Berkshire Hathaway, Amazon and JP Morgan announce joint venture
Warren Buffett’s Berkshire Hathaway has teamed up with Amazon and JPMorgan Chase to form a new non-profit company aimed at improving healthcare options for their US workers, according to a Jan. 30 press release.
In a joint statement, the companies said that the move is set to reduce the overall costs. A new independent company will initially focus on technology solutions that will provide US employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost, it said.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” said Berkshire Hathaway CEO Warren Buffett. “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,” Buffett explained.
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 U.S. employees, their families and, potentially, all Americans."
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