman available for an interview.). 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. Sands Capital and the company's existing investors also participated in the raise. from Duke University and earned her J.D. Nov 22, 2022 04:30pm. 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. Senior Benefits and Well-being Program Manager. I had no idea they were doing that., Lyra defended how it communicates its privacy practices to patients. 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. Were in a really strong financial position right now. and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. Connie leads product, clinical operations, and research at Lyra. 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. 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. But one digital health company who boasts impressive corporate partners of its own is taking a different approach. Employees also appreciate Lyras ease-of-use. If you look from tip to tail, the challenge begins with access to providers. 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. 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.. We roughly doubled our employer partners in 2020, and finished the year around 75 partners. 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.