What You Should Know:
– JPMorgan Chase today announced details about Morgan Health, a new business unit focused on improving the quality, efficiency, and equity of employer-sponsored healthcare.
– The business unit will invest up to $250M in companies looking to improve employer-sponsored healthcare, pilot new benefits for JPMorgan Chase employees and promote health equity.
– The new group will be headquartered in Washington, D.C. and led by Dan Mendelson, CEO of Morgan Health, reporting to Peter Scher, Vice Chairman of JPMorgan Chase & Co. and a member of the firm’s Operating Committee.
Morgan Health’s 3 Areas of Focus
Morgan Health will focus initially on JPMorgan Chase employees and families, but also aspires to be a model for other employers and will partner with others to broaden its impact. Morgan Health will focus on three areas:
– Accelerate health system improvement through $250 million capital allocation: The organization will initially deploy up to $250 million by investing in promising healthcare solutions and overall system improvements for the benefit of JPMorgan Chase employees and broader employer sponsored healthcare system.
– Enhance JP Morgan Chase employee health benefits through strategic initiatives: Morgan Health and the JPMorgan Chase Benefits team will work collaboratively with leading healthcare organizations to improve care for its U.S.-based employees and dependents and ultimately developing models for other employers looking to improve healthcare.
– Promote healthcare equity in the communities: Health disparities not only impact different communities, but also limit gains in quality of care and health for the broader population. Morgan Health will focus on health equity within the firm’s employee base as well as within the communities it serves.
Morgan Health will use its financial capital to drive innovation. Bob Kocher, Partner at Venrock, said, “It is exciting to see JPMorgan Chase choose to invest in healthcare companies that can improve patient outcomes and make healthcare more affordable. JPMorgan Chase should be able to add a great deal of value to its investments as both a large employer and as an employer with deep expertise in analytics, data science, and building consumer and enterprise products.”
