Cerebral did not respond to a request for comment. 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. Lyra health is a $2 billion behavioral health company that tackles mental health issues at the company level. stream 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. per-member-per-year reduction in health care claims costs. Google declined to comment. 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. You need to use technology to drive scalability without also losing the kind of personalization and the human touch, says Bremner. Image by Nattanan Kanchanaprat from Pixabay | CC0. Amgen, Crunchbase, eBay, Ginger, Headspace, Hyatt, lyra health, Pinterest, Starbucks, Uber. People have no idea this is happening.. We believe that choice is important and that people need to have options in how theyre going to manage their mental health concerns, Schneider told BHB. 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. SaaS, Android, Cloud Computing, Medical Device). Share. 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. Talkspace is valued at $1.4 billion, Teladoc is valued at $24.1 billion including its acquisition of BetterHelp. The company's behavioral health transforms behavioral health care with a human touch and helps people feel emotionally healthy . 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. It's unusual for a mental health care company to achieve unicorn statuslet alone a $2 billion-plus valuation. Lyra Health Stock Price, Funding, Valuation, Revenue & Financial Statements The rep suggested he seek long-term treatment elsewhere and left him to figure it out on his own. As the company continues its rapid expansion, Lyra can focus on its mission of transforming mental health care knowing . Lyra Health revenue is $52.7M, valuation more than $1.1B There are many startups who are looking at pieces of the challenge, and were really working to address it comprehensively, which is a big undertaking. It would also make it illegal for an employer to obtain individually identifiable information about an employee. We set the tone, said one of them. The clinicians on Lyras platform specialize in evidence-based blended care therapy, a mix of in-person or live-video sessions and digital lessons and other content. /Bmx8>z+XU|*?+jUF)eM J !_0v':TO nVYt'Xrvv/QsWp[3OKs5t vt?qb??fho2+$)vC0e qh|9frhrkSQ|^+ CiFSWhtlQ7W&e-.2_+l#l{h-yMq1n TLhRQ__+y. Lyra Health Hits $1.1 Billion Valuation, As Coronavirus Boosts - Forbes We basically started an industry., Ebersman has said he wants to bring some of Facebooks data-centric approach to mental health. Lyra Health and commercializing the behavioral health sector - FlowBank Our aim is to revolutionize behavioral health care not only for employers, but for providers, too.. Lyra Health's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. Lyra follows all U.S. regulations regarding privacy, Vanderhorst said in a statement. As COVID-19 continues to wreak havoc on the economy, funding for digital behavioral health companies has remained robust, largely because the nations mental health has worsened amid the pandemic. 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. Starbucks bills its Lyra benefit as mental healthcare for a wide-range of needs, from mild to complex. But Rojass experience reveals one way patients can feel underserved by a startup aiming to be a model for modern mental healthcare. In interviews with BuzzFeed News, 18 users, therapists, and former Lyra employees voiced concerns about some of the companys business practices, including its productivity-based bonus structure for therapists and its use of patient data. We're excited to be in a position where we can invest in leveraging the scale we already have and knowledge from working with hundreds of thousands of patients, says Ebersman. All rights reserved | Email: [emailprotected], Government employee health association geha, Jefferies london health care conference 2022, Advent health shared services phone number, Best short term health insurance colorado, Maxhealth bradenton physicians patient portal. After graduating from the UCSF School of Medicine, she completed her residency at Stanford and has a BA in economics from Harvard College. conclusion and from 1/1/2021 onward Optum will transition inquiries to Lyra Health for the US. How long does it take to use Lyra? Five years later, Lyra is rapidly expanding, and by the end of this month expects to have delivered its one-millionth session. 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. 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. Their latest funding was raised on Jan 19, 2022 from a Series F round. Lyra helps companies improve access to effective mental health care for their employees. PDF Lyra: Coaching, Therapy, and Work Life Services - VMware Employees have access to an exclusive, vetted, and trained network of providers. It usually takes less than 5 minutes to complete the online assessment and get , Health (Just Now) WebFunding. It obviously put a lot of pressure on Lyra to expand our provider network more quickly and to build out our capabilities for scaling in 2020, and so weve had to respond and accelerate in response to that combination of awareness and demand. Lyra Health cofounder and CEO David Ebersman. Lyra shows no signs of slowing down in the new year. Lyra's 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. 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 . Lyra Health. 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. However, it was not a randomized clinical trial, which means the results suggest but cant directly link Lyras platform to the observed improvement. Just as they have access to an acupuncturist or physical therapist, we encourage our employees to consider Lyra part of their holistic care team.. He also serves on the board of Momentive. More on Lyra Health: Lyra Health partners with employers to give employees and their dependents access to personalized mental health services. Jun 14, 2021, 08:00 ET. The company has anecdotally heard partnering providers see more client referrals as a result of the relationship. Theyve been data mining personal privacy information for years and for their own bottom line. 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. BHB is part of the Aging Media Network. You may opt-out by. Untreated mental health conditions can lead to lower productivity and morale that can affect the overall work environment.