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March 3, 2015 / 12 Adar , 5775
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Montefiore Health Systems and YU Join to Run Einstein

Albert Einstein College of Medicine

Albert Einstein College of Medicine
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The Albert Einstein College of Medicine of Yeshiva University is going to be run by a new entity created by Montefiore Health System and Yeshiva University, YU and Montefiore announced on Tuesday, May 27.

According to the joint statement, Montefiore will assume greater responsibility for the day-to-day operations, financial management and significant aspects of the governance of Einstein, while YU will continue to be the degree-granting institution with “a key role in the educational aspects of the 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. Sayfer, M.D., president and CEO of Montefiore.

“We look forward to further strengthening Einstein as a major research institution that spans the scope from bench science to healthcare delivery transformation,” Sayfer added.

Richard M. Joel. president of Yeshiva University, also expressed enthusiasm for the new venture.

“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.”

The announcement explained that “it is anticipated that there will be one unified faculty, retaining academic appointments from YU, while being employed by Montefiore, as they continue to teach and mentor Einstein’s students and Montefiore residents.”

Einstein has been plagued by serious financial difficulties, largely believed to be the fallout from the Bernie Madoff scandal. Madoff was a trustee of Yeshiva University who lost millions of dollars of his clients’ investments, of which Einstein was hit particularly hard. According to Bloomberg News, the medical school operated at a deficit of nearly $106 million in 2012.

There are reports of widespread faculty pay freezes and severance offers. Layoffs are expected to begin over the next month.

 

About the Author: Lori Lowenthal Marcus is the US correspondent for The Jewish Press. She is a recovered lawyer who previously practiced First Amendment law and taught in Philadelphia-area graduate and law schools. You can reach her by email: Lori@JewishPressOnline.com


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2 Responses to “Montefiore Health Systems and YU Join to Run Einstein”

  1. COOOOOL WOOOOOW….

  2. Judith Dowla says:

    Perhaps Pope Francis would like to invest some monies into helping this college of medicine. And the Vatican and Rome do receive a lot of remuneration from their congregations. His name could be added to a wing at the college to acknowledge gratitude from the Pope of Rome and The Vatican. How about one of you asking him if he is up to donating some funds to carry this on through. No harm asked. Be a yes, a no or a maybe.

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