Three corporate giants on Tuesday announced they were banding together to provide healthcare for their 1.1 million employees.
The companies — Amazon, Berkshire Hathaway and JP Morgan Chase — plan to form a company “free from profit-making incentives and constraints” in order to improve employee satisfaction with their healthcare coverage as well as reduce costs.
The company initially will focus on technology solutions that provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” said Berkshire Hathaway CEO Warren Buffett.
“Our group does not come to this problem with answers,” he continued, “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.”