WASHINGTON — Amazon, Berkshire Hathaway and JPMorgan Chase & Co. will create an independent health care company that is “free from profit-making incentives” that will aim to reduce healthcare costs for their U.S. workers.
The focus of the company will be technology solutions “that will provide U.S. employees and their families with simplified high-quality and transparent healthcare at a reasonable cost,” a news release says.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy. Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country’s best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes,” said Berkshire Hathaway Chairman and CEO Warren Buffett, in the news release.
The impact of the collaborative effort has the potential to be dramatic since more than 1.1 million workers work for the three companies.
Chairman and CEO of JPMorgan Chase Jamie Dimon said the effort could potentially benefit all Americans.
“Our people want transparency, knowledge and control when it comes to managing their healthcare,” Dimon said. “The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our U.S. employees, their families and, potentially, all Americans.”
Operational details and where the new company’s headquarters will be located have not been released.
Heading up the company will be Todd Combs, an investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a managing director of JPMorgan Chase; and Beth Galetti, a senior vice president at Amazon.
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