Friendship Village STL: Comprehensive Company Profile
Background
Friendship Village STL, established in 1975, is a non-profit senior living organization dedicated to providing a continuum of care for older adults in the St. Louis area. With campuses in Sunset Hills and Chesterfield, Missouri, the organization offers independent living, assisted living, memory care, skilled nursing, rehabilitation, and hospice services. Guided by biblical values, Friendship Village aims to create a welcoming, secure, and fulfilling environment where seniors can thrive physically, spiritually, and emotionally.
Key Strategic Focus
Friendship Village's strategic focus centers on delivering comprehensive senior care services within a Life Care Community framework. This model ensures residents have access to a full continuum of care—ranging from independent living to skilled nursing—at a consistent cost, providing financial predictability and peace of mind. The organization emphasizes vibrant living, engaged community participation, and faithful service, catering to the evolving needs of seniors.
Financials and Funding
As a non-profit entity, Friendship Village reinvests its revenues into enhancing facilities and services. In 2023, the organization reported revenues of approximately $47.2 million and expenses of $59.3 million, resulting in a net loss of $12.1 million. Total assets stood at $281 million, with liabilities of $286 million, leading to net assets of -$4.7 million. Despite these financial challenges, Friendship Village has undertaken significant expansion projects, including a $200 million development across its campuses to add new independent living apartments, assisted living and memory care units, and state-of-the-art skilled nursing facilities.
Pipeline Development
Friendship Village has been actively expanding its facilities to meet the growing demand for senior living services. Notable developments include:
- Chesterfield Campus: In September 2020, a new 60-apartment assisted living and memory care building was opened, designed with input from residents and staff to enhance quality of life.
- Sunset Hills Campus: Plans were announced for "The Devonshire," a four-story senior living building with 76 apartments, along with additional memory care units and a new skilled nursing building featuring rehabilitation clinics and therapy gyms.
Technological Platform and Innovation
While specific proprietary technologies are not detailed, Friendship Village emphasizes modern, purpose-built facilities designed to support comprehensive senior care. The organization incorporates best practices in assisted living and memory care, including specialized lighting, flooring, and HVAC systems to enhance resident comfort and safety.
Leadership Team
Friendship Village is led by a dedicated team of professionals:
- James T. Walsh: President and CEO, overseeing strategic direction and operations.
- Carmen Fronczak: Chief Revenue Officer, responsible for revenue generation and financial performance.
- Tim Vosse: Chief Financial Officer, managing financial planning and risk management.
- Gayle Randa: Chief Human Resources Officer, leading human resources strategies.
- Stacey Zerban: Health Center Director, overseeing health services and care quality.
These leaders bring extensive experience in senior care and healthcare management, contributing to the organization's mission and growth.
Leadership Changes
In 2017, Friendship Village transitioned to self-management by ending a long-term contract with Life Care Services and forming FV Services Inc. Terry Walsh was appointed President and CEO, bringing experience from Ascension Health Senior Care.
Competitor Profile
Market Insights and Dynamics
The senior living industry is experiencing growth due to an aging population. In 2017, the national occupancy rate for senior housing was 88.8%. Friendship Village maintains a competitive position with waiting lists for its units, indicating strong demand.
Competitor Analysis
Key competitors include:
- Gurwin Jewish Family of Healthcare Services: Offers a range of senior care services with approximately 867 employees and $80 million in revenue.
- Angels Senior Living: Provides assisted living and memory care services, employing around 480 staff with $58.7 million in revenue.
- Mennonite Village: A senior living community with 307 employees and $33.6 million in revenue.
- Care Indeed: Specializes in home care services, with 497 employees and $55.7 million in revenue.
- Freedom Square: Offers a continuum of care with 737 employees and $40.5 million in revenue.
These organizations provide similar services, making the senior living market competitive.
Strategic Collaborations and Partnerships
Friendship Village has partnered with various firms for its expansion projects, including:
- Sawgrass Partners: Development advisory services.
- Gray Design Group: Architectural and interior design.
- Paric Corp.: Construction services.
- Civil Engineering Design Consultants: Civil engineering services.
- Cain Brothers: Investment banking services.
These collaborations aim to enhance facilities and services for residents.
