Amazon, Berkshire Hathaway and JPMorgan Chase & Co. to partner on U.S. employee healthcare
January 30 2018 - 7:00AM
Business Wire
Goal is to improve U.S. employee satisfaction
while reducing overall costs
Amazon (NASDAQ: AMZN), Berkshire Hathaway (NYSE: BRK.A, BRK.B)
and JPMorgan Chase & Co. (NYSE: JPM) announced today that they
are partnering on ways to address healthcare for their U.S.
employees, with the aim of improving employee satisfaction and
reducing costs. The three companies, which bring their scale and
complementary expertise to this long-term effort, will pursue this
objective through an independent company that is free from
profit-making incentives and constraints. The initial focus of
the new company will be on technology solutions that will provide
U.S. employees and their families with simplified, high-quality and
transparent healthcare at a reasonable cost.
Tackling the enormous challenges of healthcare and harnessing
its full benefits are among the greatest issues facing society
today. By bringing together three of the world’s leading
organizations into this new and innovative construct, the group
hopes to draw on its combined capabilities and resources to take a
fresh approach to these critical matters.
“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,”
said Berkshire Hathaway Chairman and CEO, Warren Buffett.
“The healthcare 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
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.”
“Our people want transparency, knowledge and control when it
comes to managing their healthcare,” said Jamie Dimon, Chairman and
CEO of JPMorgan Chase. “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,” he added.
The effort announced today is 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 communicated in due course.
About Amazon
Amazon is guided by four principles: customer obsession
rather than competitor focus, passion for invention, commitment to
operational excellence, and long-term thinking. Customer reviews,
1-Click shopping, personalized recommendations, Prime Fulfillment
by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire
tablets, Fire TV, Amazon Echo, and Alexa are some of the products
and services pioneered by Amazon. For more information,
visit www.amazon.com/about and
follow @AmazonNews.
Amazon.com, Inc.Media
HotlineAmazon-pr@amazon.comwww.amazon.com/pr
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse
business activities including insurance and reinsurance, utilities
and energy, freight rail transportation, finance, manufacturing,
retailing and services. Common stock of the company is listed on
the New York Stock Exchange, trading symbols BRK.A and BRK.B.
About JPMorgan Chase & Co.
JPMorgan Chase (NYSE: JPM) is a leading global financial
services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase serves millions
of customers in the United States and many of the world's most
prominent corporate, institutional and government clients under its
J.P. Morgan and Chase brands. Information about JPMorgan Chase is
available at www.jpmorganchase.com.
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