InnovAge Holding Corp.

InnovAge Holding Corp.

What they do

• Operates the Program of All-Inclusive Care for the Elderly (PACE), a fully capitated, government-sponsored care model for frail, dual-eligible seniors.
• Contracts directly with Medicare and Medicaid payors; does not rely on third-party administrative organizations or health plans.
• Delivers comprehensive, integrated care across in-center, in-home, and virtual settings to manage medical and ancillary needs and support aging in place.
• Focuses on value-based, outcomes-driven care to reduce hospital and nursing home utilization while providing a high-touch, participant-centered experience.

Key facts and scale (as of June 30, 2026)

• PACE participants served: ~8,230
• PACE centers operated: 20
• States with centers: California, Colorado, Florida, New Mexico, Pennsylvania, Virginia
• Employees: ~2,500 total
  • Clinical professionals: >1,600 (excluding contract labor)
• Participant outcomes and engagement:
  • Average participant health status: about 11 chronic conditions; typically requires assistance with two or more activities of daily living (ADLs)
  • Home/community living: ~93% of participants live in their home or community
  • Participant satisfaction: I-SAT NPS in fiscal year 2026: 52
• Growth and partnerships:
  • Joint ventures opened in Orlando and Tampa, Florida
  • Acquired pharmacy assets from Tabula Rasa HealthCare (TRHC) in 2025
  • Acquired two California PACE programs from ConcertoCare (fiscal year 2024), including a center in Crenshaw, Los Angeles, and a planned de novo in Bakersfield

How the platform is structured

• Core components:
  1. Interdisciplinary Care Teams (IDTs)
  2. Community-based care delivery model
• Interdisciplinary Care Teams (IDTs):
  • Each team includes at least 11 disciplines (for example: primary care provider, registered nurse, social worker, physical and occupational therapists, recreational therapist/activity coordinator, dietician, center manager, home care coordinator, personal care attendant, driver).
  • Teams meet multiple times per week to manage participant care plans across settings and address social determinants of health.
• Care settings and services:
  • In-center: primary care, physical/occupational/speech therapy, dentistry, mental health, meals, activities
  • In-home: skilled and unskilled care, home modifications, transportation to medical appointments
  • Community centers: purpose-built hubs for medical and social services with dedicated spaces for care and therapy
  • Virtual care: HIPAA-compliant telehealth and remote care capabilities
• Population health and data:
  • Uses a technology suite for data aggregation, predictive analytics, and real-time insights to support IDT decisions, population stratification, and care interventions
• Addressing social determinants of health:
  • Programs target economic stability, transportation, living environment, social context, nutrition, health literacy, and fitness

Regulatory and payer context

• PACE is a fully capitated, government-sponsored model; payments cover total care for enrolled participants.
• Company exposure includes federal and state regulation: Medicare/Medicaid requirements, licensing, corporate practice of medicine rules, anti-fraud laws (False Claims Act, Anti-Kickback Statute, Stark Law), privacy/security laws (HIPAA and state privacy laws), and evolving CMS rules (Contract Year rules and risk adjustment reporting).
• Revenue model: receives capitation payments per participant from government payors (covers Medicare Parts C and D and Medicaid; CMS shares some prescription drug risk via Part D).

Financial and market metrics

• Estimated average annual revenue opportunity per participant: ~$124,000 (~$10,300 PMPM).
• Total addressable market (TAM) for PACE-eligible individuals: ~2.3 million in 2025, representing an estimated TAM of ~$285 billion.
• Enrolled PACE participants as of June 2026: ~95,000.
• RAF (risk adjustment factor) score: 2.48.

Summary

InnovAge operates the largest U.S. PACE platform, delivering comprehensive, fully capitated care to frail, dual-eligible seniors across 20 centers in six states. The company combines interdisciplinary teams, community-based centers, in-home and virtual services, and data-informed care to keep participants safely at home while managing high-cost utilization. Growth has been supported by joint ventures and targeted acquisitions, including pharmacy assets and additional PACE programs.