JPMorgan Chase & Co. Chairman and CEO Jamie Dimon said rising healthcare costs are a serious economic issue facing the U.S., and he believes universal healthcare coverage can help lower some spending.
Millions of uninsured Americans rely on hospital emergency rooms for care, visits that can cost ten times more than preventive care, he said.
"We need to have universal coverage in the right way for Americans," he said. His comments came during a Jan. 16 event hosted by The Economic Club of New York.
Dimon added that he did not think the Affordable Care Act was the correct way to address the issue. "The thing about Obamacare is, it didn't fix the fundamental problems; it added people to them," he said.
Dimon said cost needs to come out of the healthcare system, and that is a goal of the joint healthcare initiative that JPMorgan, Amazon.com Inc. and Berkshire Hathaway Inc. announced in January 2018. With the venture, the companies are aiming to reduce healthcare inefficiencies through the use of analytics and data.
"We haven't decided how to do that yet," he said. "As you know, it's extremely complex."