Lyra Mental Health Benefits Lower Medical Claims Costs for Employers According to New Independent Research
Analysis from Aon shows Lyra Health's mental health solutions helped companies reduce health care claims costs up to $2,300 per participant per year
BURLINGAME, Calif., Oct. 6, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for global employers, today announced the results of a study from global professional services firm Aon, which found that employers offering Lyra's mental health care benefits realized significantly reduced overall health care claims costs starting in year one.
The independent study demonstrates Lyra's transformational approach to mental health care measurably reduces medical claims costs for employers. Lyra and its providers deliver fast, easy access to evidence-based, proven care options, with 83% of Lyra members showing improvement or recovery. Lyra regularly measures and analyzes in aggregate both the clinical effectiveness and return on investment (ROI) of its mental health solutions for customers, including health care costs, employee productivity, and retention. This is the first third-party study of its kind to validate Lyra's positive financial impact, assessing reductions in overall medical costs for individuals with mental health issues.
Key findings from the study:
- Lyra reduces overall health care claims costs for participants. When employees and their families have access to an effective, comprehensive mental health care benefit, they experience reduced costs related to general health care, prescription medications, and emergency department visits. This reduces claims costs by approximately $2,300 per participant per year, including $585 in non-mental health plan claims.
- Lyra reduces the incidence of more serious and costly mental health interventions. Lyra members saw reduced utilization of mental health inpatient and outpatient facilities.
- Lyra drives mental health care utilization, improving clinical outcomes. Members who used their Lyra benefit averaged 12 completed visits with Lyra mental health providers, compared to an average of seven visits for care accessed through traditional health plans.
Aon's analysis is based on its Cost Efficiency Measurement (CEM) methodology; an actuarial study measuring the cost impact on the medical plans comparing experience from employees and dependents who engaged with Lyra's mental health solutions, relative to those who utilized the standard medical benefit for similar mental health needs. The study analyzed 2018 and 2019 medical and pharmacy claims from more than 40,000 individuals who accessed health care through benefits provided by Lyra customers representing diverse industries such as consumer goods, manufacturing, technology, and transportation.
"Aon applied its rigorous methodology to analyze employee medical and mental health claims costs, finding that members who engaged with Lyra had lower overall claims cost and improved mental health service utilization," said Todor Penev, Aon senior vice president, Fellow of the Society of Actuaries, and a member of the American Academy of Actuaries.
"To further our mission to help millions of people around the world with their mental health issues, Lyra has done extensive research to demonstrate how effective access to our innovative, evidence-based comprehensive mental health care helps members get better," said Dr. Connie Chen, COO of Lyra Health. "The Aon study adds a new dimension to our high-quality care, validating the connection between Lyra's mental health benefits, improved mental health care utilization, and a reduction in overall medical claims costs, clearly demonstrating our ability to help leading global employers meaningfully support their people."
To learn more, read the full report from Aon.
About Lyra Health
Lyra Health, a leading provider of innovative mental health benefits for more than 2.5 million global employees and dependents, is transforming mental health care by creating a frictionless experience for members, providers, and employers. Using matching technology and an innovative digital platform, Lyra quickly connects companies and their employees—plus spouses and children—to world-class therapists, mental health coaches, and personalized medication prescribing. Leading employers partner with Lyra to deliver tailored, value-driven mental health benefits to their people. With Lyra, benefits leaders can offer employees fast, reliable access to providers who practice evidence-based mental health care treatments. For more information, visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter.
Contact:
Kaitlin Rebella
[email protected]
(248) 318-4303
SOURCE Lyra Health
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