Lyra Health (lyrahealth.com)
What is the company? How much have they raised to date?
Founded in 2015, Lyra Health is an employee assistance program that provides mental health support to employers. They do not have a direct to client offering. According to their site, they get 10X utilization compared to other EAPs and 88% of members improve with care. Lyra Health has raised a total of $350 million and last raised $235 million at a valuation of just over $5.5 billion dollars.
What's their mission?
Lyra’s mission is to provide life-changing care for people and transformative value for your business. In a world where billions of dollars are lost in productivity due to mental health struggles, Lyra Health is on a big mission.
Who founded the company? Are their clinicians on the executive team?
Lyra Health was co-founded by David Ebersman. Prior to founding Lyra Health, David was CFO at Facebook for five years and prior to that CFO at Genetech a biotech research company. Lyra does have a clinician as COO, Connie Chen MD. Connie is a board-certified internal medicine physician. It does not appear that Lyra has any mental health clinicians on their executive team.
Cofounder Dena Bravata MD, is no longer with Lyra and left back in 2016. She has since served on the board or as an advisor at a number of health startups.
What's the business model? How does this company make money?
Lyra Health is an EAP and is offered at no cost to members. Lyra charges employers based on utilization.
What does one get for paying that price?
Lyra Health is an EAP and thus provides services to employees at no cost. Lyra is partnered with companies like Zoom, Starbucks, Twilio, and Morgan Stanley. Lyra says 97% of members are less than 20 miles from a Lyra in person provider. Lyra has several options for employees. First, family care means care is available for adults, couples, and kids aged 2+. For preventative care, Lyra has self-guided lessons and evidence-based coaching. Lyra not only offers therapy but medication management and substance use programs.
Lyra also offers manager consultations, crisis incident support, legal support, financial services, and ID theft support.
What is the cancellation policy?
Lyra Health is not a subscription service thus clients can stop anytime
If applicable, what are the pay/benefits for therapists?
Lyra Health claims to have a network of 100% evidence based provider network made up of 4,500 providers. Lyra has therapists, coaches, and physicians. For therapists, Lyra offers compensation for in-session and administrative time. Benefits include 401K, equity options, tech stipend, and medical, dental, and vision.” Their PTO includes vacation, sick leave, and holidays. They also offer free CEO training and license renewal reimbursement.
According to Indeed reviews, there is not a 401K match and 5 paid sick days are offered per year. Pay seems to be moderate with reviews on both sides “good pay” and “pay could be higher.”
Lyra Health has exploded as an EAP offering and is working with many of the tech sector's leading companies of the past years. With decent compensation, benefits, and moderate pay, it’s not a bad option for clinicians. With numerous case studies, Lyra appears to be a very data driven healthcare organizatin and focused on improving clinical outcomes. 88% of members improve with care. Lyra provides healthcare and is thus bound to HIPAA. Since their marketing website is geared toward employers, it’s not surprising they use Facebook Pixel, and not really worrisome either. If an employer allows it, Lyra can use or share your data for research purposes. Their description here is extremely broad and doesn’t clarify the types of organizations it could be shared with. Lyra may record your sessions unless you object at the time of your interaction. Lyra also puts the responsibility on individual providers and does not claim responsibility for the services they provide.