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Yeshiva University is looking to help rectify some of its financial difficulties by giving up day-to-day operations of its Albert Einstein College of Medicine, the university announced Tuesday.
Yeshiva wants to form a new entity with its longtime partner that runs the university hospital at the medical college, the Montefiore Health System. Shortfalls at the university as a whole have been driven by operations at the medical college.
Under the planned arrangement, Montefiore will take “greater responsibility for the day-to-day operations and financial management” of the medical college while Yeshiva will remain the degree-granting institution for it, the university and the health system said in a news release. The university’s trustees and the health system’s board leadership have endorsed the plan, but there is not yet a final agreement and that agreement would then be subject to regulatory approval.
