Haven, joint health-care venture of Amazon-Berkshire-JPMorgan, is reportedly shutting down soon

Haven, the joint health-care venture of America’s top companies, is reportedly shutting down in the month of February. Amazon, JPMorgan, and Berkshire Hathaway joined hands to start the healthcare-focused entity in January 2018. It was started with the aim of lowering costs and improving outcomes in health care. The start-up has started informing its employees about the move that the company will be disbanded in February. While the development sent health stock plummeting, many health care experts feel that the decision is not at all surprising. There were strong expectations as the start-up was backed by Amazon, which has the potential to make changes in yet another industry.

But some naysayers have now been proved right as they from the very beginning have been saying that there is not enough scope for employers. Experts feel that the company never had any visible impact on the healthcare sector. However, there are companies who gained insight that can be helpful if applied properly over a period of long term. Loren Adler, associate director at the USC sad=-Brookings Schaeffer Initiative for Health Policy, said that the US hospitals are paid a lot of money because of market power,” Adler said. According to Adler, there was never clarity on what new thing Haven will bring to the table. “The shutting down is not because insurers and employers failed to experiment on things to control costs,”

Haven had a tough task to deal with at costs of health-care grew much faster than wages and inflations for years. This stressed not only families but also employers. The Boson-based venture had clearly said that expecting quick solutions won’t be a good thing to do. The start-up was looking for ways to provide employees better choices for their care. It tried hard to give them the best options available and also worked on developing programs for improving health. Some of these programs were dedicated to obesity and smoking which give rise to several chronic diseases like depression, cancer, and heart diseases.