InnovAge
InnovAge is the largest and only publicly traded U.S. operator of the Program of All-inclusive Care for the Elderly (PACE), serving approximately 7,740 frail, dual-eligible seniors across 19 centers in six states through capitated Medicare and Medicaid payments.
- Company typePublic
- Founded1990
- HeadquartersDenver, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What InnovAge does
InnovAge Holding Corp. (NASDAQ: INNV), founded in 1989 as Total Community Options, Inc. and headquartered in Denver, Colorado, is the largest provider of the Program of All-inclusive Care for the Elderly (PACE) in the United States by participants served and the only publicly traded operator of PACE. The company operates 19 PACE/LIFE centers across six states — California, Colorado, Florida, New Mexico, Pennsylvania, and Virginia — serving approximately 7,740 frail, dual-eligible seniors as of Q1 FY2026, with a workforce of roughly 1,800 employees.
The company's core offering is the federally-defined PACE model, which delivers all-inclusive medical, behavioral, social, and long-term care through interdisciplinary teams (IDTs) of approximately 11 clinicians per participant. Each center combines adult day services, primary care clinics, dental services, therapy spaces, dining, and social engagement under one roof, with transportation and in-home services extending care to participants' residences. Technology infrastructure centers on an electronic health record system with EpicCare Link integration for external provider connectivity. Care delivery is supported by a triad leadership model (operations, medicine, and nursing) at the center, regional, and national levels.
InnovAge generates revenue through fixed monthly capitated payments from Medicare and Medicaid for each enrolled participant, making this a subscription-style, risk-bearing revenue model. Most dual-eligible participants pay little to no out-of-pocket cost for the program, and the company bears financial risk for participant health outcomes. Growth is pursued by opening new PACE centers in new geographies (e.g., the November 2025 joint venture with Tampa General Hospital) and expanding enrollment within existing markets. Recent financial results show Q1 FY2026 revenue of $236.1 million, net income of $7.7 million, and FY2026 guidance of $900-$950 million, representing 14.7% year-over-year growth and a marked recovery from the company's troubled 2021 IPO and subsequent $27 million securities fraud class action settlement.
InnovAge firmographics
Firmographics- Name
- InnovAge
- Legal name
- Total Community Options, Inc.
- Website
- https://www.innovage.com/
- Company type
- Public
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- InnovAge is the largest and only publicly traded U.S. operator of the Program of All-inclusive Care for the Elderly (PACE), serving approximately 7,740 frail, dual-eligible seniors across 19 centers in six states through capitated Medicare and Medicaid payments.
- Ownership category
- akta.pro rank
InnovAge industry classification
Industry- Product category
- Senior Healthcare Services (PACE)
- NAICS
- Nursing and Residential Care Facilities (623), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331), Services for the Elderly and Persons with Disabilities (62412)
- SIC
- Services-Health Services (8000), Services-Nursing & Personal Care Facilities (8050), Services-Home Health Care Services (8082)
- akta.pro primary industry
- Medicaid Waiver / PACE-Partnered Adult Day Programs (HLADAIAM)
Keywords
Where InnovAge is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices14 records
Markets served
InnovAge business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain
Revenue model
- Capitated Medicare and Medicaid Payments: InnovAge receives fixed monthly capitated payments from Medicare and Medicaid for each enrolled participant. From this fixed payment, the company must provide all medical, physical, emotional, and social care needs for participants. This creates an accountable care model where the company bears risk for participant health outcomes and must manage costs while delivering comprehensive care. Revenue is proportional to participant enrollment and adjusted for participant acuity and demographic factors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Most eligible participants pay little or nothing for PACE coverage |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels8 records
InnovAge product offering
Product offeringCore offering
InnovAge operates the Program of All-inclusive Care for the Elderly (PACE), a federally-regulated, capitated healthcare program that provides comprehensive medical, physical, emotional, and social care to frail, dual-eligible seniors as an alternative to nursing home placement. The company delivers care through 19 physical PACE/LIFE centers across six states, with each participant receiving coordinated services from an interdisciplinary team of 11 medical experts.
Product overview
InnovAge is a healthcare company providing the Program of All-inclusive Care for the Elderly (PACE), a single unified product that offers comprehensive healthcare and social support services to frail, dual-eligible seniors. The PACE model serves as an alternative to nursing facilities, enabling seniors to live independently in their homes. PACE is known as LIFE (Living Independently for Elders) in Pennsylvania. The core PACE program includes coordinated healthcare through interdisciplinary teams (IDT), with additional modules covering transportation, medication management, nutrition, therapy services (physical, occupational, speech), social engagement, specialty care, in-home assistance, respite care, and end-of-life care. All services are delivered through PACE centers located across six states (Colorado, California, Florida, New Mexico, Pennsylvania, and Virginia), with each participant receiving a customized care plan from a team of medical experts.
Differentiator
Problem solved
Functional benefit
Products and services
- PACE (Program of All-inclusive Care for the Elderly) PACE is an all-inclusive, federally-regulated healthcare program that helps frail, dual-eligible seniors live independently at home instead of moving to nursing facilities. The program provides customized healthcare and social support through nearby PACE centers, with each participant having a dedicated team of medical experts. Services include coordinated 24-hour care, transportation, medication management, nutrition, therapy (physical, occupational, speech), social engagement, specialty care, in-home assistance, respite care, and end-of-life care.
Quantifiable outcome
- Revenue increased 14.7% year-over-year due to participant growth and rate adjustments
- +3 more outcomes
Companies that use InnovAge
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
InnovAge technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
InnovAge partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Tampa General HospitalcoreInnovAge and Tampa General Hospital announced a joint venture to expand access to the Program of All-inclusive Care for the Elderly (PACE) in the Tampa Bay region. The partnership aims to provide coordinated health care and support services to seniors, especially those who are dual-eligible under Medicaid and Medicare. This represents a significant expansion of InnovAge's Florida operations through collaboration with a major health system.
- ComCap ManagementminorComCap Management manages two senior living facilities owned by InnovAge in Colorado. These facilities are not affiliated with InnovAge PACE program. This is an operational partnership for facility management services.
Scale indicators11 records
Recent moves6 records
Expansion highlights4 records
InnovAge competitors and assessment
Company assessmentDirect peers
- WelbeHealth: A large private operator of PACE programs serving frail seniors in California and other states. Directly comparable because it operates the same federally regulated PACE model with capitated Medicare/Medicaid funding and interdisciplinary care teams.
- Trinity Health PACE: Non-profit Catholic health system operating multiple PACE programs across several states. Directly comparable as a multi-state PACE operator delivering the same capitated, interdisciplinary care model to frail seniors.
Broad incumbents
- CenterWell (Humana): Humana's senior-focused care delivery arm, which includes PACE centers and senior primary care clinics for complex Medicare Advantage and dual-eligible patients. Comparable as a scaled, multi-state operator targeting the same dual-eligible senior population.
- Brookdale Senior Living: Public senior living operator (NYSE: BKD) with independent living, assisted living, and memory care communities. Comparable as a large, publicly traded senior care provider, though its facility-based model differs from PACE's home-and-day-center model.
- Humana Inc. Public managed care company (NYSE: HUM) and the largest Medicare Advantage insurer. Comparable as the parent of CenterWell, with deep exposure to dual-eligible seniors and capitated risk arrangements that overlap with PACE economics.
Emerging players
- Addus HomeCare: Public home and community-based services provider (NASDAQ: ADUS) delivering personal care and hospice to Medicaid-eligible seniors. Comparable because it serves the same dual-eligible population with in-home support services that complement or compete with PACE in-home offerings.
- Pennant Group: Public home health, hospice, and senior living operator (NASDAQ: PNTG). Comparable as a scaled, decentralized provider of post-acute and aging-in-place services overlapping with PACE's in-home and therapy offerings.
- Enhabit: Public home health and hospice operator (NYSE: EHAB). Comparable as a publicly traded provider of home-based clinical services to seniors in overlapping geographies and reimbursement frameworks.
- Amedisys: Public home health and hospice company (NASDAQ: AMED) serving Medicare beneficiaries. Comparable as a home-based clinical care provider whose services overlap with PACE in-home skilled care.
- Aveanna Healthcare: Public home health and private-duty nursing provider (NASDAQ: AVAH). Comparable because it delivers in-home skilled nursing and personal care to medically complex pediatric and adult populations, overlapping with PACE personal care and home health services.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
InnovAge social profiles
Digital presenceInnovAge compliance and trust
Trust signalCompliance1 record
InnovAge financial estimates
Financial estimateRevenue estimate
Valuation estimate
InnovAge leadership team
Management profileNumber of profiles
Profiles14 records
InnovAge subsidiaries and ownership
Company hierarchySubsidiaries1 record
InnovAge funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
InnovAge M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about InnovAge
What does InnovAge do?
InnovAge operates the Program of All-inclusive Care for the Elderly (PACE), a federally-regulated, capitated healthcare program that provides comprehensive medical, physical, emotional, and social care to frail, dual-eligible seniors as an alternative to nursing home placement. The company delivers care through 19 physical PACE/LIFE centers across six states, with each participant receiving coordinated services from an interdisciplinary team of 11 medical experts.
Is InnovAge a public or private company?
InnovAge is a public company. It is classified as public and is currently operating.
When was InnovAge founded?
InnovAge was founded in 1990. It employs 1,001 to 5,000 people.
Where is InnovAge based?
InnovAge is headquartered in Denver, United States, in the North America region.
How does InnovAge make money?
One revenue line is on record: capitated Medicare and Medicaid Payments.
Who are InnovAge's main competitors?
Direct peers on record are WelbeHealth and Trinity Health PACE. Broad incumbents are CenterWell (Humana), Brookdale Senior Living and Humana Inc.. Emerging players are Addus HomeCare, Pennant Group, Enhabit, Amedisys and Aveanna Healthcare.
Does InnovAge have an API?
No public API is recorded for InnovAge.
What industry is InnovAge in?
InnovAge's product category is Senior Healthcare Services (PACE). Its primary akta.pro industry code is HLADAIAM, Medicaid Waiver / PACE-Partnered Adult Day Programs. Its NAICS code is 623 and its SIC code is 8000.