InnovAge Holding Corp.

InnovAge Holding Corp. (NASDAQ: INNV) operates as the leading healthcare delivery platform focused on providing all-inclusive, capitated care to frail, high-cost seniors, predominantly dual-eligible individuals who qualify for both Medicare and Medicaid benefits. The company's website is www.innovage.com.

InnovAge operates exclusively through its Program of All-Inclusive Care for the Elderly (PACE) segment, which serves approximately 8,230 participants across 20 community-based care centers located in California, Colorado, Florida, New Mexico, Pennsylvania, and Virginia. The company directly contracts with government payors including Medicare, Medicaid, the Veterans Administration, and private pay sources on a per-member-per-month capitated basis, receiving 100 percent of pooled capitated payments to provide or manage all healthcare needs for enrolled participants.

The company's vertically integrated care model delivers comprehensive services through Interdisciplinary Care Teams comprising at least 11 disciplines, including primary care providers, nurses, social workers, therapists, and care coordinators. Services encompass in-home care, center-based medical services, physical and occupational therapy, dental care, mental health services, meals, transportation, and care management. The typical InnovAge participant has eleven chronic conditions on average and requires assistance with multiple activities of daily living, making them among the most medically complex individuals in the U.S. healthcare system.

InnovAge's business model is built on the premise that fully capitated, value-based arrangements incentivize providers to manage chronic conditions proactively, avoid high-cost acute episodes, and invest in preventive services and social support. The company estimates its target addressable market at approximately 2.3 million PACE-eligible seniors in the United States, with only approximately 95,000 currently enrolled in any PACE program. InnovAge positions itself as 19 percent larger than its closest PACE-focused competitor and more than 20 times larger than the typical PACE operator.

The company's growth strategy includes increasing participant enrollment at existing centers, developing de novo centers in target markets, executing tuck-in acquisitions and strategic partnerships, and reinvesting in the InnovAge Platform through technology and operational improvements. InnovAge was formed in 2016 to acquire Total Community Options, Inc., which was established in 2007, and completed its initial public offering in March 2021.