DALLAS (CBSDFW.COM/AP) — Two major not-for-profit health care providers in Texas plan to merge with a goal of improved patient care and more cost-effective services.

Officials with Baylor Scott & White Health and Memorial Hermann Health System on Monday announced their respective boards have signed a letter of intent.

Financial terms weren’t immediately released on the deal expected to be completed next year.

The systems currently have about 73,000 employees in more than 30 Texas counties with 68 hospital campuses.

The combined operation, with a new name to be determined, would have executive and support staff based in Austin, Dallas, Houston and Temple.

The statement from Baylor Scott & White and Memorial Herrmann notes both health care systems have strong ties to the academic community, for continued training and research.

“This is about two mission-driven organizations – both committed to making safe, high-quality healthcare more convenient and affordable – building something transformative together,” said Jim Hinton, CEO, Baylor Scott & White Health. “We must lead the change in our industry, while insisting we continue to fulfill our unwavering commitments to meeting the needs of all Texans.”

A new name will be decided on before the agreement is completed sometime next year.

“Together, we believe we will be able to accelerate our commitments to make care more consumer centric; grow our capabilities to manage the health of populations; and bend the unsustainable healthcare cost curve in the state,” said Chuck Stokes, president and CEO, Memorial Hermann. “Through this combined system, we have a unique opportunity to reinvent healthcare and make a profound difference in the lives of millions of Texans.”

The details of the letter of intent include:

Unified Board: A unified board will be comprised of an equal number of appointees from both organizations. Ross McKnight, the current chair of the Baylor Scott & White Holdings Board of Trustees, will serve as the first chair of the proposed combined system’s board. A vice chair, selected by the Memorial Hermann Health System Board of Directors, will be named prior to closing and will become chair at the end of McKnight’s two-year term.

Leadership: Jim Hinton, CEO of Baylor Scott & White Health, will be the CEO of the proposed combined system and will be joined in the proposed Office of the CEO by Chuck Stokes, president and CEO of Memorial Hermann and Pete McCanna, president of Baylor Scott & White Health. Other members of the executive leadership team will be comprised of leaders from both Baylor Scott & White Health and Memorial Hermann.

Operations: The proposed combined system will have executive and support staff based in Austin, Dallas, Houston and Temple. 

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)