NHS Coventry and Rugby Clinical Commissioning Group (CCG) will take control of the local NHS budget from April 1.
The group, chaired by Rugby doctor Adrian Canale-Parola, will buy health services on behalf of the NHS.
Its budget of £553 million will be spent on a range of treatments such as hospital, community health and mental health services. The NHS Commissioning Board - which is responsible for ensuring CCGs meet and maintain national standards - last week confirmed Coventry and Rugby CCG has been approved for the role.
Dr Canale-Parola said: “We are delighted to have reached this important milestone and this is a shared achievement for patients, staff, GPs and partner organisations.
Our common goal is to work together to improve health services for everyone and we are committed to involving patients as far as possible to make positive changes in the future.”