Amazon, Berkshire Hathaway and JPMorgan Chase to Create Health Care System for Employees

An independent health care initiative to serve their employees was announced Tuesday by Amazon, Berkshire Hathaway and JPMorgan Chase, three of the United States' most influential companies.

The three companies said the new system will initially focus on technology to provide workers and their families with simplified, high-quality health care at a reasonable cost, The New York Times reported.

The initiative is in the early planning stages. It will be a long-term undertaking "free from profit-making incentives and constraints," the companies said.

Amazon is the largest online retailer in the world, Berkshire Hathaway is the holding company led by the billionaire investor Warren E. Buffett, and JPMorgan Chase is the largest bank in the U.S. by assets, the Times reported.

"The health care system is complex, and we enter into this challenge open-eyed about the degree of difficulty," Jeff Bezos, Amazon's founder and chief executive, said in a statement.

"Hard as it might be, reducing health care'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," according to Bezos.

"The ballooning costs of health care act as a hungry tapeworm on the American economy," Buffett said in the statement on Tuesday, The Times reported.

"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," Buffett said.

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