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Amazon, JPMorgan and Berkshire health-care JV to be called Haven

Haven/Bloomberg

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Haven aims to improve access to primary care, simplify insurance and make prescription drugs more affordable.

Thursday 07, March 2019

(Bloomberg) --The mysterious new health-care venture announced by Amazon.com, Berkshire Hathaway and JPMorgan Chase will be called Haven.

Haven will initially serve 1.2 million employees of Amazon, Berkshire and JPMorgan, though it later plans to share our innovations and solutions to help others.

Atul Gawande, the Chief Executive Officer of Haven, said that Haven was formed because its founding companies have been frustrated by the quality, service and high costs that their employees and families have experienced in the US health system.”

Haven also unveiled a website, havenhealthcare.com, and a letter from, the surgeon, Harvard professor and writer chosen to lead the venture last June.

The website is the most detailed information yet about the year-old, Boston-based venture that has generated excitement in the health-care industry even before details of its plans were made public.

It has also raised fears among health insurers, drug-makers and other parts of the industry that the giant companies backing Haven would use their collective power to disrupt established players.

Gawande wrote that Haven “will be an advocate for the patient and an ally to anyone” who wants to improve patient care and costs. The company will “create new solutions and work to change systems, technologies, contracts, policy, and whatever else is in the way of better care,” he wrote.

Last month, Berkshire CEO Warren Buffett praised Gawande as a terrific fellow, saying that the venture’s goals will be to stop the extreme rise in medical costs and hopefully find a better system for employees.

The companies have characterised the venture as a long-term effort that would be free from profit-making incentives and constraints. Haven will reinvest any surplus into its work, according to the website.

The venture has recently been entangled in a legal conflict with UnitedHealth Group Optum unit. Optum sued a former employee, David William Smith, to enforce a non-compete agreement after he was hired by Haven. A federal judge in Massachusetts last month denied Optum’s motion for a temporary restraining order to keep Smith from starting work and sent the case to arbitration.

TAGS : Amazon.com , JPMorgan Chase, Berkshire Hathaway

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