Berkshire Hathaway, Amazon, JP Morgan Chase to create nonprofit health care venture

Amazon, Berkshire Hathaway and JP Morgan Chase join forces to tackle employees' health-care costs

That is exactly how it played out Tuesday with the announcement that Berkshire Hathaway, JPMorgan Chase, and, three of the largest organizations in the country, are joining forces to form a new non-profit healthcare company.

Insurers, health systems and others, including Blue Cross Blue Shield of Nebraska and CHI Health, have launched price estimators meant to help consumers shop for care. The alliance will apply only to their employees, but observers say whatever successes the companies have could become models for other businesses.

It's impossible to assess the viability of their plans when there really aren't any, but it makes ideal sense that three large companies, recognizing that they are contributing to the record profits of other large companies ― i.e., insurance companies ― would want to take a stab at decreasing their own expenditures.

American health care's rising costs are a "hungry tapeworm" to the US economy, said Warren Buffet.

Subscribe to KHN's free Morning Briefing. At Redirect Health, we've been dedicated to this movement towards simplicity and transparency for many years.

EBN: What are the problems in the healthcare/benefits industry that led them to do this? Some of the advice has been edited for clarity and length. If Amazon has an idea, and is willing to put some money behind it, that's wonderful. "They'd probably have to miniaturize them, wouldn't they?"

"One of my greatest priorities is to reduce the price of prescription drugs", he said. That a proposed nonprofit health care company would be immediately and so easily compared to "classic disrupters, like Southwest Airlines, MP3s or Japanese carmakers", is a good indication that most people doubt that health is really the goal here. Drug manufacturers, wholesalers, pharmacy-benefit managers, hospital operators and insurers all have benefited from higher prices throughout the system.

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CHI's Wojtalewicz said such calculations are complicated. But that's not necessarily the case.

Mr. Sculley recommends health plans - and the trio's new company - begin by modernizing their operations with enterprise process automation and medical intelligence, as well as value-based care models. That was kind of an "aha" - this kind of convenience and high-touch experience is what they're looking for. "And when you think of 'health care of the future, ' that's not what comes to mind".

"Health care is complex and expensive, so the aim should always be simplicity and affordability". Given the inaction of our government, these modern-day musketeers are preparing to storm the battlements of sky-rocketing health care costs. Instead, the initial focus will be on providing technology solutions that provide employees with streamlined, high-quality, and transparent care without profit-related constraints. Students can either find their own insurance or purchase CSU health insurance, which costs around $1500 a semester.

"They recognize this is [a] long-term play to get involved in this". I'd have to say, this industry is ripe for disruption. "But we also do not accept it as inevitable", Warren Buffett, Berkshire Hathaway chairman, said in a statement. It's intriguing to consider the possibilities of integrating health care into consumer routine.

I think it's an exciting potential dynamic in the marketplace. The drug Humira offers a window into the challenges. Amazon grew from a book retailer into one of the world's most valuable companies in part because it's extremely skilled in distributing products. Change incentives for consumers. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

The Kaiser Permanente insurance network - among the largest not-for-profit providers in the United States, covering 11.7 million people - arose from an unconventional, prepaid approach to insurance and health care.

Encourage them to shop more carefully with online comparison tools for quality plus differential co-pays for favoured providers. Maybe they'll solve one piece of the puzzle. "Our health costs have gone up incredibly and will go up a lot more". These companies have a history of raising the bar. It is an editorially independent program of the Henry J. Kaiser Family Foundation which is not affiliated with Kaiser Permanente.

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