Atrium Health, Wake Forest Baptist Health and Wake Forest University completed their merger, the North Carolina-based not-for-profit organizations announced Friday.

The combined entity is comprised of 70,000 employees, 42 hospitals and around 1,500 care locations that generate more than $11 billion in annual operating revenue. Executives aim to bolster their pipeline of medical professionals with a second Wake Forest School of Medicine campus in Charlotte as well as expand their population health efforts, among other goals.

“As the healthcare field goes through the most transformative period in our lifetime, in addition to a new medical school, our vision is to build a ‘Silicon Valley’ for healthcare innovation spanning from Winston-Salem to Charlotte,” Eugene Woods, president and CEO of Atrium Health, said in prepared remarks. “We are creating a nationally-leading environment for clinicians, scientists, investors and visionaries to collaborate on breakthrough technologies and cures. Everything we do will be focused on