Health care shake-up ahead?

Amazon, JPMorgan Chase and Berkshire Hathaway announce new venture aimed at creating "high-quality and transparent health care at a reasonable cost."

Posted: Jan 31, 2018 10:59 AM

(NBC News) It may not come in a familiar brown box, but Amazon and two financial powerhouses are promising a new way of delivering healthcare.

Amazon, Berkshire Hathaway and JPMorgan Chase are pooling resources to create an independent health care company.

CEO'S Jeff Bezos, Warren Buffett and Jamie Dimon released a joint statement saying the company would be "free from profit-making incentives" but offered no details about how the venture will operate.

"I'm a little surprised they went ahead and made an announcement without saying more about what they are going to do," says former Medtronic CEO Bill George. "But never underestimate the power of people like Jeff and Jamie and Warren to do something significant."

Cutting costs is high priority. Berkshire Hathaway CEO Warren Buffett called soaring health care costs a "hungry tapeworm on the American economy."

The companies' combined workforces will be the new venture's first customers, aiming to improve patient satisfaction and outcomes.

Read more: http://nbcnews.to/2rPWhMP

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