Lyra’s mental health benefits cut costs of medical claims for employers, new independent study finds
BURLINGAME, California, October 6, 2021 / PRNewswire / – Lyra Health, the leading provider of comprehensive mental health care benefits to employers around the world, today announced the results of a study by global professional services company Aon, which found that employers offering Lyra’s services mental health care benefits achieved a significant reduction in the overall costs of health care claims from the first year.
The independent study shows that Lyra’s transformational approach to mental health care dramatically reduces the costs of medical claims for employers. Lyra and its providers provide quick and easy access to proven, evidence-based care options, with 83% of Lyra members showing improvement or recovery. Lyra regularly measures and analyzes in aggregate form both clinical efficacy and the return on investment (ROI) of its mental health solutions for customers, including healthcare costs, employee productivity and retention. This is the first such third-party study to validate Lyra’s positive financial impact, assessing overall medical cost reductions for people with mental health issues.
Main conclusions of the study:
- Lyra reduces the overall costs of health care claims for participants. When employees and their families have access to effective and comprehensive mental health care delivery, they experience reduced costs for general health care, prescription drugs, and emergency department visits. This reduces claim costs by approximately $ 2,300 per participant per year, including $ 585 in claims unrelated to mental health plans.
- Lyra reduces the incidence of more serious and expensive mental health interventions. Lyra members have seen a reduction in the use of inpatient and outpatient mental health facilities.
- Lyra stimulates the use of mental health care, improving clinical outcomes. Members who used their Lyra benefit made an average of 12 full visits with Lyra mental health providers, compared to an average of seven visits for care accessible through traditional health plans.
Aon’s analysis is based on its Cost Effectiveness Measurement (CEM) methodology; an actuarial study measuring the impact of costs on medical plans comparing the experience of employees and dependents who have engaged with Lyra’s mental health solutions, versus those who have used the standard medical benefit for similar mental health needs. The study analyzed the medical and pharmaceutical claims in 2018 and 2019 of more than 40,000 people who accessed healthcare through the benefits provided by Lyra customers representing various industries such as consumer goods, manufacturing, technology and transport.
“Aon applied its rigorous methodology to analyze the costs of employee medical and mental health claims, finding that members who engaged with Lyra had lower overall claims costs and better use of mental health services,” he said. declared Todor Penev, Senior Vice President of Aon, Fellow of the Society of Actuaries and Fellow of the American Academy of Actuaries.
“To continue our mission to help millions of people around the world with their mental health issues, Lyra has conducted extensive research to demonstrate how effective access to our innovative and evidence-based comprehensive mental health care is helping members. to get better, ”said Dr. Connie Chen, COO of Lyra Health. “The Aon Study Adds a New Dimension to Our High Quality Care, Validating the Link Between Lyra’s Mental Health Benefits, Improved Mental Health Care Utilization, and Lower Overall Medical Claims Costs , clearly demonstrating our ability to help the world’s leading employers meaningfully support their people. “
To learn more, read Aon’s full report.
About Lyra Health
Lyra Health, a leading provider of innovative mental health benefits to more than 2.5 million employees and dependents globally, is transforming mental health care by creating a frictionless experience for members, suppliers and employers. Using matching technology and an innovative digital platform, Lyra quickly connects businesses and their employees, as well as spouses and children, to world-class therapists, mental health coaches and drug prescriptions. personalized. Leading employers are partnering with Lyra to deliver tailored, value-driven mental health benefits to their employees. With Lyra, benefits managers can provide employees with fast, reliable access to providers who practice evidence-based mental health treatments. For more information visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter.
SOURCE Lyra Health