The new health venture from Amazon, Berkshire Hathaway and JP Morgan Chase now has a name — Haven.
The trio of big-name companies behind this new entity has also launched a new digital presence for the emerging brand at HavenHealthCare.com.
Here’s what you need to know about Haven health care
The venture that became Haven was first announced in January 2018. Now, after a year-plus wait, a few more details about what exactly it will be and do are finally emerging.
1. The venture hopes to enact positive change in health care on three fronts
Looking for what it calls “a number of common-sense fixes,” Haven promises to tackle entrenched problems that plague health care.
It will seek “to address issues like making primary care easier to access, insurance benefits simpler to understand and easier to use, and prescription drugs more affordable,” according to the site’s FAQ.
“We are also looking at new ways to use data and technology to make the overall health care system better,” they add.
2. Haven is taking an “if you build it, they will come” approach
Speaking of using data and technology, Haven’s Chief Operating Officer (COO) Jack Stoddard revealed in a court filing that the venture is “currently using data, analytics, and expertise to combine products from third-party vendors.”
The executive added that, “if viable offerings or solutions do not exist in the market, [we] may consider building new solutions” either with or without the help of vendors.
3. Haven will not be a for-profit company
Amazon, Berkshire Hathaway and Chase are all publicly traded companies that seek to maximize value for their shareholders. Haven, however, has a different motive.
“Our goal is not profit. We’re able to focus on creating value for families, not shareholders, since we are free from profit-making incentives and constraints,” the newly formed company notes online. “The organization will reinvest any surplus back into our work to improve health outcomes, patient satisfaction, and lower costs.”
4. Employees of Amazon, Berkshire Hathaway, Chase and their families will benefit first
The health care venture’s current focus is on “evaluating potential health care solutions for the [founding companies’] over 1.2 million employees,” according to COO Jack Stoddard.
That revelation came out during a recent court battle when UnitedHealth Group attempted to sue another former executive for defecting over to the Haven side.
So until further notice, the average health care consumer won’t be able to enjoy the fruits of Haven’s innovation — unless, of course, you happen to work for one of the three founding companies.
“In time, we intend to share our innovations and solutions to help others,” the FAQs note.
5. Haven should not to be confused with the life insurance company of the same name
Haven said it picked its name because “it reflects our goal to be a partner to individuals and families and help them get the care they need, while also working with clinicians and others to make the overall system better for all.”
But don’t confuse Haven the Amazon-affiliated company with Haven Life. They are not the same entity!
The latter is one of a handful on insurers that will issue term life insurance policies with no medical exam.
You can read more about term life insurance here.