Three corporate giants have given up on an effort to start a joint health coverage provider that would be cheaper, and better, than the plans they were creating with help from companies like Kaiser Permanente.
The parents were Amazon, Berkshire Hathaway and JPMorgan Chase.
The joint effort was TCorp62018 LLC, a Delaware-based company now known to the public as Haven Healthcare LLC of Boston.
Haven said today, in a notice posted on the web, that it will end independent operations at the end of February.
“In the past three years, Haven explored a wide range of healthcare solutions, as well as piloted new ways to make primary care easier to access, insurance benefits simpler to understand and easier to use, and prescription drugs more affordable,” Haven said in the statement.
“Moving forward, Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. will leverage these insights and continue to collaborate informally to design programs tailored to address the specific needs of their own employee populations,” Haven said.
Haven came to life in January 2018.
At the time, the company had no known name, and some media organizations called it “AmBerMorg.”
The company received warm support from Amazon Chief Executive Officer Jeff Bezos, JP Morgan Chase CEO Jamie Dimon, and Berkshire Hathaway CEO Warren Buffett.
“The ballooning costs of health care act as a hungry tapeworm on the American economy,” Buffet said, in a statement about the Haven launch. “Our group does not come to this problem with answers. But we also do not accept it as inevitable.”