Amazon, Berkshire Hathaway and JP Morgan Chase announce health care company

NPR reports that The New York Times reports that Amazon, Berkshire Hathaway and JPMorgan Chase just announced they would form an independent health care company to serve their employees.

The three companies noted in a statement the new entity would initially focus on technology to provide simplified, high-quality health care for their employees and their families, and at a reasonable cost. 

The partnership brings together three of the country’s most influential companies to try to improve a system that other companies have tried and failed to change: Amazon, the largest online retailer in the world; Berkshire Hathaway, the holding company led by the billionaire investor Warren E. Buffett; and JPMorgan Chase, the largest bank in the United States by assets.

The article notes that Mr. Buffett said in the statement on Tuesday that “The ballooning costs of health care act as a hungry tapeworm on the American economy” and that "...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.”