Retirement care providers discuss affiliation
Two area continuing care retirement providers soon may be joining forces.
The boards of the High Point-based Presbyterian Homes Inc. and Greensboro-based Friends Homes Inc. both recently agreed to sign a letter of intent to consider affiliating with one another.
The move would create one of the largest nonprofit continuing care retirement organizations in the state and make it the 41st largest nonprofit, multi-site continuing care retirement provider in the world.
Joining together would create a nonprofit continuing care retirement organization that would be the leading system in North Carolina and would rank as the 41st largest nonprofit, multi-site continuing care retirement community provider, according to LeadingAge, a national association whose members are nonprofits dealing with elderly care.
Under the umbrella of the new affiliation will be 1,525 units composed of 1,002 residential accommodations, 225 assisted-living accommodations and 298 skilled nursing beds.
Board members from both providers say despite the affiliation, “each nonprofit would keep its strength of identity while joining together.” Friends Homes’ corporate structure would remain intact, and representatives from the Friends Homes Board of Trustees would serve on the Presbyterian Homes Board of Governors.
Friends Homes serves about 600 residents and operates two communities in Greensboro — Friends Homes at Guilford and Friends Homes West. Presbyterian Homes serves about 1,100 residents and is the parent company of three communities: Glenaire in Cary, River Landing at Sandy Ridge in High Point and Scotia Village in Laurinburg.
Both nonprofits say the main reason for the possible affiliation is to better handle the changing health care and regulatory environment. Presbyterian homes has annual revenue of about $53 million and was established in 1952. Friends Home has annual revenue of about $24 million and was established in 1958.