As per reports, JPMorgan Chase & Co (JPM) announced details about Morgan Health, a new business venture focused on improving the efficiency, quality, and equity of employer-sponsored healthcare. The unit will be led by Dan Mendelson, CEO of Morgan Health. Mendelson will report to the Vice-Chairman of JPMorgan Chase & Co. and a member of the firm’s Operating Committee, Peter Scher.
Morgan Health will be headquartered in Washington, DC, and will join efforts with the firm’s Benefits team nationwide, as well as its health insurance carriers to offer the best leading-edge employee health solutions.
“We need to try to make the U.S. healthcare system work better. We have the best healthcare in the world in terms of doctors, hospitals, pharmaceutical and medical device companies, but we certainly do not have the best outcomes. Many of our problems have been around for a long time and are not aging well. There are ways we can make significant improvements and we intend to take a disciplined approach to solving some of these issues in a meaningful way,” stated Jamie Dimon, Chairman, and CEO, JPMorgan Chase.
“JPMorgan Chase has been focused on improving healthcare for its employees for many years. We are going to take what we’ve learned and accelerate healthcare innovation in the employer-sponsored healthcare market, partnering with and investing in companies that share our goals, and measuring key health outcomes to show what works,” stated Dan Mendelson, CEO of Morgan Health.
Morgan Health will initially focus on JPMorgan Chase employees and families, but it also looks forward to partner with others to broaden its impact. Its initial contribution will include the following,
- Reportedly, 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 the broader employer-sponsored healthcare system.
- Morgan Health and the JPMorgan Chase Benefits team will collaborate with leading healthcare organizations to improve care for its U.S.-based employees and dependents.
- Morgan Health will focus on health equity not only within the firm’s employee base but also within the communities it serves.
Nearly half of the U.S. population benefits from employer-sponsored health insurance. Morgan Health to collaborate with a range of healthcare experts and partners enhancing healthcare system improvements. JPMorgan Chase employs 165,000 people in the United States and provides health insurance coverage to 285,000 employees and dependents.
CVS Health President and CEO Karen S. Lynch stated, “We are looking forward to working with Morgan Health,” , “We have a long-standing relationship with JPMorgan Chase and will continue to collaborate to make healthcare better for all employers.”
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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