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The modern business is based on associations. Some 43% of the average market executives Surveyed by JP Morgan at the end of last year said they were planning to invest in strategic alliances in 2025 as part of their growth plans. A third of Fast Company’s most innovative companies surveyed in 2023 said they were looking to start associations with third parties to maintain their preparation for innovation.
What is needed for such associations to work? “He needs humility and the will to risk in the name of the couple so that both parties have skin in the game,” says Steve Beard, president and CEO of Adalem Global Education, an education provider and training for profit for the health industry.
Find solutions together
Adalem, who reported $ 1.6 billion in sales in fiscal year 2024, 9.2% more than the previous year, is routinely associated with schools, hospital systems and training organizations to increase their portfolio of medical professionals and offer practical experience to students and graduates.
Beard shared the example of a new alliance between the University of Chamberlain, one of the Nursing schools of Adalem, and SSM Health, a non -profit health system that operates in Illinois, Missouri, Oklahoma and Wisconsin. The agreement aims to register 400 nurses annually, mainly in the School of Nursing Sciences (BSN) of Chamberlain. Students in the program have the opportunity to obtain work experience in SSM health centers while they are at school and have access to full -time employment opportunities in SSM Health, with the reimbursement of loans, UPON graduation.
Beard and Amy Wilson, Chief Executive of SSM Health, say that the program is designed to help address a shortage of nursing in the US 2032.
Chamberlain recruits “non -traditional” students, including people whose education has been interrupted or those who have been excluded from selective schools and universities. The school says that it is the number 1 provider of nursing titles for minority students. “The prestige and selectivity are, by definition, destined to be small, and there are no incentives for these institutions to grow to meet market demand, which creates a very attractive lane for us,” says Beard. “That is exactly what we exist to do.”
Critics of for profit universities say that students can obtain a comparable education in community or state universities for much less money and worry about the low rates of completion of schools. “While our registration can be higher than community universities, it is often lower than non -profit institutions and public rates outside the State,” says Beard. “When the speed is taken into account until the end and specific professional alignment, we believe that we offer a strong return on investment for students disregarded by traditional models.” Chamberlain says that its four -year graduation rate is 71.2% for full -time undergraduate students on all their campus compared to approximately 50% in four -year institutions.
Associations at work
Beard says that Adalem respects the areas of specialization of his partners. “We have to have humility to understand that we will never know so much about their businesses and the challenges they face like them.”
And in associations such as SSM Health, each part had to be willing to try something different for the treatment to be winner. In the case of SSM Health, says Wilson, the health system had to feel comfortable with the priority placement of Chamberlain students in their clinical environments, a Wilson accommodation says it was willing to do to help fill its hiring pipe. “To say that you have a strategic relationship with a school can sometimes be difficult within the nursing profession,” she says. “We had to overcome that obstacle internally and make people feel comfortable with that.”
For Adalem, the agreement means that other health systems will not necessarily have access to recruit the student population that undertakes to work in SSM Health.
Beard advises other CEO that their teams must be willing to cook and iterate so that associations are successful. “We have incorporated a lot of flexibility to adapt the program and its characteristics as we learn together.”
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