With a new headquarters coming together in North Carolina and a finalized merger behind it, senior living nonprofit Kintura is looking ahead to “what the future could hold.”
The Greensboro, North Carolina-based organization was created from a merger earlier this year between senior living nonprofits Brightspire and The Well-Spring Group. The merger has been nearly two years in the making and officially took effect Sept. 30. Today, the organization serves nearly 3,000 residents and employs more than 2,100 team members in its five life plan communities.
The organization will spend the remainder of 2024 and early 2025 tying up operational loose ends, such as converting communities to new software, according to Steve Fleming, Kintura co-CEO. But in the second half of next year, he expects the organization will get to work on its next growth and evolution efforts, potentially including ground-up development. That differs from the typical nonprofit senior living growth strategy of expanding existing campuses, he said.
“There will be opportunities for us,” Fleming said.
Additionally, Fleming is excited at the possibility of exploring additional partnerships with other nonprofits that “make sense” to grow alongside in the future.
According to Fleming, each of the organization’s campuses currently have around a 96% occupancy rate, and the organization’s turnover rate for employees ranges between 12% and 18%. The organization has a current waitlist of around 2,000 residents, 10% of which are waiting at multiple locations.
In addition to the senior living services it provides, Kintura has a Program of All-Inclusive Care for the Elderly (PACE) program, two affordable housing communities in Raleigh, North Carolina and the Well-Spring Solutions program, which includes home- and community-based services for older adults.
“The grand vision … is to build a foundation for an organization to continue to experience exponential growth, but at the same time, create a best in class work environment for its team … [and] to provide an experience that enriches the lives of our residents while exceeding the needs of a very diverse population,” Fleming said. “We hope to have a very broad spectrum.
Kintura is led by Fleming and co-CEO Tim Webster, along with a new governing board consisting of five members from each former nonprofit, three unaffiliated at-large board members and two residents from Kintura’s five continuing care retirement communities.
“Once we decided it was a good idea to start thinking about some type of an affiliation, it became very clear early on that this would need to be a merger of equals,” Fleming said.
The decision to merge came about due to the ongoing labor market and inflationary pressures facing the industry. While both organizations were doing well financially, bringing in around $230 million annually and having around $1 billion in assets, combining provided a way to face the headwinds facing senior living and create even more scale.
“Our strong organizations could be even stronger as one,” Fleming said. “This was not done out of necessity. It was done as a projection of the future and what we believe it will take to serve a new generation of older adults, and what we believe an organization will need to be in order to continue to grow its platform.”
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