Morgan Stanley just took an unprecedented step to fix rising healthcare costs

Morgan Stanley just took an unprecedented step to fix rising healthcare costs

Morgan Stanley just hired a physician who created a futuristic doctor’s office in an effort to improve the health and wellness benefits it offers to its workers.

At Morgan Stanley, Dr. David Stark will serve as the bank’s first chief medical officer as well as the head of HR data and analytics, with the aim of tackling rising healthcare costs and improving employee wellness. Stark was the creator of Lab100, a futuristic clinic built in partnership with Mount Sinai and was an assistant professor at the health system’s Icahn School of Medicine.

“We created this new role, uniting HR data and analytics with the role of Chief Medical Officer, in order to foster innovation in employee wellness and health care coverage,” Jeff Brodsky, chief human resources officer at Morgan Stanley, said in an emailed statement. “Harnessing our HR data, we can achieve better wellness for our employees and address rising health care costs.”

Read more: Mount Sinai teamed up with the designers who created projects for Nike and Beyonce to build a futuristic, new clinic — and it’s reimagining how healthcare is delivered

The hire comes at a time when employers have been trying to keep a lid on rising healthcare costs. The cost of providing health insurance was about $13,000 per employee this year at major employers, according to a survey released on Tuesday by the consulting firm Mercer.

For many Americans, their employers are the ones picking up the tab for their healthcare. More than half of the non-elderly population is covered by an employer-sponsored healthcare plan. As healthcare costs go up, employers are the ones feeling the pressure. Some are starting to get fed up and looking for new ideas.

Stark got his medical degree from Harvard Medical School and also has a master’s degree in biomedical informatics from Stanford University. He did his residency in pediatric neurology at New York-Presbyterian Hospital/Weill Cornell Medical College before joining Mount Sinai in 2016, according to his profile on LinkedIn.

Stark said in a emailed statement to Business Insider that he was “thrilled” to join Morgan Stanley.

“In this role, I’ll have a unique opportunity to leverage data and technology to unlock value-based care for our employees while also generating data-driven insights to better support our workforce,” Stark said. “I look forward to working with the talented team at Morgan Stanley to innovate new solutions and find synergies between employee health and work.”

Read more:Waiting for its Uber moment’: America’s biggest companies are shaking up the healthcare system

It’s not the first time employers have turned to academia to lead the way.

In June, Amazon, JPMorgan, and Berkshire Hathaway tapped surgeon, professor, and writer Dr. Atul Gawande as CEO of their joint healthcare venture. The venture is aimed at lowering healthcare costs for the companies’ employees, though there haven’t been many details about what that looks like.

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