JPM, Berkshire, Amazon venture to test how best to shake up benefits scheme
The ABC healthcare venture will test this year how changes in traditional healthcare could drive patient satisfaction, lower costs and improve value -- before it implements any strategy. Details on the secretive venture, launched last year by J. P. Morgan (NYSE:JPM), Berkshire Hathaway Inc. (NYSE:BRK-A; NYSE:BRK-B) and Amazon.com Inc. (NASDAQ:AMZN), were revealed in court testimony from ABC's COO Jack Stoddard unsealed Wednesday.
When the trio hired Atul Gawande as CEO in June, details on the venture's objectives were scant. An annual letter from J. P. Morgan Chairman and CEO Jamie Dimon to shareholders in April suggested that ABC would supplement rather than replace the health insurance the companies provide to their employees (see "Gawande's Cheesecake Factory")...