ParetoHealth announced that Lyra Health, a top provider of mental health services for workplaces, will now be available to members via the ParetoHealth Savings Engine. This new partnership will help more people get access to quality mental health care, reaching over 3,500 employers and 1.2 million people. This means smaller and medium-sized businesses can now offer mental health benefits that were mostly available to large companies before.
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Kevin Kickhaefer, the Chief Revenue Officer at ParetoHealth, explained why this expansion is important. He pointed out that more than 60 million Americans work for businesses with fewer than 500 employees, yet these employers often can’t offer the same mental health benefits as bigger companies. He said that by using the resources of the ParetoHealth community, the company can bring Lyra Health to more organizations, help people access top-quality mental health care, and assist employers in managing their costs more effectively.
The ParetoHealth Savings Engine helps employers cut down on healthcare costs by looking at the main reasons behind expensive claims. Using data, analysis, and their own clinical knowledge, the platform offers focused programs and long-term plans to reduce costs. Based on a multi-year study looking at claims data, employers who moved from fully insured plans to ParetoHealth saw a 7.5% drop in healthcare costs in the first year, and an extra 16.5% reduction by the third year.
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Mental health is one of the biggest and most expensive issues employers face today. Lyra Health offers quick access to care, clear results, and real cost savings. Research over four years has shown that Lyra’s care model helps reduce annual healthcare claim costs for organizations that offer this benefit. The partnership between ParetoHealth and Lyra Health brings several benefits to small and midsize employers. Employees and their families can usually get in touch with a qualified provider within a day, ensuring they get the care they need without long waits. The program also delivers measurable results, with 90% of members showing improvement or full recovery, which lowers costs for expensive care like emergency room visits or hospital stays. These outcomes result in considerable savings for both employers and employees. Plus, having access to mental health support leads to healthier and more motivated teams. Employees who get the right support are more resilient, less prone to burnout, and perform better at work, which helps lower turnover.
Sean McBride, the Chief Revenue Officer at Lyra Health, talked about the challenges small and midsize employers face. He noted that even though these companies care deeply about their employees, cost and complexity often stop them from offering strong benefits. He explained that the partnership with ParetoHealth eliminates these issues and presents a new way to deliver high-quality mental health care to millions of employees and their families quickly, affordably, and on a large scale.
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