Mt. Sinai Hospital has moved a step closer to a merger with Continuum Health Partners.
The two announced Thursday that the boards of trustees of both institutions have approved a memorandum of understanding for the partnership this week.
This comes after talks with Continuum and NYU Langone broke down last summer.
Mt. Sinai disrupted a possible merger between the two medical powerhouses with a counter-offer.
Now Continuum and Mt Sinai will be working on the details of the final agreement.
Officials from both institutions say they see the partnership as an opportunity to enhance primary and specialty care throughout the city, as well as a way to increase research collaboration and expand the academic faculties of their medical schools.
Continuum is the parent company of four other major New York medical institutions: Beth Israel Medical Center, Roosevelt Hospital, St. Luke's Hospital and the New York Eye and Ear Infirmary.
The Memorandum of Understanding between Mt. Sinai and Continuum lays the groundwork for what they call a new integrated health system.
Once the final structure is figured out it must be approved by both boards.
Final approval would still have to come from the state Board of Health, who must determine what sort of impact the potential merger could have on the city's healthcare network and services.