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2021: JPMorgan Chase Launches Morgan Health Medical Unit
At the end of May 2021, it became known that JPMorgan was launching Morgan Health's medical unit to improve the quality of health care for 165,000 bank employees and their families in the United States. The business will be led by Dan Mendelson, a health consultant who worked in the Clinton administration. The new Washington-based division will also receive $250 million for venture capital investments in companies offering "promising healthcare solutions."
JPMorgan is betting on focusing on local suppliers and establishing partnerships directly with groups of suppliers, insurers and other organizations. Mendelssohn explained that the bank spends $1.3 billion annually on medical care for its employees and intends to improve methods of providing primary care. According to him, the new business unit will also try to pay serious attention to the prevention of maternal health, cardiovascular disease and diabetes mellitus.
 | All our plans include partnerships with other organizations, "Mendelssohn said. - We do not intend to create all the necessary tools and technologies from scratch, on the contrary - we want to use the best achievements in the field of healthcare. |  |
According to Peter Scher, vice chairman of the bank, Morgan Health does not seek profit. This is a unique position for JPMorgan, a powerful retail and banking center on Wall Street. Morgan Health's results will be reflected exclusively in the bank's corporate statements.
The bank also hopes to become a role model for other employers, said Peter Cher.[1]
Notes
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