US investment bank JPMorgan Chase has launched Morgan Health, a new business unit focused on improving the quality, efficiency, and equity of employer-sponsored healthcare.
The new group led by Dan Mendelson, CEO of Morgan Health, will focus initially on the firm’s own employees and families, but hopes to be a model for other employers and plans to partner with others to broaden its impact.
The unit will focus on accelerating the improvement of employer-sponsored healthcare through $250m (£176.1m) in funding which will initially be deployed investing in promising healthcare solutions and overall system improvements to benefit JPMorgan Chase employees and broader employer sponsored healthcare systems.
The unit will also focus on improving the firm’s employee health benefits through strategic initiatives.
Morgan Health and the JPMorgan Chase Benefits team will work with healthcare organisations to improve care for its US-based employees and dependents and develop models for other employers looking to improve healthcare.
The unit is also committed to promoting healthcare equity among group employees and the communities the group serves.
Jamie Dimon, chairman and CEO of JPMorgan Chase, said: “We need to try to make the US 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.”
Dan Mendelson, CEO of Morgan Health, added: “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.”