Technology behemoth Intel has partnered with GE Healthcare Systems to form a joint venture designed to develop new models of health care delivery and bring new technologies to seniors and the chronically ill. Pending regulatory approval, the new company, which will be headquartered in Sacramento, Calif., will begin operations by the end of the year.

According to a statement by the companies, they share a “vision to use technology to bring more effective health care into millions of homes and to improve the lives of seniors and people with chronic conditions.” The company will focus on health care issues such as chronic diseases, independent living and assistive technologies.

Said Omar Ishrak, the company’s chairman, “I feel strongly that this joint venture sets the stage for improving the quality of life for millions while simultaneously lowering health care costs. We believe this joint venture is good for investors, good for health care providers and great news for the millions of aging individuals and chronically ill who are looking for effective and affordable ways to take control of their health and live independently longer.”