CNBC'S "Squawk Box" - "Change The World"

 – March 5, 2014  –– 

Kenneth L. Davis, MD, the CEO and President of the Mount Sinai Health System, served as guest co-host for a special edition of CNBC's Squawk Box called "Change the World," which featured Mount Sinai and which included several trustees from the Mount Sinai Health System. The show focused on the critically important role philanthropy plays in the world of healthcare delivery and academic medical research. "In an institution as big as Mount Sinai... with 6,000 doctors and seven individual hospitals, it's a very competitive business organization, and there are needs throughout it that can use the skills of our board," said Peter W. May, MBA, Chairman, Boards of Trustees, Mount Sinai Health System. "What we find is that our Trustees really get into the science. So we've created... Institutes that focus on different areas of science ... and many of our Trustees have kind of adopted these Institutes, and not only give their money to it, but get involved and learn about the research and bring some of their own business skills to help strengthen the organization." Added Kenneth L. Davis, MD, CEO and President, Mount Sinai Health System, “It is essential that we have the kind of philanthropy that our Board makes possible, and that others make possible, to give us the margin that we need so we can do innovative things." Carl C. Icahn, Trustee and namesake of the Icahn School of Medicine at Mount Sinai, remarked on his philanthropic philosophy: "I feel you have to give the money back. If it weren't for this country, I'd still be on the streets of Queens," adding that "Mount Sinai is one of the greatest institutions in America." Glenn Dubin, another member of the Boards of Trustees and who along with his wife Eva Andersson-Dubin, MD, founded the Dubin Breast Center at Mount Sinai, said "Philanthropy is the difference between standard of care and excellent care." Richard Friedman, a Mount Sinai Trustee and a member of Goldman Sachs's management committee, and for whom Mount Sinai's Friedman Brain Institute is named, spoke about how philanthropic efforts have raised tens of millions of dollars "mostly devoted to recruiting researchers to study everything from autism through Alzheimer's, and everything in between," adding that "95 percent of families in U.S., and I'm sure around the world, have someone in their family that is afflicted or affected by something we're researching, studying or treating at Mount Sinai." Trustee Peter Orzsag also spoke of some of the initiatives that Mount Sinai focuses on, such as "reducing the rate of hospital-acquired infections," stressing the importance of such improvements in an era of Medicare reform.

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