InnovAge is the largest PACE (Program of All-Inclusive Care for the Elderly) provider in the U.S., serving approximately 7,740 frail, dual-eligible seniors across 20 centers in six states. PACE is a government-sponsored managed care program that serves seniors 55+ who qualify for both Medicare and Medicaid and are certified as nursing home-eligible. The core idea is keeping these seniors safely at home rather than in nursing facilities. InnovAge's typical participant has around ten chronic conditions and needs help with multiple daily living activities. InnovAge delivers care through its own purpose-built centers — where participants receive primary care, therapy, behavioral health, meals, and social services — as well as in-home care and managed transportation. Care is coordinated by interdisciplinary teams of at least 11 professionals per participant. InnovAge contracts directly with Medicare and Medicaid, receiving a fixed PMPM capitation payment covering all healthcare needs, averaging roughly $9,600 PMPM. InnovAge bears 100% of healthcare cost risk, so profitability hinges on the spread between capitation revenue and total cost of care. The model creates a direct incentive to invest in preventive care to avoid costly hospitalizations and nursing home placements. InnovAge grows by filling existing centers, building new de novo centers in urban markets, and acquiring smaller PACE programs. New centers typically lose money for the first 24 months while enrollment ramps. InnovAge recently brought pharmaceutical fulfillment in-house to improve medication adherence and reduce costs.