{"id":134475,"date":"2021-08-05T01:15:15","date_gmt":"2021-08-05T01:15:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=134475"},"modified":"2021-08-05T01:15:15","modified_gmt":"2021-08-05T01:15:15","slug":"jpmorgans-new-health-business-makes-inaugural-investment-in-start-up-vera-whole-health","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/jpmorgans-new-health-business-makes-inaugural-investment-in-start-up-vera-whole-health\/","title":{"rendered":"JPMorgan&#x27;s new health business makes inaugural investment in start-up Vera Whole Health"},"content":{"rendered":"<ul>\n<li>The bank has agreed to invest $50 million in Vera Whole Health, a Seattle-based start-up that is pioneering a new, subscription-type model for employee healthcare.<\/li>\n<li>Furthermore, JPMorgan will begin offering Vera&#x27;s services to its employees during benefits enrollment season this fall, the companies said.<\/li>\n<li>JPMorgan will be one of the first large corporate employers to partner with Vera, providing a real-world test for a shift that could tackle one of the thorniest issues facing the U.S.: Despite spending trillions of dollars on medicine, the health of Americans has been deteriorating in recent years.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>VRA<\/span><\/li>\n<li><span>VERA<\/span><\/li>\n<\/ul>\n<p>JPMorgan Chase&#x27;s new healthcare unit has made its first investment, CNBC has learned exclusively.<\/p>\n<p>The bank has agreed to invest $50 million in Vera Whole Health, a Seattle-based start-up that is pioneering a new, subscription-type model for employee healthcare.<\/p>\n<p>Further, through the bank&#x27;s Morgan Health unit \u2014 a new business unveiled in May after a joint venture with Amazon and Berkshire Hathaway folded \u2014 JPMorgan will begin offering Vera&#x27;s services to its employees during benefits enrollment season this fall, the companies said.<\/p>\n<p>Vera, founded in 2008, aims to improve outcomes for workers and reduce costs for companies by making primary care teams accountable for the health of employees. Companies pay a flat monthly fee per patient, and primary care doctors are tasked with coordinating all their users&#x27; care. The so-called advanced care model requires Vera to either operate or partner with clinics that work in a fundamentally different way than the prevailing system, according to Vera CEO Ryan Schmid.<\/p>\n<p>&quot;In a traditional model, providers are paid based on the volume of procedures; it&#x27;s a highly transactional system which I think creates some perverse incentives,&quot; Schmid said in a recent interview. &quot;In our care model, our teams are paid a salary plus bonus, and that bonus is tied specifically to their outcomes.&quot;<\/p>\n<p>In fact, JPMorgan will be one of the first large corporate employers to partner with Vera, providing a real-world test for a paradigm shift that could tackle one of the thorniest issues facing the U.S.: Despite spending trillions of dollars on medicine, the health of Americans has been deteriorating in recent years.<\/p>\n<p>While the use of Vera will be optional for JPMorgan employees, it provides a &quot;higher level of care&quot; that will likely be sought out once the benefits are appreciated, said Morgan Health CEO Dan Mendelson.<\/p>\n<h2>A higher standard<\/h2>\n<p>The start-up&#x27;s approach involves a more holistic view of an employee&#x27;s health than merely focusing on physical ailments; higher patient engagement and an emphasis on mental well-being is more likely to detect diseases or even prevent them in some cases, he said.<\/p>\n<p>&quot;We want to know that our employees are getting screened for cancer,&quot; Mendelson said. &quot;We want to know that our employees are having wellness visits, that if they have high cholesterol they&#x27;re actually taking their medicine. That is all about setting up a model where you have a group that is responsible.&quot;<\/p>\n<p>Since it&#x27;s not a simple model to execute, only employees in select regions will have access to Vera this year, Mendelson said.<\/p>\n<p>Vera operates primary care centers in ten states; it also partners with Central Ohio Primary Care, the biggest U.S. independent doctor-owned primary care group. JPMorgan runs a technology hub in Columbus with several thousand employees, making that region a likely candidate for the service.<\/p>\n<p>The advanced care model is one that is more common to Medicare providers but has yet to gain traction in employer-sponsored programs, Schmid said.<\/p>\n<p>The partnership came about through a relationship between the private equity firm Clayton Dubilier &amp; Rice\u00a0and Morgan Health, the companies said. Clayton recently took a majority stake in Vera that valued the company at $400 million.<\/p>\n<p>&quot;This hasn&#x27;t been done before at this scale, what we&#x27;re doing with Vera in partnership with JPMorgan and Central Ohio Primary Care to have a model focused on improving outcomes and lowering costs for the under-65 population,&quot; said Ravi Sachdev, a Clayton Dubilier partner and former JPMorgan healthcare banker.<\/p>\n<p>&quot;We couldn&#x27;t pioneer that without somebody like JPMorgan saying, &#x27;This is really important for us, we want to be part of the solution&#x27;,&quot; Sachdev said.<\/p>\n<p>Become a smarter investor with\u00a0<strong>CNBC Pro<\/strong>.\u00a0<br \/>Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.\u00a0<br \/>Sign up to start a\u00a0<strong>free trial today<\/strong><strong>.<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/08\/04\/jpmorgans-new-health-business-makes-inaugural-investment-in-start-up-vera-whole-health.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bank has agreed to invest $50<\/p>\n","protected":false},"author":3,"featured_media":134474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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