Amazon, Berkshire And JPMorgan To Form New Healthcare Co

Amazon, Berkshire And JPMorgan To Form New Healthcare Co

The new company aims to reduce costs and provide simplified health care to more than one million workers employed by the three top players in the business industry.

The new venture will be "free from profit-making incentives and constraints", the companies said in a statement, and Dimon said that it could eventually expand to cover all Americans.

However, Republican efforts to replace Obamacare with a new healthcare system, under the American Health Care Act, have been hindered by a lack of support in the Senate, with the bill voted down past year. I admire the plan but its big problem has been an inability to replicate itself with the right kind of doctor culture elsewhere in the country-so at this point I would not be too anxious about competition from the Amazon Group Health Plan as another insurer as long as I operated in places lucky enough not to get the big new Amazon facility.

There were few details and those involved said the project is in the early planning stage. The announcement came amid growing rumors that Amazon's executives are looking at ways to disrupt the healthcare industry.

The Russell 2000 index of smaller-company stocks gave up 15.29 points, or 1 percent, to 1,582.82. But he noted that "the fact that three large, well-capitalized companies with the organizational will plan to attack rising healthcare costs and transparency is just another sign that longer-term, generics and branded pharmaceutical margins are in flux". The announcement relates to US employees only. "The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our USA employees, their families and, potentially, all Americans", he added.

USA healthcare spending has been increasing annually faster than inflation, and in 2017 accounted for 18% of the economy. Its announcement comes a week after the company opened its cashier-less supermarket, Amazon Go, to the public. In an interview in 2017 with PBS NewsHour, he explained that, "government-run health care is probably the best approach and would bring down costs", according to the report.

While it didn't make the same splash as the big three's news, two years ago 20 of the country's biggest companies, including American Express, Berkshire's BNSF Railway, Caterpillar, Coca-Cola, du Pont, IBM, Ingersoll Rand, Marriott and Verizon, joined together to form the Health Transformation Alliance. In a press release, the partners said that the newly formed venture has an "aim of improving employee satisfaction and reducing costs", and will be initially focused on "technology solutions".

Health insurers CIGNA Corp.

"What I think is exciting about this is you have a technology company (Amazon) that's kind of perfected how to interface with a consumer, you've got an incredibly regarded Berkshire Hathaway conglomerate that ... can fund things that have made this country great economically and then you have a financial services company (JPMorgan) that has employees all over the place".

Without the requirement, many more Americans may find it hard to secure a health insurance plan they can afford. Between 2005 and 2015 average out-of-pocket costs grew 66%, or more than twice the growth rate in wages during that period, according to Kaiser.

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