Buffett, Bezos, and Dimon Launch New Healthcare Company
After a bit of rumors and speculation for a few weeks regarding these three ramping up for something big in the healthcare space; it was finally announced on Tuesday that the three titans will be launching a new healthcare company. Some more details below:
Health care costs are "a hungry tapeworm on the American economy," Berkshire Hathaway Chairman and CEO Warren Buffett says, and now his firm is teaming up with Amazon and JPMorgan Chase to create a new company with the goal of providing high-quality health care for their U.S. employees at a lower cost.The new company will be "free from profit-making incentives and constraints" as it tries to find ways to cut costs and boost satisfaction with the health care plan for employees of Amazon, Berkshire Hathaway and JPMorgan Chase. The trio unveiled their new venture in a news release.
"The initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost," the companies said.
Left to right: Warren Buffett, Jeff Bezos, Jamie Dimon
Anybody surprised or see this coming? Do you think this will disrupt the current state of healthcare? Where do you guys see this going? I think this could potentially revolutionize healthcare in the U.S. and lead to a new standard where prices are much fairer/manageable. Also love how this is perfect for Jeff Bezos' master plan to take over the world with Amazon.
Source
News Release
[Photo: Associated Press]
I think this will be a good start, but not all corporations are going to be as philanthropic or generous with their employees. The model itself sounds fantastic. Pool resources, negotiate for a large pool of employees without the profit-motive, and attempt to provide superior healthcare. When the rubber hits the road, this will have to be a huge collaborative effort between companies, healthcare providers, employees, etc.
I think the fact that three of the most well-respected men on Wall Street are teaming up to address this issue is proof positive that there is a crisis in the insurance marketplace currently. The failed legislation that sought to centralize even more power and resources into the DC establishment has left the insurance market in shambles. Something has to be done. Things are far worse now than they were before this garbage legislation was ever passed.
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