Montefiore News Releases
Montefiore Health System and Yeshiva University Come to Historic Agreement for Future of Albert Einstein College of Medicine
- May 27, 2014
Agreement enhances and strengthens shared missions in a more sustainable model
New York (May 27, 2014) – Montefiore Health System and Yeshiva University have come to an historic agreement to build upon a longstanding, 50-year relationship that has trained generations of physicians and medical researchers. A new entity will be jointly formed by Montefiore and Yeshiva, with Montefiore assuming greater responsibility for the day-to-day operations and financial management of Albert Einstein College of Medicine and with Yeshiva remaining the degree-granting institution with a key role in the educational aspects of the entity. Montefiore has agreed to assume significant governance and financial responsibility for the new Einstein entity.
“This agreement marks an important milestone for the future of each of our institutions as well as for healthcare as a whole,” said Steven M. Safyer, M.D., president and CEO, Montefiore. “We look forward to further strengthening Einstein as a major research institution that spans the scope from bench science to healthcare delivery transformation.”
The agreement enhances and strengthens the organizations’ shared missions of research, teaching, patient care and community service and will ensure Einstein remains a leading medical school.
“We are undertaking this historic process of transforming our relationship with Montefiore and Einstein to match the extraordinary opportunities and challenges in the healthcare environment of the 21st century,” said Richard M. Joel, president, Yeshiva University. “We are delighted to emphasize our shared commitment to assuring the continuity and growth of the educational and research functions of Einstein while remaining a leader in medical education. At the same time, we are taking a powerful and important step towards building a financially sustainable Yeshiva University.”
Through the agreement, it is anticipated that there will be one unified faculty, retaining academic appointments from Yeshiva while being employed by Montefiore, as they continue to teach and mentor Einstein’s students and Montefiore residents. Einstein faculty members will continue to collaborate with all areas of Montefiore and their faculty counterparts in Yeshiva’s other schools. Einstein will continue to operate consistently with Yeshiva’s historic mission.
The Yeshiva Board of Trustees and Montefiore’s Board Leadership endorse the decision to move forward with developing a final agreement, which will be subject to regulatory approval.