InnovAge (Nasdaq: INNV), one of the largest providers of the Program of All-Inclusive Care for the Elderly (PACE) model, is expanding its footprint even further.
On Friday, InnovAge announced it is acquiring two PACE programs in California from ConcertoCare, which is also a provider of home care and home-based primary care.
“The addition of ConcertoPACE fits strongly with our multifaceted roadmap to accelerate responsible growth while balancing our commitment to operational excellence in our existing markets,” InnovAge President and CEO Patrick Blair said in a statement. “We look forward to deepening our presence in California and to see PACE continue as an important component of the state’s bold Master Plan for Aging which aims to ensure Californians have real solutions to help them age in place.”
Generally, PACE helps dual-eligible beneficiaries remain in the broader community through an interdisciplinary approach.
InnovAge has roughly 1,800 employees and serves seniors in Colorado, New Mexico, California, Pennsylvania and Virginia.
Today, ConcertoCare operates one PACE program in the Crenshaw neighborhood of Los Angeles and has a second program under development in Bakersfield as part of its ConcertoPACE service line. Those locations will now be owned and operated by InnovAge.
With the addition of the two PACE programs, InnovAge now operates 18 PACE centers in five states, with four additional PACE centers under development.
The two new programs are expected to add 750 participants once the programs are up and running.
InnovAge has doubled down on its efforts to scale and grow its PACE platform across multiple markets in recent years.
“From our perspective, scale is important,” InnovAge Chief Medical Officer Dr. Richard Feifer told HHCN in August. “It has allowed us to make some pretty significant investments, like building new centers in new states, so that we can expand access to PACE nationally.”
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