Morgan Health, JPMorgan Chase's new healthcare venture, has made its first investment, the company said Aug. 5.
Morgan Health has agreed to invest $50 million in Vera Whole Health, a primary care startup based in Seattle.
Vera is piloting a subscription-based model for primary care in an effort to coordinate medical care and lower costs. Companies that use Vera pay a flat monthly fee per employee and physicians work to coordinate care of their patients.
Vera currently operates primary care centers and integrated technology platforms in 10 states: Arizona, Washington, California, Oregon, Idaho, Alaska, Texas, Missouri, Kansas and Nevada.
"Our goal with this first investment is to build a strong coordinated healthcare model – with outstanding primary care and new ways to help employees navigate a healthcare system that is often very disconnected," said Dan Mendelson, CEO of Morgan Health. "Vera is proactively helping patients achieve ideal physical, mental and social health. And because they actively coordinate with other high-value health providers, they’re able to create a much better overall patient experience."
JPMorgan will also offer Vera's services to its employees this fall, according to CNBC.
Mr. Medelson will join the Vera board when the transaction closes.
JPMorgan Chase unveiled Morgan Health on May 20. The company is seeking to improve employer-sponsored healthcare in the U.S. and to bring meaningful innovation into the industry by targeting insurance and keeping populations healthy. Mr. Mendelson said success for the company will be measured by whether it improves the "Triple Aim": quality of care, access to care and cost to deliver care.