Amazon, JPMorgan, Berkshire venture to start small, tackle tech first, Dimon says

Much like how Amazon began by selling books before blossoming into the empire it is today, JPMorgan Chase CEO Jamie Dimon said his partnership with Jeff Bezos and Warren Buffett will start small before making it big, according to an interview with CNBC.

In January, Amazon, JPMorgan and Berkshire Hathaway embarked on an effort to cut healthcare costs for their collective 1.1 million workers. The joint venture hasn't disclosed much information about its intentions, but it has tapped Atul Gawande, MD, a well-known surgeon and author, to lead it.

"I want to do a better job, and we're going to put more brainpower, more capability to figure out how we can make you healthier and happier with better satisfaction," Mr. Dimon said. "We're totally in-line with Jeff Bezos and Warren Buffett — Amazon and Berkshire."

Mr. Dimon suggested the venture will follow a nonprofit model and likely start by targeting technology solutions that would simplify the U.S. healthcare system. However, it will start small, much like Amazon in the 1990s.

"This is an absolute critical issue and all of us have a long-term view and we've been through the amount of money spent on fraud, administration, end-of-life, the misuse of drugs, [among others]," Mr. Dimon told CNBC's Wilfred Frost. "I'll remind people that Jeff Bezos, when he started Amazon, he might have had visions about the 'everything store,' but he started with books. And he spent 10 years getting books right."

"So we may spent a bunch of time getting one piece of it right, and testing various things to see what works," he added.

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