A three-way partnership between Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co. has been the talk of the health care industry, though the companies themselves have said precious little about it.
That changed Thursday morning, when JPMorgan CEO Jamie Dimon laid out some of his ambitions for the venture in his annual letter to the bank’s shareholders, months after its January launch. Notably, Dimon said that the companies would be updating investors on their progress in “coming years,” suggesting a long timeline for the closely watched endeavor.
“The effort will start very small, but there is much to do, and we are optimistic,” Dimon wrote. “We will be hiring a strong management team to start working on some of these critical problems and issues.”
Among the goals: aligning incentives among doctors, insurers and patients; reducing fraud and waste; giving employees more access to telemedicine and better wellness programs; and figuring out why so much money is spent on end-of-life care.
“We will be using top management, big data, virtual technology, better customer engagement and the improved creation of customer choice,” Dimon said.