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Today Lyra announced that we have raised $75 million in new funding. We are thrilled to welcome leading growth investors IVP and Meritech to our team.
The financing today reflects our progress to date and the tremendous opportunity in front of us. Mental health is one of the defining problems of our time. Fifty million Americans each year suffer from a condition like depression or anxiety. Few of them receive effective treatment. Communities across the U.S. are experiencing record high levels of suicide, drug overdoses, and other signs of distress, while access to affordable, effective care remains elusive. Lyra is changing that.
Employers are ready for this change. In partnering with us, a growing number of employers have demonstrated their readiness to invest in better mental health services for their workforce. Lyra now covers more than one million members at leading companies across the country. These employers know that a sizable percentage of their population needs support. They get feedback from employee surveys showing that their teams feel more stressed and less secure. They see health plan spending for mental health care rising rapidly. They know that world events can exacerbate anxiety, from the current coronavirus epidemic to other emerging uncertainties. At the same time, employers know that traditional health plan and EAP solutions are inadequate, with shortages of qualified and available therapists.
After partnering with Lyra, companies see better results right away. Engagement rises and more people seek the help they need. Barriers disappear and more people can access care when they need it. Quality of care improves and more people recover and feel better. Last year we delivered 350,000 sessions of care to 40,000 employees and their family members. About 80 percent of the people we treated showed clinically significant improvement in their symptoms.
Employers have a choice. They can continue to offer solutions with access challenges, variable quality, and no tracking of clinical outcomes. Or they can make mental health a priority and invest in new solutions that work fundamentally differently.
Technology is playing a key role in making mental health care work. Our platform makes it easy for clients to find the right care for their specific needs. Our platform enables members to schedule appointments online with our providers. Perhaps most important, our platform enhances the experience of getting effective care. Evidence-based mental health care focuses on skill building. Clients improve by building new habits around how they think, act, and experience their emotions. Lyra has demonstrated that technology can play an important role in supporting and guiding these changes. Our clients receive digital exercises, assigned by their provider and personalized to their needs, that help them learn, practice new skills, and track progress. Over time, our data-informed approach helps us iterate quickly as we learn which tools have the most impressive clinical impact. We are confident the right technology can be an important driver of clinical improvement.
Still, we know that technology alone is generally not enough. For most people, access to a skilled clinician is indispensable to the care journey and helps them feel heard, validated, and more confident that a better future is possible. That’s why we have built and carefully curated a network of thousands of high-quality care providers who are critical to the Lyra experience. We are proud to support providers with technology that promotes clinical quality and makes it easy to work with Lyra clients. With the right blend of data, technology, and a human touch, we can achieve transformational results.
Lyra’s true north is to optimize clinical outcomes. Ultimately, we define our impact by how many of our clients have meaningful symptom improvement. We are proud of the thousands of clients we have been able to support. We are positioned to transform the mental health care experience for many more. We owe it to the millions of people who need help. Our employees, clinicians, and partners are ready for the challenge.
CONTACT US
If you want help connecting with a therapist, Lyra can assist you. You can get started today if Lyra is offered by your employer. Sign up now.
For employers who want to learn more about how Lyra’s enhanced EAP addresses network adequacy and quality issues, download our whitepaper on quality or get in touch.
And check in frequently here or follow us on Facebook, LinkedIn, and Twitter for more insights into supporting employees’ mental health.
