A new independent study found that employers offering Lyra Health’s mental health care benefits were able to save a significant amount of money through overall health care costs in the first year of enrollment.
The study, which was conducted by the global professional services firm Aon, found that employees who were able to take advantage of Lyra’s health care plan saw an average cost reduction of about $2,300 per participant per year, including $585 in non-mental health plan claims.
The study also found that Lyra Health “reduces the incidence of more serious and costly mental health interventions” while “members saw reduced utilization of mental health inpatient and outpatient facilities,” according to a summary of the study.
“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, in a news release.
The study took a look at the cost impact on the medical plans and measured the experience from employees and dependents who engaged with Lyra’s mental health solutions and compared that 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. Those employees included those from industries such as consumer goods, manufacturing, technology and transportation.
Dr. Connie Chen, COO of Lyra Health, said in a news release the purpose of the study was for Lyra to further its mission to help millions of people by engaging in “extensive research to demonstrate how effective access to our innovative, evidence-based comprehensive mental health care helps members get better.”
“”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,” Chen said.
The study also found that Lyra Health members who used their Lyra benefits averaged 12 completed visits with Lyra mental health providers, compared to an average of seven visits for care accessed through traditional health plans.
Lyra Health is a provider of comprehensive mental health care benefits for global employers that prides itself on its ability to “deliver fast, easy access to evidence-based, proven care options, with 83% of Lyra members showing improvement or recovery.”
Written by Patrick Filbin