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. Sean helped start Lyra Health in 2015 and now leads partnerships, sales, customer success, marketing, and organizational mental health. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. Thats where one of Lyras flagship products comes in: Blended Care. 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. 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. 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. 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. 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. BuzzFeed News interviewed eight current and former Lyra therapists, and six of them said they did not know about the data sharing. Now Lyra is looking to dramatically expand its offerings on a global scale post-pandemic. Untreated mental health conditions can lead to lower productivity and morale that can affect the overall work environment. Feeling stressed and overwhelmed last January, Daniel Rojas decided to take advantage of a benefit Starbucks often touts for its employees around the country: free therapy through Lyra Health, a mental health startup that provides counseling services for some of the biggest companies in the world. 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 follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. 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. Lyra Health Stock Price, Funding, Valuation, Revenue & Financial Statements You can read the conversation with McCarthy below, which has been edited for length and clarity. Lyra Health's latest post-money valuation is from January 2022. While more and more employers are offering mental health benefits, that doesnt always translate into opportunities for traditional behavioral health providers. Lyra Health Introduces New Offerings to Support Whole Family Mental Health Lyra Health cofounder and CEO David Ebersman. (BuzzFeed has a relationship with Ginger to offer mental health benefits to employees.). 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 . Lyra Health - Funding, Financials, Valuation & Investors 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. 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. News of the funding round was first reported by The Information. Lyra: Coaching, Therapy, and Work Life Services . By data. Lyra is a mental health solution with flexible care options and a convenient digital platform. Lyra Health's latest funding round was a Series G for $235M on January 19, 2022. Sands Capital and the company's existing investors also participated in the raise. % Lyra Health Ex-Therapists Warn Of Ethical Conflicts - BuzzFeed News One of the former therapists, Megha Reddy, said the bonus model can push therapists into churning out patients quickly. Some of Lyras corporate partners include Uber (NYSE: UBER), eBay (Nasdaq: EBAY) and Amgen (Nasdaq: AMGN), among others. 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. 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. Lyra did not address these allegations and Facebook declined to comment. I understand that employers want to measure the efficacy of their programs, the former employee said, but its completely inappropriate to share such sensitive data. He holds an AB in Economics and International Relations from Brown University. It can get dicey in terms of ethics, Reddy said. 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 bottom line is, this is a business. As the company continues its rapid expansion, Lyra can focus on its mission of transforming mental health care knowing . That, in turn, allows Lyra to offer member employees various levels of care, from coaching to more intensive in-person therapy. <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 16 0 R 17 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Health (3 days ago) WebLyra'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. It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. MAY 16 & 17 | The Presidio of San Francisco, CA. Active, Closed, Last funding round type (e.g. Lyra is an employee wellness solution that enables employees to receive care for their emotional and mental well-being. 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. Meet the technologists, mental health experts, and business leaders driving the strategy behind Lyra. What will employees expect in 2022? A year after switching to Lyra, employee engagement was up seven times over the former EAP. Prior to joining Lyra he was the Chief Financial Officer at Genentech and Facebook. From there, intelligent matching technology connects members with a provider who has availability and is best suited to serve their specific needs. It feels different right now, he says. 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. Well keep those [numbers] to ourselves right now. Lyra makes it easy to prove the ROI of your mental health investment. Prior to Lyra, Sean worked at Castlight Health, the National Economic Council, and the Brookings Institution. Lisa oversees legal and regulatory affairs at Lyra, including support for launching new product lines and jurisdictions. Health (6 days ago) WebFierce Healthcare Fundraising TrackerDispatchHealth rakes in $330M; Care.ai banks $27M for ambient intelligence. So the bottom line is money, said one former Lyra employee who worked on the companys clinical team. ", The bottom line is, this is a business. 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. More than half of people surveyed by the National Alliance on Mental Illness said when searching for a psychiatrist the doctors they called weren't accepting new patients or did not accept their insurance. 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. Nov 22, 2022 04:30pm. 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. It was an opportunity for positive change.. %PDF-1.7 Lyra Health gets $235M, soars to $5.58B valuation with new acquisition When company leadership was told about those hesitations, they were dismissive of the concerns, the former employees said. How long does it take to use Lyra? 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. The name was changed to Lyra Health prior to the companys launch. Providers | Lyra Health Divaldo Pereira de Lyra Jr 6 Affiliations 1 . Employer-focused behavioral health startup Lyra scores $200M 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. Lyra Health Completes $235M Funding Round, led by Dragoneer, to Fuel Not only did we see an escalation of need, but also the severity has really grown in a way [so] that accessibility has become more of an urgent issue than ever before. 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. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . 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. That funding helped push Lyras total valuation above $1 billion, making it one of a very few unicorns in the behavioral health spaces. As a part-time employee working 20 hours a week at Lyra, Reddy said she was expected to see 12 to 20 patients a week with the goal of having a whole new slate of patients every six to 10 weeks. You can expect the trajectory to continue in 2021. Lyras growing list of corporate clients includes eBay (Nasdaq: EBAY), Morgan Stanley (NYSE: MS), Uber (NYSE: UBER) and Zoom (Nasdaq: ZM). 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. If theres a positive take away from 2020, its going to be around that awareness [with] these large organizations and the acceptance in the general population for new methodologies and new approaches [to care]. After graduating from the UCSF School of Medicine, she completed her residency at Stanford and has a BA in economics from Harvard College. Share. Jun 14, 2021, 08:00 ET. Lyra has raised $680 million to date and first hit unicorn status in 2020. This process takes less than 10 minutes, with appointments available in as few as 24 hours. 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. With 20,000 providers in 200+ countries and territories, our network supports 60+ unique care needs through culturally responsive, localized care. It is classified as operating in the Management, . She holds a CS degree from University of Toronto. Our huge technology companies don't hold personal privacy with the same regard that I think they should, Keiser told BuzzFeed News. 1 0 obj 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 has 5 employees at their 1 location and $890.1 m in total funding,. The majority of providers in [our health plan and EAP] network just werent available, a benefits leader at eBay said. David founded Lyra to transform behavioral health and remove the barriers that prevent more people from getting the care they need. Along with technology, Jennys passion lies in growing people and teams to tackle challenges with creative solutions. Good mental healthcare is hard to come byeven with insurance. 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. You need to use technology to drive scalability without also losing the kind of personalization and the human touch, says Bremner. Lyra also offers mental health coaching which are sessions for patients with mild symptoms that do not rise to a clinical diagnosis as more of a preventative measure. In 2020, we saw about 98% of our member provider interactions moved to telehealth. Around 50 million people in the U.S. have a mental health condition, and the Covid-19 pandemic is exacerbating two of the most common: anxiety and depression. SPONSORED BY: So they decided to end treatment with that counselor and find another one on Lyras platform. 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..
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