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Adtalem (ATGE), LCMC Health Launch Tuition-Free Nursing Program

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The healthcare system across the world is witnessing critical staffing challenges and decreased patient care readiness. In fact, by 2030, the United States is likely to face shortage of about half a million nurses. To combat this shortage, Chamberlain University — a subsidiary of Adtalem Global Education Inc. (ATGE - Free Report) — and LCMC Health recently came up with an innovative program to address the need for more nurses by expanding access to a tuition-free education.

The Called-to-Care Scholars Program will address healthcare workforce shortage and community health needs in the region served by LCMC Health. LCMC Health — which has six hospital locations — is deeply focused on clinical excellence, education, technology and research.

The partnership will expand educational opportunities, create a nursing pipeline to support regional and employer needs as well as maximize community impact by scaling healthcare excellence. In this alliance, LCMC Health will fund 100% of tuition costs for up to 90 Bachelor of Science in Nursing (BSN degree) students per year for up to three years.

Kathy Boden Holland, Group President, Adtalem Health said, "We are dedicated to scaling access to quality healthcare education through innovative approaches that offer workforce solutions and could not be more pleased that LCMC Health has selected Chamberlain for this program."

Initiatives to Drive Performance

Adtalem has been gaining from various strategic initiatives. The company keeps on introducing new degree programs and campuses in order to better serve students. It ensures a balanced focus on investment initiatives to deliver direct returns to shareholders.

In particular, Chamberlain university remains well positioned to gain from the growing demand for nurses and the increasing roles that they play in the healthcare industry. Notably, the recent move will help the company to capitalize on this supply-demand imbalance in nursing and the broader healthcare industry. It is optimistic about the demand trend in the medical and healthcare segment from both students and employees.

For third-quarter fiscal 2021, Chamberlain’s revenues grew 8.3% year over year driven by persistent increase in new and total enrollments over the last 18 months. New student enrollment for the January session decreased 1.7% but the same in the March session increased 6.8% year over year. Total student enrollment increased 5.6% and 5.8% in the January and March sessions, respectively, from the prior-year level.

Coming to price performance, shares of the company have gained 5.5% so far this year against the industry’s 35% decline. The above-mentioned initiatives and the recent move will aid the company’s share price performance and profitability going forward.

Zacks Rank

Adtalem — which share space with Strategic Education, Inc. (STRA - Free Report) , Bright Horizons Family Solutions Inc. (BFAM - Free Report) and Universal Technical Institute, Inc. (UTI - Free Report) in the same industry — currently carries a Zacks Rank #3 (Hold). You can the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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