Amazon-Berkshire-JPMorgan health care venture, Haven, closing in February
The companies will continue to collaborate 'informally'
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Amazon, Berkshire Hathaway, and JPMorgan's joint venture to address issues in the health care system is shutting down operations next month.
The not-for-profit, health care-focused entity called Haven was created three years ago so the three major companies could combine resources to create better health care solutions for their U.S. employees and families while reducing the overall costs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 202.61 | -8.87 | -4.19% |
| JPM | JPMORGAN CHASE & CO. | 245.33 | +3.40 | +1.41% |
| BRK.A | BERKSHIRE HATHAWAY INC. | 705,448.19 | +4,848.31 | +0.69% |
HAVEN CEO STEPS DOWN, NEW CORONAVIRUS FOCUS FOR THE EXEC
The company announced on Monday that it will "end its independent operations at the end of February 2021."
In 2018, its creators acknowledged that the health care system is complex and that this was no easy task. However, Amazon CEO Jeff Bezos had said "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."
JPMorgan Chase CEO Jamie Dimon said the companies have "extraordinary resources" to help create solutions to benefit "U.S. employees, their families and, potentially, all Americans."
However, the company faced a slew of challenges over the past three years, including the departure of its CEO, Dr. Atul Gawande, last May.
According to Forbes, the company also lost another executive in a key operations position that left after just one year.
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Even Berkshire Hathaway CEO Warren Buffett had previously announced that the company may not succeed, according to the Observer.
Prior to Monday's announcement, though, the company noted that it has been able to explore a "wide range of health care 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."
Although Haven is shuttering in a few weeks, all three companies plan to collaborate "informally" using the information they have learned over the past three years.
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"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 population," Haven said on its website.