West Orange, N.J.-based RWJBarnabas Health and New Brunswick, N.J.-based Rutgers University announced the launch of their joint academic health system July 24.
Here are four things to know:
1. The Rutgers University board approved a resolution outlining the terms of the partnership, and RWJBarnabas Health's board approved the resolution during its last meeting. As part of the deal, the organizations will remain independent and form a joint committee for strategic planning and oversight of the system. Rutgers and RWJBarnabas Health signed letters of intent to form the healthcare system in July 2017.
2. As part of the partnership, the organizations will form a joint comprehensive medical group. The group, which will be finalized during the coming months, will be led by an integrated practice CEO.
3. RWJBarnabas Health will invest $100 million initially and more than $1 billion during the next 20 years to expand the research and education component of the integrated system. Approximately $10 million in funding will be earmarked to encourage Rutgers medical students to remain in New Jersey and provide care to the state's residents.
4. The health system will also fund the construction of a new clinical and research building on Rutgers' campus.
"This is a transformational partnership for RWJBarnabas Health and Rutgers University, but, more importantly, for the people of New Jersey and beyond," RWJBarnabas Health President and CEO Barry H. Ostrowsky said in the company's July 24 statement. "Together, we are poised to develop a widely renowned academic health system, driving medical innovations and clinical research to influence outcomes across the nation."