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Amazon Is Tackling Healthcare With Help From JPMorgan Chase And Warren Buffett

Amazon Is Tackling Healthcare With Help From JPMorgan Chase And Warren Buffett

The new company, a venture with Berkshire Hathaway and JPMorgan Chase, will initially focus technology to provide the trio's employees and their family members with "simplified, high-quality and transparent healthcare at a reasonable cost". Or it could be a system that bypasses insurance companies altogether and contracts directly with doctors and hospitals for better deals.

"Hard as it might be, reducing health care's burden on the economy while improving outcomes for employees and their families would be worth the effort", Bezos said.

Reports of a new nonprofit health care entity created by Amazon, Berkshire Hathaway and JPMorgan Chase created a buzz among New Jersey's business leaders this week.

While the focus of the venture should be on getting employees healthy, George said it should also ensure that when people do get sick they have access to major health centers.

"The ballooning costs of health care act as a hungry tapeworm on the American economy", Buffett said in a statement. "We're always supportive of disruptive innovation, and health care certainly is in need of it".

The companies acknowledged that the effort is in the early planning stages, and other details about the plan and its management will be announced later.

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Three of the world's largest organizations are joining up to form an independent health-care company with the aim of providing USA employees and their families with simple, reasonably priced and transparent health care.

I want to share with you a new initiative we're undertaking in partnership with Berkshire Hathaway and JPMorgan Chase.

What could make this effort different from other employer cost-cutting initiatives is that the firms are coming together to form a not-for-profit company to try to leverage the companies' market power; combined the trio have more than half a million USA employees.

Evercore health-care analyst Ross Muken told CNBC that bending "isn't about controlling drug prices, modernizing the supply chain or improving devices". But Amazon appears well-positioned to create a more user-friendly way to shop, Marcotte said. He's respected for his 70 years of successful investing, beloved by many for giving billions to charity - he has said he plans to give away at least half his fortune - and appreciated for a common touch that includes a prodigious Coca-Cola habit and a love of junk food, along with his personal frugality.

The potential disruption from three renowned innovators in technology and finance sent a shock wave through the health care sector, erasing billions in market capitalization in seconds. (NYSE: JPM) have banded together to form an independent company to address the healthcare issue. But of course, that didn't stop anyone from speculating about what the news could mean for the industry.

Investors had a visceral reaction to news of the collaboration, bidding down shares of insurers and pharmacy benefit managers alike. We are going to start to see more and more cutting out the insurers and doing self-insured health plans. And it has been blamed for the decline of department stores, toy stores and bookstores. In a survey of physicians' perspectives published a year ago in the journal PLOS One, the average estimate was that 20 per cent of medical care was unneeded, including about a quarter of tests, a fifth of prescriptions and more than one in 10 medical procedures.

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