Case Study: Morgan Stanley achieves rapid access and 93% clinical improvement with Lyra Health

Morgan Stanley's Perspective the ROI of Mental Health Care

Morgan Stanley, a global financial services firm with ~42,000 U.S. employees, faced high out-of-network mental health use and costs—50% of visits accounted for 72% of spend—and needed to replace expensive, fragmented care with evidence-based in-network services. To solve this, the benefits team selected Lyra Health and rolled out an “advanced mental health benefit” (16 sessions per year) that could be measured against clear clinical and cost outcomes.

Lyra Health implemented rapid matching and access to evidence-based providers with a variable cost model tied to delivered care; the results show measurable impact: annualized utilization rose to 10.3% (from 3.1% with the prior EAP), 98% of members were instantly matched with a provider, average time to first appointment was six days (13% within 24 hours), and 93% of members showed improvement or recovery on PHQ‑9/GAD‑7 measures—demonstrating both better access and strong clinical outcomes.

Morgan Stanley

Dana Erdfarb

Executive Director of Benefits