Jamie Dimon, JPMorgan CEO, explained why JPMorgan, Amazon and Berkshire Hathaway are forming an independent nonprofit venture to lower healthcare costs for their employees, in an article on the Business Insider website.
"Look, America has an issue, OK? We spend 17 percent of our GDP in healthcare. You know we have the best of all worlds, some of the best healthcare in the world. And the worst of all worlds. We don't do very good preventive medicine. It costs too much," Dimon said in the interview.
The three companies are self-insured employers, which means that when their employees going to a doctor's appointment, the companies are ultimately paying the bill.
"So I tell people, JP Morgan Chase already buys a $1.5 billion of medical, and we self-insure," Dimon said. "Think of this, we're already the insurance company, we're already making these decisions, and we simply want to do a better job."
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