In a press release posted this morning on the Berkshire Hathaway website, the multinational conglomerate holding company announced its intentions to partner with tech behemoth Amazon and financial giant JPMorgan Chase & Co. to form an independent company focused on addressing healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” said Warren Buffett, Berkshire Hathaway Chairman and CEO, in the statement.
“Our group does not come to this problem with answers," he added. ”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.”
Buffett said the new company will be free from profit-making incentives and constraints, and will focus initially on “technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.”
More from the press release:
“The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty,” said Jeff Bezos, Amazon founder and CEO. “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. Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
“Our people want transparency, knowledge and control when it comes to managing their healthcare,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.. “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,” he added.
The effort announced today is in its early planning stages, with the initial formation of the company jointly spearheaded by Todd Combs, an investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a Managing Director of JPMorgan Chase & Co.; and Beth Galetti, a Senior Vice President at Amazon. The longerterm management team, headquarters location, and key operational details will be communicated in due course.
Related Stories
| Mar 19, 2014
How to develop a healthcare capital project using a 'true north charter'
Because healthcare projects take years to implement, developing a true north charter is essential for keeping the entire team on track and moving in the right direction.
| Mar 18, 2014
6 keys to better healthcare design
Healthcare facility planning and design experts cite six factors that Building Teams need to keep in mind on their next healthcare project.
| Mar 18, 2014
How your AEC firm can win more healthcare projects
Cutthroat competition and the vagaries of the Affordable Healthcare Act are making capital planning a more daunting task than ever. Our experts provide inside advice on how AEC firms can secure more work from hospital systems.
| Mar 13, 2014
Do you really 'always turn right'?
The first visitor center we designed was the Ernest F. Coe Visitor Center for the Everglades National Park in 1993. I remember it well for a variety of reasons, not the least of which was the ongoing dialogue we had with our retail consultant. He insisted that the gift shop be located on the right as one exited the visitor center because people “always turn right.”
| Mar 12, 2014
14 new ideas for doors and door hardware
From a high-tech classroom lockdown system to an impact-resistant wide-stile door line, BD+C editors present a collection of door and door hardware innovations.
| Feb 21, 2014
Naturally ventilated hospital planned in Singapore
The Ng Teng Fong General Hospital will take advantage of the region's prevailing breezes to cool the spaces.
| Feb 18, 2014
Study: 90% of healthcare providers say Affordable Care Act is 'step forward,' but major revisions needed
Providers are excited about opportunities to address long-term health issues in the U.S., but worries about the transition persist, according to a new study by Mortenson Construction.
| Feb 17, 2014
Lawmakers may take away control of Florida hospital project from the VA
The project is $100 million over budget and has missed its scheduled completion date.
| Feb 14, 2014
Crowdsourced Placemaking: How people will help shape architecture
The rise of mobile devices and social media, coupled with the use of advanced survey tools and interactive mapping apps, has created a powerful conduit through which Building Teams can capture real-time data on the public. For the first time, the masses can have a real say in how the built environment around them is formed—that is, if Building Teams are willing to listen.
| Feb 13, 2014
3 keys to designing freestanding emergency departments
Having physically disassociated from a central hospital, FEDs must overcome the particular challenges associated with a satellite location, namely a lack of awareness, appeal, and credibility. Gresham, Smith & Partners' Kristin Herman-Druc offers three keys to success.
