InnovAge celebrates 35 years of providing PACE, serving over 7,210 participants across 20 locations, promoting independent senior living.
Quiver AI Summary
InnovAge Holding Corp., the largest provider of the Program of All-inclusive Care for the Elderly (PACE) in the U.S., is celebrating 35 years of helping seniors age independently in their homes. Founded in 1989, InnovAge has expanded from a single pilot site to 20 locations across six states, serving about 7,210 participants as of September 30, 2024, with a total of 24,440 seniors served throughout its history. CEO Patrick Blair expressed pride in this milestone and emphasized the organization's commitment to expanding access to underserved seniors through the PACE model, which offers coordinated care to prevent the need for nursing homes. With potential federal legislation aimed at expanding PACE availability, InnovAge is positioned to meet the growing demand for integrated home-based care. The company is also advancing its care model with new technologies and services, including dental and behavioral health care, to improve participant experience and health outcomes.
Potential Positives
- InnovAge celebrates 35 years of providing the PACE model of care, highlighting its experience and dedication to empowering seniors to age independently.
- The company has grown from a single pilot location to 20 locations in 6 states, serving approximately 7,210 participants, demonstrating significant expansion and impact.
- InnovAge is positioned to benefit from proposed federal legislation aimed at expanding PACE, indicating potential for future growth and increased access to care for underserved seniors.
- The introduction of new technologies and services enhances InnovAge's care model, showcasing its commitment to innovation and improving the quality of care for participants.
Potential Negatives
- Despite being the largest provider of PACE, InnovAge's service to only 7,210 participants by September 30, 2024, may indicate limitations in market penetration and growth potential within the aging population segment.
- The reliance on Medicare and Medicaid funding raises concerns about sustainability and possible challenges if federal funding policies change or do not expand as anticipated.
FAQ
What is InnovAge and its mission?
InnovAge is the largest provider of the Program of All-inclusive Care for the Elderly (PACE), aiming to help seniors age independently.
How many seniors has InnovAge served?
As of September 30, 2024, InnovAge has served approximately 7,210 participants and has historically served 24,440 enrolled seniors.
What is the significance of InnovAge's 35th anniversary?
InnovAge's 35th anniversary highlights its commitment to empowering seniors and expanding access to integrated home-based care through PACE.
How does PACE benefit older adults?
PACE provides coordinated and comprehensive care, helping older adults remain in their homes and avoiding nursing home placements.
What strides is InnovAge making to adapt its care model?
InnovAge is enhancing its care model with new technologies, in-house services, and increased support to meet seniors' evolving needs.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
DENVER, Dec. 12, 2024 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge”) (Nasdaq: INNV), the nation’s largest provider of the Program of All-inclusive Care for the Elderly (PACE) based on census, proudly celebrates 35 years of empowering seniors to age independently in their homes and communities.
PACE has been InnovAge's focus since the company’s founding in 1989, growing from a single pilot location to 20 locations in 6 states. As of September 30, 2024, InnovAge served approximately 7,210 participants, and throughout its history, served 24,440 enrolled seniors.
“On behalf of our entire team at InnovAge, we are honored to be able to reach this milestone,” said Patrick Blair, InnovAge CEO. “We want to continue to be at the forefront of expanding access to the nation’s many underserved, eligible seniors through this comprehensive PACE model of care. This aligns with our mission to help seniors across the country live longer, healthier lives with dignity and autonomy — and that care disparities and inequities be eliminated.”
Available in 33 states and the District of Columbia, predominantly through a combination of Medicare and Medicaid funding, PACE provides intimately collaborative and highly coordinated care that addresses all aspects of health for older adults who might otherwise turn to nursing homes. With proposed federal legislation to expand the availability of PACE, including through the PACE Anytime and Elizabeth Dole Acts, Blair says he believes the program is well-positioned to fill a critical need in home-based, integrated care to an even larger group of the aging population.
InnovAge continues to advance its care model to meet the evolving needs of its participants. This includes significant clinical and operational transformations, including new technologies to enhance care, PACE-customized electronic medical records, in-house dental and behavioral health care services, Medicaid enrollment assistance, 24/7 in-home support, after-hours nursing care, and more.
About InnovAge
InnovAge is a market leader in managing the care of high-cost, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mission of enabling older adults to age independently in their own homes for as long as safely possible, InnovAge’s patient-centered care model is designed to improve the quality of care its participants receive while reducing over-utilization of high-cost care settings. InnovAge believes its PACE healthcare model is one in which all constituencies — participants, their families, providers, and government payors — “win.” As of September 30, 2024, InnovAge served approximately 7,210 participants across 20 centers in six states.
https://www.innovage.com/
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Lara Hazenfield
InnovAge Public Relations Manager [email protected] |
John Eddy
Goldin Solutions for InnovAge [email protected] |
