Yeshiva University and Montefiore Health System Reach Agreement to Establish Joint Venture for Einstein
Dear Members of the YU Community,
I am pleased to report that our ongoing work has resulted in a dynamic plan to create a joint venture for the Albert Einstein College of Medicine. The Montefiore Health System and Yeshiva University made an announcement confirming that the key terms of an agreement have been reached, with the unanimous endorsement of their respective Boards. The parties are committed to finalizing this as soon as possible.
The announcement read as follows:
“Building on the agreement originally announced in May, the Boards of Trustees of Montefiore Health System and Yeshiva University announced today that they have agreed on the principal terms of an agreement with respect to the Albert Einstein College of Medicine. While subject to final documentation and regulatory approval, the parties are proud to continue their longstanding relationship as part of Einstein’s future as a top-tier medical school and research institution.
The agreement deepens the bonds between Montefiore and Einstein, further integrates the institutions’ faculty, students, and staff, and aligns operations to best advance science and medicine. Montefiore and Yeshiva look forward to sharing further details about this historic agreement in the months ahead.”
The primary objective of the agreement is to further strengthen Einstein for the future by preserving its position as a world-class medical school and research institution, and identifying new opportunities for growth that will benefit students, faculty and staff. This also ensures the continuation of the special relationship YU undergraduates have with Einstein.
After receiving the appropriate approvals, we will all be able to witness a landmark event in our history, which reflects Einstein’s evolution from a time of discrimination and quotas into a world-class research institution to an integrated medical center of learning, exploration and patient care. With Montefiore, our historic commitment to medical education will move forward with excellence while YU furthers its unique mission as a center for Jewish learning, Jewish values and a premier educational experience. And, once finalized, this transaction will help to propel YU toward its goal of stabilizing its finances within the next three years.
In sum, this agreement allows us to responsibly address the educational, research, financial and faith-based issues crucial to the YU community. We’re now able to move forward together with this joint venture, excited that Einstein has the opportunity to make advances in ways we have yet to imagine.
Richard M. Joel