How Morgan Stanley quickly realized a return on its investment with Lyra
Morgan Stanley is an American multinational investment management and financial services company headquartered in New York City. Founded in 1935, the firm mobilizes capital to help governments, corporations, institutions, and individuals around the world achieve their financial goals.
Underpinning all that Morgan Stanley does are its five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back.
Morgan Stanley prioritizes benefits solutions that can serve their diverse group of employees and dependents. For years, the benefits team had been hearing from employees about challenges with accessing in-network mental health providers. This was validated by their claims data—they saw that 50 percent of mental health visits were out-of-network, translating to 72 percent of mental health spend. Their out-of-network costs were two and half times that of in-network costs.
Morgan Stanley rolled out Lyra in June of 2020, and quickly felt a return on their investment. Erdfarb said, “Lyra was significantly more expensive than our existing EAP, but we were able to prove that the value of the solution was worth the cost. The majority of the costs are variable and based on the amount of care our employees are getting. We’re not paying a high fixed cost for care that our members may not use.”