Amazon is still so enthusiastic about the idea of expanding its health care operations that it accepted $1 billion in projected 2024 health care losses back in December, according to Eugene Kim of Business Insider.
Kim reported, based on internal documents, that Amazon also projected that health care unit revenue would increase 30%, to $3 billion, and that its online pharmacy unit would lose $420 million.
The totals are small relative to the Seattle-based tech giant’s size.
Amazon reported $10 billion in net income for the first quarter of the year on $143 billion in sales revenue and $531 billion in assets, including $73 billion in cash and cash equivalents.
Amazon last week announced that its Amazon Web Services division will with GE Healthcare to find ways to use artificial intelligence systems to improve medical diagnostics and patient care.
Earlier, the company said it would combine a telehealth services unit and a primary care unit to create a service that will provide a package of telehealth services and quick access to primary care for $199 per year. Patients will get the telehealth services at no additional cost but are expected to pay for the primary care with the their health coverage.
The company was also involved in an effort with Berkshire Hathaway and JPMorgan Chase to create Haven, a short-lived effort to create a new employer health plan model.