Fidelity bank banner UBA banner
Amazon, Berkshire, JPMorgan to float health care company

By Barry Eitel, San Francisco on 31/01/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 581

•Berkshire Hathaway CEO Warren Buffett
•Berkshire Hathaway CEO Warren Buffett

Amazon, Berkshire Hathaway and JPMorgan Chase announced Tuesday the trio would launch their own health care company for their employees based in the United States.

The surprise announcement sent shares of health insurers plunging during morning trading.

The goal in creating their own program, the three companies announced, was to build a health care company that did not have to be incentivised by profits. Instead, this independent company will focus on providing health care to employees at a “reasonable cost”.

The new company will seek “technology solutions” to health issues, according to the announcement.

“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” Warren Buffett, the CEO of Berkshire Hathaway, said in a statement. “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.”

The three companies employ 500,000 workers combined. Amazon is the dominant online retailer in the U.S. and JPMorgan is one of the nation’s leading financial firms. Berkshire Hathaway is the world’s third largest publically-traded company.

“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,” Amazon founder and CEO Jeff Bezos said in a statement. “Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”

It was not disclosed if the company would act like a traditional health insurer or be some sort of mediator between employees and insurance companies. While the proposed company would provide health care for workers’ families, it was not clear if it would be expanded to provide health care for the general public.

JPMorgan Chase CEO Jamie Dimon suggested the yet-to-be-invented technology health care “solutions” innovated by their company, at least, would provide long-lasting benefits for others.

“Our people want transparency, knowledge and control when it comes to managing their healthcare,” he said in a statement. “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.”

Shares of health insurers Anthem, United HealthGroup and Blue Cross Blue Shield were all down between 3 and 5 percent Tuesday amid the news. (Anadolu Agency)

Source News Express

Posted 31/01/2018 12:22:02 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Boko Haram leader Abubakar Shekau critically ill: Reports...

Ofakaga royal elders, stakeholders extol Kogi Chief of...

Ogah and metaphor of the fast lane, By...

Alcohol kills over 3 million people yearly —...

I have forgiven those who plotted to impeach...

Tribunal summons Shell, Chevron Directors over alleged violation...

NSE index sustains growth by 0.54 per cent...

Relocation of Alade Market irreversible, Lagos Govt. declares...

Enugu upbeat on N24 billion IGR target

NAF partners varsity on aircraft maintenance

Fuel scarcity paralyses economic activities in South-East

Punishment: Activist slams Fayose for torturing and tormenting...

 

Latest News Missing DELSU student found dead with tongue, breasts severed Fayose’s trial: We moved N1.2bn cash in three planes —Witness APC fortunes bleak unless Oshiomhole resigns, South-South aggrieved aspirants insist Kwara people planning Saraki’s retirement from politics — Oshiomhole David Mark’s daughter dumps PDP for APGA As President, I’ll make difficult decisions to fix Nigeria: Atiku APC threatens to expel Okorocha’s son-in-law, Abe, Shittu, others Minister expresses worry over 2.5m malnourished children in Nigeria APC appoints Peace and Reconciliation Committees Air Force hits Boko Haram workshop, staging post Chicago hospital shooting leaves 4 dead, including police officer and gunman Three arrested in Australia after 'ISIS-inspired' terror plot foiled

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,585 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,707 views) Shameless Genevieve Nnaji exposes breasts in public (323,793 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (272,407 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,756 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,778 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,542 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (191,097 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,424 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,873 views) Lagos plane crash: Journalist releases victims’ names (165,449 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,286 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,801) Business Verdict (54) Columnists (964) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (568) Features (670) Global Business Monitor (311) International (2,706) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,683) Opinion (1,145) Pidgin (13) Politics (7,804) Religion (903) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera