JPMorgan Chase has announced that it is launching a unit specifically aimed at improving healthcare for its U.S. employees.
The unit, Morgan Health, will invest up to $250 million working with the JPMorgan Chase’s benefits team to collaborate with other healthcare organisations to improve care for its U.S based staff. It will be headquartered in Washington, D.C.
Leading this unit is founder and former CEO of health consultancy firm Avalere Health, Dan Mendelson who is to report to the bank’s Vice Chairman Pete Scher.
The bank had previously launched “Haven”,a joint venture with Amazon.com Inc and Berkshire Hathaway Inc to lower healthcare costs for their U.S. employees but it was disbanded in February.
The launch of haven had raised concerns among other healthcare companies who feared a disruption in traditional insurance and drug benefit businesses.
The bank said it has 165,000 employees in the U.S. and provides health insurance coverage to 285,000 employees and dependents.