NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
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: 375

•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

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Soldiers arrest key Boko Haram suspect linked to...

I never declared war on Buhari’s men: Akwa...

Budget Minister consults with National Assembly on 2017...

Victor Moses shoots down hosts Poland as Super...

Relations of deceased pensioners protest unpaid entitlements

JONATHAN, A YORUBA HATER —Femi Fani-Kayode •Says: Let’s...

Ekwueme flown abroad, begins treatment

Rights group warns against return of dreaded ex-SARS...

Time to break the spirit of pessimism that...

HURIWA blames FG for incessant attacks, burgling of...

Why I can’t reverse Ndume’s suspension – Saraki...

Boko Haram kills 4 loggers near Maiduguri

 

Latest News Rethinking Nigeria’s development with Bill Gates, Okonjo-Iweala, By Adele Adeniji Still on Buhari’s verdict on Nigerian youths, By Jerome-Mario Utomi Armed bandits abduct housewives in Kaduna Cybercrime: UK sends 2 Nigerians to prison Brave worshippers capture suicide bomber inside mosque 41 items still banned under Nigeria-China currency swap deal – CBN Pope Francis unveils 14 new cardinals, no Nigerian on the list Anambra to revive over 200 skill acquisition and entrepreneurial centres New HIV infections among pregnant women raise concerns Why Okorocha wants Nwosu to be Imo Governor in 2019, By Collins Ughalaa Certificate Scandal: HEDA asks SFU to investigate Senator Omisore dumps PDP for SDP ahead of 2019

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (344,945 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (341,565 views) Shameless Genevieve Nnaji exposes breasts in public (273,082 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (224,504 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (204,981 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (202,477 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (176,695 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,002 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,035 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,168 views) Lagos plane crash: Journalist releases victims’ names (139,833 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,242 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (40) Business & Economy (3,136) Business Verdict (43) Columnists (853) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (497) Features (594) Global Business Monitor (273) International (1,964) Interview (149) Live Commentary (28) Love Matters (119) News (35,442) Opinion (953) Pidgin (10) Politics (5,021) Religion (742) Sports (1,512) Stock Watch (28) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement