Lyra Health's latest post-money valuation is from January 2022. To date, the five-year-old startup has raised more than $103 million in funding, according to the fundraising tracker Crunchbase. from Duke University and earned her J.D. That employee said that culture was instilled as Ebersman began to bring in people who used to work at Facebook. He holds an AB in Economics and International Relations from Brown University. Lyra Health, which provides mental health benefits for large employers, became the latest healthcare technology startup to hit unicorn status on Tuesday, following a $110 million Series D round. Lyra expects to help more than 2 million people with their mental health problems by the end of this year. Mental Health is a global challenge, Lucas Swisher, a general partner at Coatue said in a statement. Talkspace is valued at $1.4 billion, Teladoc is valued at $24.1 billion including its acquisition of BetterHelp. In the latest development, it emerged that Lyra Health, a platform that focuses on providing workforces with mental health care, has filed paperwork to raise a $175 million Series E at a $2.25 . 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. Take Ginger, for example. 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 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. The average person when starting care in 2020 is feeling more anxious and more depressed than we've seen in any prior year, says Ebersman. 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. Category: Health Detail Health Lyra raised a series E round worth $187 million boosting its worth and spending budget. The company has anecdotally heard partnering providers see more client referrals as a result of the relationship. He was previously president of markets at Cityblock, and formerly served as CFO and chief strategy officer of the Massachusetts Medicaid program. Join Lyra and hundreds of HR leaders for our two-day, in-person conference to "break through" the tough issues surrounding workforce mental health. In 2020, we saw almost instantaneously a shift [to] telehealth and telecare counseling. 1 0 obj Turnover as a measure of success is certainly dubious in mental healthcare.. You see that in the buildout of our provider network and in the buildout of our platform, which was really about redefining access. Lyra Health Hits $1.1 Billion Valuation, As Coronavirus Boosts - Forbes BuzzFeed News spoke to seven current and former Google, Facebook, and Starbucks employees who saw Lyra therapists and were upset about the sharing of outcomes data. This isnt an assembly line. Lyra's matching technology and innovative digital platform connect members to a curated network of top therapists and coaches, which results in 3x more people receiving care and 7x better outcomes than traditional plans and EAPs. 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. 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. 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. 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. The majority of companies that purchase Ginger opt for their full system-based approach, allowing members access to various levels of remote care. Google declined to comment. Behavioral Health Business (BHB) is the leading source for news and information . 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. Lyra Health is funded by 35 investors. 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. 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. The therapists said meaningful consent from patients is crucial, even though their names are not attached to the data. [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. Lyras growing list of corporate clients includes eBay (Nasdaq: EBAY), Morgan Stanley (NYSE: MS), Uber (NYSE: UBER) and Zoom (Nasdaq: ZM). He also serves on the board of Momentive. Nominate Now, SPONSORED BY: and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. 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. But Lyra Health has raised $187 million in funding, garnering it a $2.3 billion. %PDF-1.7 Employer-focused behavioral health startup Lyra scores $200M When we looked at spring to fall from 2020, when compared to the months prior, there was an 80% increase in weekly engagement with our provider network. Take Ginger, for example. We have a database that houses information on providers and allows us to very quickly ascertain who in a given geography is most likely practicing evidence-based therapy, Schneider said. Lyras platform takes users through a brief triage process, during which members are asked about their presenting problems, from clinical symptoms to severity of issues. 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. I was surprised when I heard about her story, said a former Google employee. Kocher and Roberts continue to serve on the board, while Bravata left the company. You can read the conversation with McCarthy below, which has been edited for length and clarity. Lyra Health, a mental health benefits provider, raised $235 million in a Series F funding round, the company announced Wednesday. People tend to feel somewhat better with aggregation, but in the workplace is different, she said. 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. 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. One-third of people couldnt find any mental health prescriber who would accept their insurance. Behavioral Health Business (BHB) is the leading source for news and information covering the mental health and addiction industry. Along with the raise, which brought the company's total funding to more than $910 million, Lyra Health also . and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. They should be able to select whether they're willing for their outcomes to be reported, she said. Read the article below in order to calculate the total cost of ownership (TCO), which includes: customization, data migration, training, hardware, maintenance, upgrades, and more. In an October op-ed for Insider, she called for more transparency in the relationship between third-party mental health providers and employers. Thats where one of Lyras flagship products comes in: Blended Care. Lyras model is relatively unique when you compare it to other startups offering employee mental health benefits. 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. endobj San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Its shocking to me, said a former Google employee, who said she didnt remember a data disclosure while filling out the surveys. You can find information easily about the providers and coaches, and then you can quickly do online scheduling, she says, which is particularly important for employees working different shifts at 24-hour hospitals. 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. <> endobj find the right personalized care, match with the right provider for their needs, and feel motivated and supported throughout the entire treatment journey. Senior Benefits and Well-being Program Manager. The increase year over year was primarily driven by higher clinical development costs related to the Company's three ongoing . With 20,000 providers in 200+ countries and territories, our network supports 60+ unique care needs through culturally responsive, localized care. 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. Nov 22, 2022 04:30pm. 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 $52.7M Revenue with 2M customers in 2022. See insights on Lyra Health including office locations, competitors, revenue, , Health (3 days ago) WebCompany profile page for Lyra Health Inc including stock price, company news, press releases, executives, board members, and contact information, Health (7 days ago) WebLyra Health. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. Provider recruitment and retention are essential to the care we provide members and the success of our organization.. As CEO of ICAS World, Andrew spearheads Lyras international operations, ensuring the consistent delivery of care across 180 countries. 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. <>/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>> 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]. Better access to therapy, of course, is a good thing. Jenny excels at using technology to build highly scalable and innovative products with delightful user experiences. Lyra is for everyonefamilies, couples, adults, teens, and children as young as 2. ", The bottom line is, this is a business. Before joining Lyra, Ms. Caccavo's private practice focused on health care litigation and regulatory counseling for large health insurers and healthcare providers. For Lyra Health, a mental health care benefits startup with unicorn status, not only has the company weathered the headwinds of the economic downturn, but thrived in them as well. Providers | Lyra Health So the bottom line is money, said one former Lyra employee who worked on the companys clinical team. It can get dicey in terms of ethics, Reddy said. Worldwide, 970 million people are living with mental health issues. SPONSORED BY: That quickness was a big selling point for eBay, one of Lyras corporate partners. Contact Richard Nieva at richard.nieva@buzzfeed.com. While the regular Lyra health benefit offers services for the whole family, the next step will be using this latest funding round to expand the Blended Care model to include services both for adolescents and couples. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. Lyra spokesperson Dyani Vanderhorst said in a statement, Our approach makes it easy for millions of people to access high-quality mental healthcare. 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. 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. After consulting with Glasson, Washington State Sen. Karen Keiser sent a letter in November to the states secretary of health about the potential conflict between employees and employers that participate in EAPs, according to a copy of the letter viewed by BuzzFeed News. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. McCarthy: We were in a really strong position in 2020 after our Series C and Series D rounds. We intentionally named our program Lyra Mental Wellness to help reduce the stigma around seeking mental health care, the company said in a statement. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. Lyra has raised around $275 million to date. 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. Lyra Health Completes $200M Funding Round to Transform Mental Health We roughly doubled our employer partners in 2020, and finished the year around 75 partners. Its really a big brother kind of approach.. VCA Animal Hospitals, which operates more than 1,000 locations in the U.S., Canada and Japan, first engaged Lyra in a pilot program in January 2020, as part of a broader push at the company to offer well-being programs to its more than 30,000 employees. Our Impact | Lyra Health 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. We basically started an industry. The company covers more than one million U.S. employees and dependents. A year after switching to Lyra, employee engagement was up seven times over the former EAP. Just as they have access to an acupuncturist or physical therapist, we encourage our employees to consider Lyra part of their holistic care team.. The $110 million Series D raise comes on the heels of a $75 million Series C closed in March. Lyra Health has a post-money valuation in the range of $1B to $10B as of Jan 19, 2022 . 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.