Englewood Health — operator of one of the remaining independent hospitals in New Jersey — has signed an agreement with RWJ Barnabas Health, with the intent of becoming part of the large academic health system, leaders from both institutions announced Monday.

The deal still needs approval from state and federal entities before the transaction is considered final.

Officials said the proposed partnership would expand health care for residents in Bergen, Hudson and Passaic counties.

“This business has become incredibly complex and being able to combine balance sheets, leverage scale for purchasing and technology purposes, to spread the cost of those things around a broader base is just part of becoming more efficient,” RWJ Barnabas President and CEO Mark Manigan said in an interview with NJ Advance Media.

RWJ Barnabas already operates 14 hospitals throughout the state. Under the deal, Englewood Hospital in Bergen County would become its 15th facility.

Officials said this isn’t a rescue mission. Englewood Hospital is in good shape, having just received the Leapfrog Group’s “Top Hospital Award” for excellence in patient safety and quality of care.

That’s exactly why now is the right time for a partnership, said Englewood President and CEO Warren Geller.

“When you’re doing well and neither side is doing it out of need, that’s the best time to partner up. Because you never want to be in a situation where you’re making your most important long-term decision under duress,” Geller said in an interview.

“We want a partner. It’s different than needing a partner,” he said.

Officials said the partnership would provide an opportunity to expand clinical services. For example, Englewood patients will have access to care offered through the Rutgers Cancer Institute — the state’s only NCI-designated Comprehensive Cancer Center.

Under the agreement, RWJ Barnabas will also make significant capital investments in Englewood over the coming years, according to a press release.

Tentative plans include building more operating rooms, renovating the hospital’s neonatal intensive care unit, and investing in ambulatory care.

As of now, officials said they don’t anticipate layoffs to be part of the plan.

“This thing ain’t broke, so we’re not looking to fix it. It’s a terrific team. There will not be any kind of significant or, quite frankly, insignificant modifications to their employee base,” said Manigan.

The partnership announcement Monday comes comes three years after a merger between Englewood and Hackensack Meridian Health fell apart.

The Federal Trade Commission blocked the plans, arguing that Hackensack would control three of the six hospitals in Bergen County if the deal went through.

Despite the fallout, Geller said there’s no bad blood between the two institutions.

“We have always had an excellent collaborative relationship with HMH, and that continues into the future,” said Geller. “We have mutual respect.”

Until the tentative agreement between Englewood and RWJ Barnabas is approved, both health systems will continue operating independent of each other.

Officials said they expect the approval process to take the majority of 2026.