InnovAge Holding Corp. is a leading provider of comprehensive healthcare services for frail, high-cost seniors, primarily those who are dual-eligible for Medicare and Medicaid. The company operates exclusively through the Program of All-Inclusive Care for the Elderly (PACE), a participant-centered care delivery model designed to improve health outcomes while reducing the overutilization of high-cost care settings such as hospitals and nursing homes. By offering an alternative to institutional care, InnovAge enables seniors to age in place safely within their own homes and communities.
InnovAge generates the vast majority of its revenue through capitation arrangements, receiving fixed monthly payments per participant from Medicare, Medicaid, and other payors. In exchange, the company assumes full financial risk for the comprehensive medical and social services required by its participants. The company's service offerings are extensive, encompassing in-home care (skilled, unskilled, and personal care) and in-center services provided at its physical PACE centers. These centers serve as hubs for primary care, physical and occupational therapy, dental services, mental health and psychiatric care, meals, and social activities. Additionally, InnovAge provides necessary transportation to and from its centers and third-party medical appointments.
Geographically, InnovAge operates a network of PACE centers across several U.S. states, including Colorado, California, New Mexico, Pennsylvania, Florida, and Virginia. The company's competitive position is strengthened by its scale as one of the largest PACE providers in the country and its integrated, interdisciplinary team approach to care management. By aligning its financial incentives with the health outcomes of its participants through a fully capitated model, InnovAge effectively manages chronic conditions and complex care needs for a highly vulnerable demographic.
