Visit
for coverage from TIME, Health, Fortune and more
Go »
2012 International Consumer Electronics Show
Photograph by Bloomberg via Getty Images

This New Corporate Alliance Could Make Your Healthcare Much Cheaper

Feb 05, 2016

Twenty major corporations, including Verizon (vz), Macy's(m), and American Express(axp) have formed a new corporate alliance aimed at restraining the cost of employer-provided health care, according to a report in the Wall Street Journal.

The companies cover roughly 4 million employees all told, and "plan to share information about members’ employee health spending and outcomes, with an eye toward using findings to change how they contract for care," according to the report.

The companies will initially use the alliance as a way to share information about strategies for containing costs, like which procedures most can be used to treat a condition in the most cost efffective way. But some participants hope that the coalition could evolve into one that uses its collective bargaining power to win cost concessions from healthcare providers.

Kevin Cox, the chief human resources officer at American Express, told the Journal that the alliance came about after they circulated a "call to action" for solving Corporate America's problem with spiraling healthcare costs. This prompted representatives to gather and discuss potential solutions.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions