Education Businesses Reacting to Need for Health Care Workers
Byline: Mark Hudspeth Medill News Service
DeVry Inc. and Career Education Corp., two of the nation's biggest for-profit education businesses, are expanding into health fields in different ways. Analysts say each company is pursuing a strategy that's right for it.
Recent acquisitions highlight plans by Oakbrook Terrace-based DeVry, which bought a medical school, and by Hoffman Estates-based Career Education, which bought a provider of health-vocation education, to increase their presence in the rapidly growing field of health care.
The looming retirement of baby boomers will cause a sharp spike in the demand for health workers over the next 10 years.
DeVry's big move was to purchase Ross University, which operates medical and veterinary schools in the Caribbean, for $310 million in cash.
Ross University, founded in 1978, has 2,500 students, mostly American citizens, at campuses in Dominica and St. Kitts/Nevis. After graduation the students perform their residencies at hospitals in the United States.
Ross's graduates include more than 4,500 practicing physicians and veterinarians. Last year, Ross had revenues of $62 million and net income of $18 million. …