JP Morgan is starting a new unit to focus on employee healthcare, according to the Wall Street Journal.
It adds the unit, called Morgan Health, will also invest $250 million in related startups and technologies. Dan Mendelson, who is to run the unit, tells the Journal that it is in particular to focus on improving primary care and helping employees identify the best and most cost-effective treatments. "Our goal is to improve quality, improve equity, and make sure that costs to employees are kept in check," he tells the Journal.
As the Journal notes, the venture is reminiscent of Haven, a company started by Amazon, Berkshire Hathaway, and JPMorgan Chase in 2018 with the goal of lowering healthcare costs. Haven folded earlier this year, which the Hill noted at the time emphasized the complexity of the US healthcare system and the difficulty of changing it. CNBC further reported then that the three companies planned to continue to pursue their healthcare efforts individually.