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In recent news, one of America’s largest health insurance company, Aetna has joined hands with Texas Heath Resources to form a new healthcare plan company. The announcement came a day after Texas Health expanded their network of healthcare facilities in the state by adding Forest Park Medical Center to the list.

The Arlington-based organization said that the merger would form the first of its kind company in North Texas. Aetna and Inova Health System started a similar joint venture in North Virginia in 2013, namely Innovation Health, which currently provides integrated care to around 190,000 members in the state. The project also offers insurance plans to employees and individuals, which has led to the lowering of overall healthcare spending costs in Virginia. Texas Health is looking forward to the same in North Texas.

Speaking on the matter, Texas Health Resources CEO, Barclay Berdan, said, “Healthcare spending for the average consumer continues to climb. Containing those costs and improving outcomes have become more important than ever. Our collaboration reinforces our shared commitment to lead the healthcare industry in building more sustainable value-based models of care, which help to deliver better outcomes and lower overall costs.”

Berdan further added that the collaboration would help members get appropriate care at the right facility, while aiming to reduce discrimination in care provided through evidence-based medications. The company will also offer optimal care support in emergency cases, and help members diagnosed with chronic conditions get better care.

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Michael Nelson, Market President, South Texas at Aetna, agreed to the statement by Berdan and said that the joint venture would also streamline coordinated care in Metroplex. “Working together, Aetna and Texas Health will help patients find the best approaches to health that lead to more comprehensive, coordinated and lower overall cost of care,” he said. Officials at Aetna also believe that the new project might help in lowering premiums.

“This partnership was a natural evolution to address the needs of the Dallas-Fort Worth area in an evolving healthcare environment. Together, we believe this plan will provide a unique solution to consumers in the Dallas-Fort Worth Metroplex,” Nelson added.

The new company is expected to start offering policies by January next year, after they get the regulatory approval from the Texas Department of Insurance. Both Aetna and Texas Health will own 50% shares of the new healthcare plan company.