Amazon, JPMorgan Chase, and Berkshire Hathaway announced they’re joining forces to create a new, independent health care organization for the companies’ U.S. employees.
The companies revealed plans in a press release Tuesday morning, citing the rising costs of U.S. health care as inspiration for the partnership.
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“The ballooning costs of health care act as a hungry tapeworm on the American economy,” said Berkshire Hathaway Chairman and CEO Warren Buffett in the news release.
“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.”
Amazon founder and CEO Jeff Bezos, as well as JPMorgan Chase chairman and CEO Jamie Dimon, echoed Buffett’s sentiments, hoping the resources of their companies can help solve the complexities of affordable health care and making it better available -- first for their employees, then possibly for all Americans.
The announcement marks the very early stages of the health care company, which is described as a nonprofit. There is no public name or further details on the nature of the company – for example, whether it will be a completely new insurance provider, a company targeting health care spending, or some other entity.
For now, what we do know is that the company will currently focus on “technology solutions" to help U.S. employees (and their families) attain "simplified, high-quality and transparent health care at a reasonable cost.”
“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,” said Dimon in the press release.
There is also no statement yet on where this new venture will be based – so maybe even Amazon’s future HQ2 home could be a potential location.