JPMorgan Chase & Co.'s Morgan Health business, a successor to its failed joint venture with Amazon.com Inc. and Berkshire Hathaway Inc., is backing a health startup trying to slash workers' out-of-pocket medical expenses.
Morgan Health is investing $30 million in Centivo, a three-year-old Buffalo, New York-based health-plan administrator that says it's holding members' average annual out-of-pocket expenses to less than $350. That compares to a national average of about $800.
Morgan Health is JPMorgan's successor to Haven, a joint venture with Amazon and Berkshire Hathaway that disbanded after failing to produce meaningful change for the companies in health benefits. Morgan Health aims to develop better offerings for 150 million Americans who get coverage through employers, and Centivo offers an uncommon devotion to lowering costs, says Dan Mendelson, chief executive officer of Morgan Health.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
