Inside Morgan Health with Dan Mendelson: Double Bottom Line Investing at JPMorgan

JPMorgan Chase looks at roughly 400 healthcare companies a year and invests in three. Dan Mendelson, CEO of Morgan Health, explains what separates the three from the 397.

We get into the $330M deployed off JPMorgan's balance sheet, why "double bottom line" means a company that only cuts cost gets a no, and the myth Dan has to correct with almost every founder: a check from Morgan Health is not a contract with JPMorgan's benefits team.

Dan also breaks down why family premiums near $27,000 haven't broken the market yet, why small employers are starting to drop coverage entirely, and where AI is actually moving the needle in care navigation and clinical decision support.

Before Morgan Health, Dan founded and sold Avalere Health and ran health policy at the Office of Management and Budget in the Clinton administration.

Chapters 00:00 Intro 00:24 Morgan Health's mission and the $330M mandate 01:48 Why a founder should take this check over another one 03:35 The myth: funding is not a JPMorgan contract 05:29 400 companies, 3 investments, and what earns a yes 06:40 Savings only count if quality goes up too 08:19 $27K family premiums and why the market hasn't broken 09:36 Small employers dropping coverage, ICHRA, narrow networks 10:44 Who the status quo actually serves 12:17 Affordability, access, and social determinants 13:50 Why Medicare Advantage is ahead of commercial 15:39 Cap rates, narrow networks, and the fee for service trap 17:23 The Lantern thesis and surgical spend 18:16 Cancer as a top employer cost driver 19:39 Six figure claims, coding, and what employers can challenge 21:11 How Morgan Health fits JPMorgan's broader mission 22:35 Where AI is actually working in healthcare right now 24:36 Employees using ChatGPT before they call a doctor 25:44 What has to happen for ICHRA to go mainstream 27:16 Lessons from OMB, CHIP, and building Avalere 28:40 Rapid fire

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