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The dissolution of Haven marks one of the most stunning collapses in modern health care history. The venture, led by Amazon, Berkshire Hathaway, and JPMorgan Chase, was heralded immediately as a powerful new player to watch. Its January 2018 launch erased billions of dollars in value from health care companies within seconds. Even before it had a name, the company spawned a trade secrets lawsuit from the rival health care giant Optum.

All that anticipation came crashing down Monday with the news that Haven was shutting its doors, leaving the $3.5 trillion health care industry to ask how it could have failed so spectacularly.

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