From the Wall Street Journal:
Amazon.com Inc AMZN 1.11% , Berkshire Hathaway BRK.A -0.74% and JPMorganJPM -0.10% Chase & Co. are forming a company to figure out how to reduce health-care costs for their hundreds of thousands of U.S. employees, the three companies said Tuesday.
“The ballooning costs of health care act as a hungry tapeworm on the American economy,” Berkshire Chief Executive Warren Buffett said in prepared remarks. “Our group does not come to this problem with answers. But we also do not accept it as inevitable.”
The new company will focus on technological solutions that can provide simplified and transparent health care for the three companies U.S. employees at a lower cost.
Todd Combs, an investment officer at Berkshire Hathaway, Marvelle Sullivan Berchtold, a managing director of JPMorgan and Beth Galetti, a senior vice president at Amazon, are overseeing the company’s formation.
A longer-term management team, headquarters location and operational details of the new company will be announced later, the companies said.