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Amazon, Warren Buffett’s Berkshire Hathaway and JPMorgan Chase are coming together to form a new healthcare company that is free from profit-making incentives and constraints, according to a statement from the companies.
With the new joint venture, the companies aim to address healthcare for their US workers while improving their satisfaction and reducing costs.
The initial focus of the new company will be on technology solutions that will provide US employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.
Berkshire Hathaway chairman and CEO Buffett, said: “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.”
Jeff Bezos, Amazon founder and CEO, added: “The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty. Hard as it might be, reducing healthcare’s burden on the economy while improving outcomes for employees and their families would be worth the effort. Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
Jamie Dimon, chairman and CEO of JPMorgan Chase, commented: “Our people want transparency, knowledge and control when it comes to managing their healthcare. The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our US employees, their families and, potentially, all Americans.”
The companies further added that the venture is currently in its early planning stages, with the initial formation of the company jointly spearheaded by 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. The longer-term management team, headquarters location and key operational details will be announced in the coming months.
Amazon, Warren Buffett’s Berkshire Hathaway, JPMorgan Chase, Healthcare, Jeff Bezos, Jamie Dimon, Beth Galetti, Marvelle Sullivan Berchtold, US
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