Lyra Health has developed a digital mental health platform for enterprise business employees. The platform connects members with a network of therapists, life coaches, and other mental health professionals through live video telehealth therapy, coaching, and self-care tools allowing employees and their families access to mental health plans in real-time.
Lyra works with employers to offer its service in an end-to-end format starting by assisting companies in announcing that the product exists. Lyra states that they recognize that mental health can be a sensitive topic for employees, so it works with employers and employees to assure safety and HIPPA compliant data collection.
Lyra offers various care services to its users, including self-care tools, mental health coaching, evidence-based therapy, medication management, critical incident support, manager training, onsite therapy, and work-life services. The services can be implemented at companies through health plans, employee assistance programs, or custom benefit plans can be developed through collaboration between Lyra and employers.
Using validated clinical assessments such as the GAD-7 and PHQ-9, Lyra makes actionable suggestions to employees, such as speaking with a therapist, coach, or practicing self-help techniques. Lyra's 400,000+ mental health providers use evidence-based treatments (EBTs) with employees/ patients to promote effective health plans. Common properties of EBTs are goal-focused treatments, new skill development, practice between sessions, track progress toward goals, and short-term and long-term benefits.
Lyra has developed a network of over 400,000 mental health providers using machine learning, analytical models, and clinical experience. Machine learning and data analytics help Lyra identify evidence-based providers located near members. Lyra then assigns the providers with "Quality Prediction Scores" that predict adherence to evidence-based practices. If scores are high enough, the company schedules clinical interviews with providers to validate the quality prediction scores and invite qualifying providers to join the Lyria network; the company reports that roughly 5% of candidates are selected.
Ongoing patient assessments and progress tracking are conducted to monitor the effectiveness of providers over time. If a provider is deemed ineffective, they are removed from the Lyra network.
Addition, which led the Series D, led this new round and was joined by new investors Durable Capital Partners, Fidelity Management & Research Co. and Baillie Gifford, along with other existing investors.The new round gives the company more than $480 million in total funding.
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.
A behavioral health startup founded by Facebook’s former CFO raised $75 million in new funding. Lyra Health, which connects employees to therapists and other providers through its platform, has now raised more than $175 million to date.
The company said it has raised $45 million in a new financing round including Tenaya Capital, Glynn Capital Partners, Crown Ventures, and Casdin Capital. Existing investors that include Greylock Partners, Venrock, and Providence Ventures also participated in the funding round.
Lyra Health helps make sure your employees get proper mental health care
October 14, 2015