Lyra Health, a national provider of mental health benefits for employers, has made a significant move in the industry by acquiring Bend Health. This acquisition is aimed at enhancing Lyra’s pediatric and neurodiversity capabilities, furthering its mission to provide comprehensive mental health care to individuals and families.
The acquisition of Madison, Wisconsin-based Bend Health was finalized on July 16, marking a strategic step for Lyra. While specific details of the deal were not disclosed, the collaboration between the two companies is set to bring about positive changes in the mental health landscape.
By incorporating Bend Health’s collaborative care model and specialized providers, Lyra will be able to offer more extensive evaluations and virtual intensive outpatient care to its vast network of 20 million members. This expansion comes at a crucial time when mental health support is increasingly important, especially in light of the challenges brought on by the pandemic.
Bend Health, established in 2021, initially focused on providing mental health services to children up to the age of 17. However, the company expanded its offerings last year to include young people up to the age of 25, in response to growing demand for pediatric mental health support.
Both Lyra and Bend Health share a common goal of delivering outcome-driven, evidence-based holistic care to individuals and families. This shared vision was a key driver behind the acquisition, as stated by Lyra Health CEO Jennifer Schulz and Bend Health CEO Dr. Monika Roots.
With the aim of addressing the increasing need for youth mental health services, Lyra’s decision to include high-acuity care for young individuals is a step towards combating the youth mental health crisis. This move aligns with the company’s commitment to providing comprehensive mental health care across all stages of life.
In addition to expanding its pediatric and neurodiversity capabilities, Lyra has been actively broadening its range of services beyond outpatient therapy. Earlier this year, the company partnered with Roger’s Behavioral Health to offer more intensive behavioral health treatment options to patients in need.
The acquisition of Bend Health will not only expand Lyra’s national reach but also strengthen its overall strategy in the behavioral health industry. As digital mental health care for youth gains momentum, both Lyra and Bend Health are poised to play a significant role in shaping the future of mental health services.
Both companies have attracted attention from investors, with Lyra raising over $900 million in funding, including a substantial Series G round in 2022. Meanwhile, Bend Health closed a $32 million funding round in 2023, underscoring investor confidence in the company’s growth potential.
As the industry continues to evolve, with players like Charlie Health also entering the high-acuity youth behavioral health space, the collaboration between Lyra and Bend Health signals a positive shift towards more comprehensive and accessible mental health care for individuals and families.
