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INDIANAPOLIS (AP) – A healthcare company designed by Amazon AMZN,
Berkshire Hathaway BRK.B,
BRK.A,
and JPMorgan Chase JPM,
tackling soaring costs dissolves.
Haven, which was formed in 2018 by the three U.S. giants, will cease operations by the end of February, a spokeswoman said on Monday. She gave no reason for the dissolution of the company.
The independent company was formed to focus on improving the care provided to the employees of these companies while doing a better job of managing expenses. But benefits experts expected any plans Haven made would be widely adopted by other companies if they were found to be effective in controlling costs.
News of the company being founded nearly three years ago briefly shook the stocks of the health insurers that handle employer-sponsored coverage.
But the Boson-based company has remained largely silent since the appointment of a high-profile CEO – Harvard professor, author and surgeon Dr Atul Gawande – and his name announcement in 2019.
Gawande left last May.
Employer-sponsored insurance covers about 157 million people, according to the Kaiser Family Foundation. This represents almost half of the total population of the United States and the largest slice of the country’s mosaic health insurance market.
Health care costs have risen faster than wages and inflation for years, putting stress on families and employers. The founders of Haven warned up front that the company had a difficult task and that they did not expect quick fixes.
They had several priorities for the company. They wanted him to look for ways to help employees make better choices for their care and provide them with the best options available.
They also wanted Haven to develop better programs to improve health, and in particular to fight obesity and smoking, which are responsible for chronic diseases like cancer, heart disease and depression.
A spokesperson for Haven said the company has made progress in a number of areas. He pioneered new designs for health care benefits that eliminated out-of-pocket patient payments like deductibles and coinsurance and encouraged access to primary care.
She said Haven also identified areas for reducing prescription drug costs and “addressed issues related to fraud, waste and abuse.”
Amazon, JP Morgan and Berkshire Hathaway said they plan to continue to collaborate informally.
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