Yes, there are a whole bunch of very successful models used for college EMS systems, and they are becoming a growing trend. The umbrella organization is NCEMSF (Nat'l Collegiate EMS Foundation), which maintains a set of resources for start-up groups, supports existing groups, and hosts an annual conference for involved students.
Personally, I am involved in the administration (daily operations and training) for one of the older (and I believe well established) groups in the country. We arent ALS transporting with 6 ambulances (because our campus doesnt need it), but we properly serve our community, and have for some time.
There are a few current or former college EMTs around (including an unnamed CL) that can answer questions about how their particular campus works.
While I am ranting, I will say this, each campus requires a different organization model, based on the population on campus, current infrastructure with police and regional EMS, and there is no cookbook model that works everywhere.
The purpose of campus EMS, in many situations, is to provide optimum response time, filter out student complaints that do not require transport, transport students in need of care to appropriate facilities, serve the neighboring community, provide professional training and leadership experience to students, and decrease the liability of university police on ambitious calls. Ultimately, the prime purpose is to provide patient care to students, staff and faculty.
Challenges to College EMS groups are much of what you see in volunteer EMS. We struggle to train and maintain excellently skilled members, but admit, institutional memory on a college campus is only four years. On my campus, we strive for consistency over time, through protocols and guidance from our medical director.
I will add, on many campuses, EMS groups arent "clubs" or interest groups, but university departments or entities often associated with the University Health Center, or Public Safety (Police) departments. On other campuses, student EMTs are responsible for standby (details) at sporting events or large gatherings, it all depends on the circumstances.
I urge you, mycrofft, to read some resources from NCEMSF, or ask members who are involved in campus EMS if you are interested in more information.