On Tuesday, Amazon, Berkshire Hathaway and JP Morgan Chase announced their plan to start a new initiative that will help cut healthcare costs and improve the services of their U.S. employees.
The new initiative involves an independent operation for the three companies that will be free from the profit-making incentives in the market.
In a press release released yesterday, the three companies broadly outlined their goal of bringing together the financial and innovative practices in hopes of finding a way to approach the problem of health care.
"The ballooning costs of healthcare act as a hungry tapeworm on the American economy," says Warren Buffet, CEO of Berkshire Hathaway. "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."
CEOs Jeff Bezos of Amazon and Jamie Dimon of JP Morgan Chase also weighed in.
"The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty," says Bezos outlining the challenges facing the long-term operation.
"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," says Dimon of their venture.
The announcement comes after early planning stages in their effort and it may be too early to tell if it's too ambitious a project or a step in the right direction for American Healthcare.