- Amazon, JP Morgan, and Berkshire Hathaway will build their new company upon best practices in value-based care, including improving preventive care and managing member costs through data sharing, said JP Morgan Chase & Co. CEO Jamie Dimon in an investor letter.
Dimon explained that the new healthcare company will take small, incremental steps to use technology and hire healthcare administrative experts in order to improve member outcomes.
The ultimate goal is to provide employees in all three companies a better healthcare experience.
Dimon believes that the new healthcare venture can address issues related to employee health outcomes, waste and fraud in healthcare spending, and management of chronic diseases.
“To attack these issues, we will be using top management, big data, virtual technology, better customer engagement and the improved creation of customer choice (high deductibles have barely worked),” Dimon said. “This effort is just beginning, and we intend to start small. We will report on our progress in the coming years.”
The company plans to align provider incentives and reimbursements across care networks to focus on employee health outcomes. Dimon said that the new company will provide employees with their healthcare data required to make more informed healthcare decisions. In addition, the company plans to expand telemedicine access to improve consumer healthcare choices.
In addition, the new healthcare company will develop wellness programs that focus on managing employee obesity and smoking.
“These factors account for approximately 25 percent of chronic diseases (e.g., cancer, stroke, heart disease and depression),” the letter said.
Dimon said that the new company will devote technology and resources to study factors related to healthcare costs and reduce overall healthcare spending.
Resources will also support initiatives to manage healthcare costs and utilization of high-cost specialty drugs and end-of-life care costs.
Dimon stressed the need for comprehensive partnerships between companies and policymakers. He positioned the Amazon, JP Morgan, and Berkshire Hathaway healthcare company as a potential leader to address national healthcare concerns.
“While we don’t know the exact fix to this problem, we do know the process that will help us fix it,” Dimon said.
“We need to form a bipartisan group of experts whose direct charge is to fix our healthcare system. I am convinced that this can be done, and if done properly, it will actually improve the outcomes and satisfaction of all American citizens.”