Key Insights
- The company operates a fully-capitated model, assuming 100% of healthcare cost risk for its dual-eligible senior population.
- InnovAge reports an average Medicare Risk Adjustment Factor (RAF) score of 2.48, indicating a high-acuity participant base.
- The company's I-SAT NPS score for fiscal year 2026 was 52, trailing the national PACE average of 59.
Notable Quotes
- "InnovAge is the leading healthcare delivery platform by number of participants"
- "We are at risk for 100% of healthcare costs incurred"
TL;DR
InnovAge, the largest U.S. PACE provider, serves 8,230 participants across 20 centers, operating a fully-capitated model for high-acuity, dual-eligible seniors.
Key Facts
| Label | Value |
|---|---|
| PACE Participants | 8,230 (2026-06-30) |
| PACE Centers | 20 |
| Medicare RAF Score | 2.48 (2026-06-30) |
| I-SAT NPS Score | 52 (FY 2026) |
| National PACE Avg NPS | 59 |
| Target Population | 2.3 million (2025) |
| Revenue Opportunity | $124,000 USD per participant |
| Total Addressable Market | $285 billion |
Why It Matters
InnovAge's performance serves as a bellwether for the viability of the PACE model in managing high-cost, dual-eligible populations, with significant implications for healthcare reimbursement and value-based care policy.
Timeline
- 2026-06-30: Fiscal year end.
Unresolved
- Long-term impact of the 'One Big Beautiful Bill Act' on operational margins.
- Ability to successfully integrate future acquisitions and joint ventures.
Filing Details
- Form type: 10-K
- CIK: 0001834376
- Ticker: INNV
- Filed: 2026-09-08