A recent article by The New York Times attributed a sudden drop in healthcare stock prices to the announcement on Tuesday that Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. are partnering to create an independent healthcare company to serve their U.S. employees.
The goal? Improve employee satisfaction and reduce overall costs.
The key? Technology and transparency.
“Our people want transparency, knowledge and control when it comes to managing their healthcare,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase in a recent statement announcing the partnership. The three powerhouses are joining forces to create technology solutions to provide simplified, affordable, and transparent healthcare.
There’s no illusion that this is an easily solved problem, but this partnership highlights the vital role of technology and transparency in finding solutions to complex problems.
“The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty,” added Jeff Bezos, Amazon founder and CEO. “Success is going to require talented experts, a beginner’s mind, and a long-term orientation.”
Visibility into costs is half the battle. Transparency is the critical first step toward making better business decisions, whether those decisions are about IT investments or healthcare services.
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