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Technology Stocks : Investing in Exponential Growth
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From: Paul H. Christiansen1/31/2018 12:14:50 PM
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Amazon, Berkshire Hathaway, JPMorgan Join Forces to Pare Health-Care Costs

Amazon.com Inc., Berkshire Hathaway and JPMorgan Chase & Co. are forming a company to figure out how to reduce health-care costs for their hundreds of thousands of U.S. employees, the three companies said Tuesday.

“The ballooning costs of health care act as a hungry tapeworm on the American economy,” Berkshire Chief Executive Warren Buffett said in prepared remarks. “Our group does not come to this problem with answers. But we also do not accept it as inevitable.”

The new company will focus on technological solutions that can provide simplified and transparent health care for the three companies’ U.S. employees at a lower cost.

The three companies together have more than a million employees, though not all of them work in the U.S. The companies didn’t say how much money was earmarked for the initiative or whether it would grow to include other employers. They also said the new entity will be “free from profit-making incentives and constraints.”

Amazon has already triggered concerns for the broader health-care industry due to its as-yet unclear ambitions in the space, factoring into CVS Health Corp.’s $69 billion bid last year for insurance giant Aetna Inc. Specifically, Amazon has been eyeing an entry into the pharmacy-services industry and has added health-care supply options to its business-to-business marketplace offering.

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