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The Future of Health Care


JPMorgan Chase launched Morgan Health last May to improve the quality, equity, and affordability of employer-sponsored health care. We'll accomplish this by:

  • Investing $250 million to drive accountable care and build a coordinated health care experience anchored in improved health outcomes.
  • Driving equitable care as a part of every investment we make and everywhere we innovate.
  • Sharing data and insights to improve outcomes, reduce disparities, and make care more affordable for employers and employees.
  • Bringing health care into the digital age to help employees better navigate the health care system, access high-quality providers, and ensure more transparency on health care costs.
  • Measuring success based on improved outcomes, such as better care for diabetic patients and prevention of heart disease.

"Our firm has invested in solutions that address pressing social, economic and environmental challenges," says Vice Chairman Peter Scher, who oversees Morgan Health. "Now, we're applying what we've learned to improve the quality and equity of employer-sponsored healthcare."

1. Morgan Health's progress 

Since our launch, Morgan Health has built a deep bench of expertise and experience that enables us to focus our efforts where they matter most.

  • We've already made our first investment in Vera Whole Health.
  • The JPMorgan Chase Benefits team expanded our benefits offering in California to include Kaiser Permanente.

What we'll achieve: We expect to open new Vera care centers and offer additional health and wellness services to our employees in Columbus in the next few months.

  • In collaboration with Kaiser Permanente, we'll collect data and report on health equity metrics for members in California — and work to implement performance guarantees linked to equity in 2023. 

"At Morgan Health, we're focused on implementing new models for accountable care, improving care navigation, and increasing transparency so consumers can make better decisions when it comes to care," says Dan Mendelson, CEO of Morgan Health.

Our Chairman and CEO Jamie Dimon spoke about the impact of Morgan Health's venture fund and what's to come.  

2. Our plan to make health care accountable 

Employers in the U.S. provide health insurance for more than 150 million people, but they're operating under a system that has little accountability.

  • Despite the average premium for families rising to over $22,000 per year, U.S. residents still suffer sub-par outcomes in key areas like life-expectancy and maternal mortality.

Accountable care can help us improve health outcomes for patients by offering consumers strong, consistent primary care and helping them navigate the health care system.

  • In these models, providers assume responsibility for health care outcomes and cost — but these models aren't at the scale we need for the employer-sponsored market. 
  • That's why we're driving innovation and investing in this critical area.

    In accountable care, providers are rewarded for proactively promoting health, and patients benefit from a dedicated care team. This means:

    • Personalized care when patients need it, onsite or virtually.
    • A primary care team who know their patients' health history and care needs.
    • High-value options to address acute and chronic care needs.
    At the J.P. Morgan 40th Annual Healthcare Conference, we issued a new report: Employers Should Expect More from the U.S. Health Care System. 

3. How accountable care drives innovation  

Accountable care and innovation go hand in hand. The model has promise but will require a new mindset to make it a reality.

  • In today's system, health care providers are paid by appointment. In accountable care, providers are paid more if they deliver better health outcomes for their patients. 

We need to bring health care into the digital age by facilitating technology that helps providers seamlessly communicate to reduce patients' burden.

  • Technology will also help patients build stronger connections to the health care system and more knowledge about which providers are high-quality and transparent on the costs they are going to incur.
  • We also want patients to have a care coordinator who can help them navigate their healthcare experience.

"This kind of accountability facilitates innovation that reaches patients to drive better care" explains Dawn Alley, Head of Health Care Innovation at Morgan Health. 

We'll work with primary care providers to bring accountable care to scale, with a particular focus on underserved communities.  We want to reach people where they are, whether that's through virtual or in-person care. 

4. Accountable care means care for everyone 

We're committed to health equity. This means ensuring all patients have the same access to the same care, regardless of race, geography or income. 

  • We know inequities in health care still arise in the U.S. based on the prevalence of certain conditions and the quality of care received.

While the employer-insured population has access to health insurance, studies show that disparities exist within these populations as well. For example, research shows Black employees have a higher prevalence of hypertension than other races.

Our plan: Identify and address disparities in the U.S. health system that disproportionately impact racial and ethnic minority groups.

  • Morgan Health is partnering with our Corporate Responsibility and Diversity, Equity and Inclusion teams to develop health-adjacent solutions that improve care outcomes for all.

"Morgan Health will build partnerships with organizations in the communities where our employees live and work to address the disparities in care," says Robin Leopold, Head of Human Resources at JPMorgan Chase. 

"We'll also partner to implement point-care solutions to improve outcomes across our employee populations and actively work to reduce disparities in care with our carrier partners." 

5. Ventures will help make our vision a reality 

Morgan Health Ventures is a strategic investor that identifies high-potential, growth-oriented companies working to improve employer-sponsored health care.

  • We're deploying $250M in capital to these firms to help drive better health care outcomes.

In August, Morgan Health made its first strategic investment of $50M in Vera Whole Health to help us begin to scale the accountable care model.

"Vera will proactively help patients achieve ideal physical, mental, and social health," says Bernadette Branosky, our Head of Benefits. "Because they actively coordinate with other high-value health providers, they'll be able to improve the patient experience."

Zooming out, we'll accelerate the growth of our portfolio partners by:

  • Providing strategic guidance and operational expertise.
  • Creating connections with other innovators and C-level executives shaping the future of health care.
  • Raising market visibility around our partners' progress and success.
  • Partnering with our Benefits team to develop commercial relationships within our broader benefit ecosystem.

"Being an early supporter and adopter of some of these health care models can provide proof points to build momentum in the market," says Dan Hartman, Co-Head of Morgan Health Ventures. 

6. Our 40th Annual Healthcare Conference 

Earlier this month, J.P. Morgan held its 40th Annual Healthcare Conference.

  • The event connects global industry leaders, emerging fast-growth companies, innovative technology creators and members of the investment community.
  • Morgan Health was featured in discussions on how to innovate to improve employer-sponsored health care, promote equity and improve the health and wellbeing of more Americans.

Dan Mendelson led the keynote panel discussion on accountable care, and Nelly Ganesan moderated a panel on innovative solutions for health equity.

"Employers have an opportunity to step up and really engage the health care system to expect more and implement some of these accountability models," said Dan. "That's our first focus at Morgan Health." 

Closing thought from Dan Mendelson:

"Our goal is to not only address the needs of the 285,000 employees and dependents of JPMorgan Chase in the U.S., but also the 150 million Americans who receive health care through their employers."