The Albert Einstein College of Medicine buildings in New York City. Photo: Wikimedia Commons.

JNS.org – The Montefiore Health System and Yeshiva University (YU) on Tuesday announced an agreement to form a new joint entity in which Montefiore will assume “greater responsibility for the day-to-day operations and financial management” of YU’s Albert Einstein College of Medicine.

Montefiore is already the university hospital for Einstein in the Bronx borough of New York City. YU will remain the degree-granting institution for the medical students, according to a press release.

“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,” YU president Richard M. Joel said in a statement.

Through the agreement, “we are taking a powerful and important step towards building a financially sustainable Yeshiva University,” Joel added.

Montefiore President and CEO Steven M. Safyer stated, “We look forward to further strengthening Einstein as a major research institution that spans the scope from bench science to healthcare delivery transformation.”