OMAHA, Neb. (AP) — Billionaire Warren Buffett says he hopes the new health care initiative his company has started with Amazon and JP Morgan Chase will deliver significant cost savings.

Buffett didn't discuss many details of the three companies' health care plans during an appearance on CNBC Monday because the initiative was just announced last month.

But Buffett said the goal is much bigger than simply shaving 3 percent off health costs through negotiating power.

Buffett says he hopes the effort will be able to find a way to deliver better care at somewhat lower costs. He says the steady increase in health care costs has been a drain on American business.