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NEW YORK - Amazon, Berkshire Hathaway and JPMorgan Chase & Co. announced they will create a health care company for their U.S. employees that is "free from profit-making incentives."
The companies say they are partnering on health care to increase employee satisfaction and reduce costs.
The trio of companies will work with an independent company that is free from the constraints of profit-making incentives.
The initial focus of the new company will be on technology that will provide their employees with high-quality, reasonably priced health care.
“The ballooning costs of health care 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.
“The health care system is complex, and we enter into this challenge open-eyed about the degree of difficulty,” said Jeff Bezos, Amazon founder and CEO. “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. Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
The company is in the initial planning stages.
– The Associated Press contributed to this story.