Bronx, N.Y.-based Montefiore Health System and New York City-based Yeshiva University have reached a new agreement for Albert Einstein College of Medicine. The two institutions will create a new entity that will inherit the name Albert Einstein College of Medicine, according to the New York Times.
Montefiore will assume operational authority and responsibility for the medical school from Yeshiva. Yeshiva will remain responsible for academic oversight, including the granting of degrees. Montefiore will own 51 percent, Yeshiva 49 percent.
The agreement comes 50 years after Yeshiva and Montefiore affiliated.Yeshiva has been struggling financially for years.Over the past two years, the university's deficit was about $150 million a year. Approximately $100 million of that stemmed from the medical school, according to the New York Times.
"As the UniversityHospital for Albert Einstein College of Medicine we have together strengthened the shared missions of our two institutions in a way that few academic medical centers have been able to achieve," said Steven M. Safyer, MD, president and CEO of Montefiore. "Montefiore and Einstein have become the example of what transformative care, science and education can be. This new agreement, which brings us even closer, will be the first step toward a more secure and sustainable future."