- Lyra Health, co-founded by former Facebook CFO David Ebersman, announced it recently raised $35 million in Series A funding, led by Greylock Partners and existing investor Venrock, in order to develop its screening tools to identify employees with mental health and substance abuse issues, match them with the right healthcare provider, and track outcomes. The tool will be available to self-insured companies and health plans in 2017.
- Lyra Health's chief medical officer Dr. Dena Bravata, told the Silicon Valley Business Journal the company's proprietary algorithm uses three main databases: health provider profiles, patient data and preferences, and clinical guidelines that match patients to the best form of treatment.
- The company said it hopes to use analytical models to identify those most at risk as well as digital tools to match such individuals with healthcare providers, measure outcomes, and help patients manage their care. It will also link patients with case managers to provide a "human touch."
According to the company, there are an estimated 50 million Americans who suffer from mental health issues like depression, anxiety and substance abuse, but only one in seven receives effective care. The U.S. spends $100 billion every year to treat mental illness and another $600 billion in related and indirect costs, such as absenteeism and poor work performance. According to a Forbes article, mental illness causes $200 billion in lost earnings every year.
Ebersman, the company's CEO, said in a company press release, "For too long, people suffering from depression, anxiety and substance abuse have had to wander through a system that is extremely difficult to navigate. Effective treatments exist that can help many patients, and our technology enables people to find the right care quickly and easily."
The Series A funding will be used to make the company's technology available to a small number of enterprise and health plan customers in the first quarter of 2016, and anticipates full commercial availability in 2017.