JPMorgan dives back into fixing health care with new venture

JPMorgan Chase will take another crack at fixing health care after a push with two other corporate giants dissolved earlier this year

JPMorgan Chase will take another crack at fixing health care after a push with two other corporate giants dissolved earlier this year. The bank said Thursday that it formed a new business focused on improving care provided for about 285,000 people through its employer-sponsored health plan. Morgan Health will start with $250 million for investments and a health policy veteran as its CEO, former Clinton administration official Dan Mendelson. The announcement comes a few months after a similar venture backed by JP Morgan shut down. The bank, retail giant Amazon and Warren Buffett’s Berkshire Hathaway had formed an independent company called Haven in 2018 because health care costs and quality had become such a persistent problem for corporate America. Haven tinkered with ways to improve primary care and also identified areas for cutting prescription drug costs before announcing its end in January. Amazon said then that Haven worked well for devising ideas, but it made more sense to implement those ideas independently.