InnovAge

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.

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

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

• Senior healthcare services
• PACE program
• Elderly care coordination
• Dual-eligible care
• Community-based aging

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core 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

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Tampa General HospitalcoreStrategic or Co-development Partner · 11 November 2025InnovAge 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 ManagementminorImplementation/ SI/ Consulting PartnerComCap 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

Direct 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

• Xx.com/InnovAge
• YouTubeyoutube.com/user/InnovAgeCare/videos
• Facebookfacebook.com/MyInnovAge
• LinkedInlinkedin.com/company/myinnovage
• Instagraminstagram.com/myinnovage

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about InnovAge